From your question, I gather you are doing a SWOT analysis for a new market for the company to operate in, so the answer is NO! You should do a SWOT analysis for any new business - and just because a company is new does not stop it having strengths and weaknesses! You are trying to work out which market the company should enter. Obviously, some of these will be country related - what sort of market is it? Is bribery a common problem? Is the country stable? Is the currency stable? Will there be a language barrier? You will also look at the new market - how much competition is there? What will the demand for the company's products be? What is transportation like? What are labour demands like? Are you manufacturing or exporting? What tax duties will need to be paid? What are properties like? Basically, you are doing 7 'Newco' SWOT analyses - one for each country. Some of them will be country-related, but not all of them! Please realise a strength can also be a weakness, a strength can be an opportunity and so on. Good luck with your project - and do not hesitate to contact me if you want any more help!