Conducting a SWOT analysis should include

definitions of internal and external environment
the effect of competition on pricing, merchandising, quality control, financial resources, debt, potential market growth, and sales strategies of a given product and/or service.
an environmental scan, including an internal analysis and an external analysis
analysis of the potential global influences on the marketing strategy.

Process/Skill Questions:

How can internal and external environments affect the SWOT analysis?
What factors should be considered in the environmental scan?
What are examples of direct and indirect competition in the local economy?
What are the effects of this competition on the consumers and on the business community?
What effects can nonprice competition have on the success of a product?