What is SWOT analysis? Discuss the types of issues and questions that should be addressed when conducting a SWOT analysis.

Two critical steps in the strategic management process are analysis of the organization and analysis of the environment. These two steps may be approached with a technique known as SWOT analysis  that is, an analysis of internal organizational Strengths and Weaknesses, and an analysis of external environmental Opportunities, and Threats. Specific types of questions are typically asked in a SWOT analysis. For an internal assessment of the organization, these questions are:
What are our strengths? Manufacturing efficiency? Skilled workforce? Good market share? Strong financing? Superior reputation?
What are our weaknesses? Outdated facilities? Inadequate research and development? Obsolete technologies? Weak management? Past planning failures?
The questions typically asked in analyzing the industry and environment are:
What are our opportunities? Possible new markets? Strong economy? Weak market rivals? Emerging technologies? Growth of existing market?
What are our threats? New competitors? Shortage of resources? Changing market tastes? New regulations? Substitute products?