SWOT analysis is simple and the most basic framework in marketing. By analyzing inside environmental factors, your company can know the strengths and weaknesses. In the same way, outside environment factors help you to understand what opportunities and threats lie.
Practically anything that requires strategic planning, internal or external, can have the SWOT framework applied to it, helping you avoid unnecessary errors down the road from lack of insight. You’ve noticed by now that SWOT stands for Strengths, Weaknesses, Opportunities, and Threads.
You could also consider using the TOWS Matrix. This is quite similar to SWOT in that it also focuses on the same four elements of Strengths, Weaknesses, Opportunities, and Threats. But TOWS can be a helpful alternative because it emphasizes the external environment, while SWOT focuses on the internal environment.