Strengths, weakness, opportunities and threats in a 2x2 table. These are your variables.
Strengths and weaknesses (top row) are internal, while opportunities and threats (bottom row) are external. Strengths and opportunities positive (left column), weaknesses and threats negative (right column)
Strong relations between strengths and opportunities can suggest good conditions in the unit of analysis and allow for an aggressive strategy. On the other hand, strong interactions between weaknesses and threats could be read as a warning to use a defensive strategy.
Additional strategies consider two categories of variables alongside eachother;
WT strategy (mini–mini): Faced with external threats and internal weaknesses, how to minimize both weaknesses and threats?
WO strategy (mini–maxi): Faced with external opportunities and internal weaknesses, how to minimize weaknesses and maximize opportunities?
ST strategy (maxi–mini): Faced with internal strengths and external threats, how to maximize strengths and minimize threats?
SO strategy (maxi–maxi): Faced with external opportunities and internal strengths, how to maximize both opportunities and strengths?
In project management and economics, SVOR (Strengths, Vulnerabilities, Opportunities, and Risks) is the alternative to SWOT using a 3x3 chart with a row and a column for the mathematical links between each internal/external and positive/negative variable. Picture the SWOT table around a mathematical cross.