A SWOT analysis Plan is a simple but effective technique for understanding the internal and external environment in which an organization operates. It is a strategic planning tool that can be used at any time to help organizations identify opportunities, develop strategies, and anticipate risks. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. The acronym is often used as a mnemonic device to help people remember the four factors that need to be considered when conducting this type of analysis. These four factors are also called "internal environment" or "internal factors", while the term "external environment" or "external factors" refers to all of the other forces that affect an organization's success in its external environment.