Just to have a detail analysis of these four words (S= Strength, W=Weakness, O=Opportunities, T = Threat) for identifying the business position is called SWOT analysis Tool. This Tool is useful analysis the current market environment / position of business about what strengthen position of business still you have? What Weakness you have in your business? You can also see SWOT Analysis Template.
What Opportunities could be welcomed just to make your business up, and what hurdles are coming in between your business success? SWOT analysis tool help to focus on these four points just to make response strategy.