Definition: SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of a business, project, or individual. It provides a structured framework to assess the internal and external factors that can impact the success or failure of a venture.  
Four Key Elements: SWOT analysis consists of four main elements - Strengths (internal factors that are advantageous to the venture), Weaknesses (internal factors that are disadvantageous to the venture), Opportunities (external factors that present favorable conditions), and Threats (external factors that pose risks or challenges).  

Internal Focus: SWOT analysis focuses on internal factors, i.e., strengths and weaknesses, which are within the control of the entity being analyzed. This allows for a self-assessment of the organization's internal capabilities and limitations.  

External Focus: SWOT analysis also considers external factors, i.e., opportunities and threats, which are beyond the control of the entity being analyzed. This helps in identifying and understanding the external environment and its potential impact on the venture.  

Identification of Strengths: SWOT analysis helps identify the unique strengths and competitive advantages of a venture, such as valuable resources, expertise, brand reputation, or customer loyalty. These strengths can be leveraged to achieve strategic objectives and gain a competitive edge.  

Identification of Weaknesses: SWOT analysis helps identify the internal weaknesses or limitations of a venture, such as lack of resources, poor infrastructure, or inadequate skills. These weaknesses can be addressed or mitigated to minimize risks and improve performance.  

Identification of Opportunities: SWOT analysis helps identify external opportunities or favorable conditions in the market or environment that can be capitalized on. These opportunities can be leveraged to drive growth, innovation, or expansion.  

Identification of Threats: SWOT analysis helps identify external threats or challenges that may pose risks or hinder the success of a venture, such as competition, changing market trends, regulatory changes, or economic factors. These threats can be proactively addressed or mitigated to minimize negative impacts.  

Strategic Planning: SWOT analysis serves as a foundation for strategic planning, as it provides a comprehensive overview of the internal and external factors affecting a venture. It helps in aligning the strengths and opportunities, and addressing the weaknesses and threats, to formulate effective strategies and action plans. 

Decision-Making: SWOT analysis provides valuable insights for decision-making, as it facilitates a systematic evaluation of the pros and cons of a venture. It helps in making informed decisions, setting priorities, and allocating resources effectively based on the identified strengths, weaknesses, opportunities, and threats.  

In conclusion, SWOT analysis is a widely used strategic planning tool that provides a structured framework for evaluating the internal and external factors affecting a venture. It helps in identifying strengths, weaknesses, opportunities, and threats, and serves as a foundation for strategic planning and decision-making.