SWOT Analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats, can help you build a strong understanding of the many aspects of your product and what you can do to optimize what you're excellent at and try to improve the areas where you're lagging.

Strengths:

‍Internal factors that positively impact the company such as knowledge, brand reputation, intellectual property, etc.

Weaknesses:

Internal issues that have a negative impact on the company, such as a lack of funds, poor product quality, bad customer service, and so on.

Opportunities:

External variables that have the ability to benefit the company, such as the acquisition of rivals, high market growth projections, worldwide presence, and so on.

**Threats:**External variables that may have a detrimental impact on the company, such as government restrictions, new rivals, economic downturns, and so on.

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SWOT Analysis can also be used to:

• Understand a company's or product's business context.
• Identify market gaps and possible issues to solve.
• Discover market trends that can help you create your product definition.
• Uncover your company's internal and external shortcomings, as well as how to transform them into opportunities.

Example of a SWOT Analysis: