In most cases, SWOT analysis is sufficient for your purposes, but you can additionally apply PEST analysis if you want to deepen the insight.
SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to project planning. It is an incredibly simple tool to help organization develop business strategy.
The name is an acronym for the four parameters the technique examines: SWOT – Strengths, Weaknesses, Opportunities, Threats
Strengths: characteristics of your team and institution that you consider as assets.
Weaknesses: characteristics of your team and institution that you consider a disadvantage.
Opportunities: elements in the environment that your team and institution could exploit to its advantage.
Threats: elements in the environment that could cause trouble for the project.