SWOT analysis is an established method for assisting the formulation of strategy. An application to strategy formulation and its incorporation into the strategic development process at the University of Warwick is described. The application links SWOT analysis to resource-based planning, illustrates it as an iterative rather than a linear process and embeds it within the overall planning process. Lessons are drawn both for the University and for the strategy formulation process itself. 2003 Elsevier B.V. All rights reserved.