Sample Objective: We want our new product to be wildly successful in 9 months
S - what are my strengths that give me a competitive advantage
W - what are my weaknesses that hold me back from excelling
O - what are opportunities around you that you could pursue that would accelerate your success
T - what are things you don’t control that could threaten your success in this role
Here’s an optional brainstorming exercise to stimulate even deeper strategic thinking:
You may want to also leverage a GAP Analysis to help you think about where your product is today, your current state vs where you want to be in the future, your future state. Then look at the GAP between these two states and and propose a set of actions you could take to close the GAP. This will help you create a successful and well rounded SWOT Analysis to best understand what it will take to make your new product successful.
Applying this quick and easy framework to critical decisions will save you months and years of headaches should your product fail to be successful.