A SWOT analysis

SWOT analysis is a strategic planning framework that helps product managers evaluate their product's position in the market. The 4 components of SWOT analysis work together to create a comprehensive view:

• Strengths: Internal attributes that give your product an advantage in the market. These might include unique features, technological advantages, strong brand recognition, or expertise in your team.
• Weaknesses: Internal limitations that put your product at a disadvantage. These could include feature gaps, resource constraints, technical debt, or areas where competitors outperform you.
• Opportunities: External factors that your product could capitalize on. These might include emerging market trends, underserved customer segments, competitor weaknesses, or new technologies.
• Threats: External factors that could cause problems for your product. These include new competitors, changing regulations, shifting customer preferences, or technological disruptions.

To conduct an effective SWOT analysis:

• Be honest and objective, especially about weaknesses
• Include input from multiple stakeholders with different perspectives
• Support each point with specific evidence or examples
• Prioritize the most significant factors in each category
• Consider how factors interact (e.g., how a strength might help capitalize on an opportunity)^[1]

The most valuable insights often come from the intersections between categories. For example, identifying a strength that directly addresses an external threat or recognizing an opportunity that could help overcome an internal weakness.