What is a S.W.O.T. Analysis?

Basically, in the case of strategic planning for communication, it’s a method for gathering and sorting information that helps a communicator examine internal and external factors that effect organizations. First, let’s define each of the letters S.W.O.T. and sort them into their internal and external groupings.
Internal Factors 
What internal strengths does the organization possess? For example, is its product or service exceptional?

Strengths are something the organization can control. Basically, what does the organization do well.

We collect information about this from data regarding products and services and by interviewing management, the organization’s employees and customers, in other words casual or secondary research and maybe by conducting primary research. (A new customer survey, for example.)
What internal weaknesses does the organization have? For example, maybe its product is great, but its ability to distribute the product isn’t.

Weaknesses are something the organization can control. Basically, what does the organization not do well now, but could improve on.

We collect information about this from data regarding products and services and by interviewing management, the organization’s employees and customers, in other words casual or secondary research and maybe by conducting primary research. (A new customer survey, for example.)
External Factors 
What are the external opportunities the organization could leverage? (These are opportunities that are outside of the organization’s control.)

Say no one knows about a new, small business and there's limited resources for the business at this early stage of development. Social media presents an opportunity for the business to leverage tools to help promote itself.

We collect information about an organization’s external opportunities by using casual and secondary research, primarily. Reviewing industry trends, thinking about what is happening in the world that might present an opportunity for an organization, for example.
What are the external threats to the organization? (These are threats cause by elements outside the organization’s control.)

Often threats might come from competitors or from industry or government regulations, for example.

We collect information about an organization’s external threats by using casual and secondary research, primarily. Reviewing issues, thinking about what is happening in the industry that might present a threat to an organization, for example.

An example of a SWOT analysis

Strong innovative approach
Robust distribution capabilities
Strong customer base
Over dependence on the US market
Heavy dependence on few suppliers
Positive outlook for the US convenience stores industry
Increasing market presence through acquisitions and expansions
Intense competition
Increase in food safety regulations
Increasing labor and healthcare costs
Toggle to reveal the SWOT
The example organization “is a marketer of supply solutions to the convenience retail industry.”

Source and copyright: MarketLine, 2015, REFERENCE CODE: D2C6BF0C-6A86-4D00-82F5-07B3993FE0F7
BY THE WAY: Position Statement vs. Situation Statement
A position or positioning statement is a general description of how an organization wants to be seen and known. This statement doesn't change because of a situation.

A situation statement is a general summary that describes what one has learned after conducting research into an organization. A situation statement should begin any good PR Audit and will change depending on—well—the situation!