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Threats-Opportunities-Weaknesses-Strengths (TOWS Matrix) is also known as SWOT Analysis. The threats, opportunities, strengths and weaknesses involved in a business, project or any other situation that needs a decision are evaluated with the help of the TOWS strategic planning tool.
For the purpose of formulating the strategy, TOWS analysis is an important tool. Four types of strategies are developed by managers with the help of TOWS's (TOADS-Opportunities-Weaknesses-Strengths) tool marketing matrix. Based on this analysis, you can easily develop a successful strategy for your business after seeing and analyzing your competitors deeply.
Strategies developed by TOWS Matrix
1. SO Strategies (Strengths-Opportunities)
2. OA (Weakness-Opportunities) strategies
3. ST Strategies (Strengths-Threats)
4. WT (Weakness-Threat) Strategies
Matching internal and external factors is the most difficult part of the TOWS Matrix. When the objectives are identified, the TOWS are determined and listed. The TOWS is described in detail below.
Strengths: The attributes of the company that support the achievement of objectives are considered as strengths.
Weaknesses: The attributes of the company that are detrimental to the achievement of the organization's objectives are considered weaknesses.
Opportunities: External conditions that support the achievement of the organization's objectives are considered opportunities.
Threats: External conditions that undermine the organization's objectives are considered as threats.
Strengths and weaknesses are internal factors of the organization such as high production capacity, lack of variety of products, etc. On the other hand Opportunities and threats are external factors for the organization as the demand for certain products increases due to the change in The lifestyle of customers Etc.
The analysis of threats-opportunities-weaknesses-strengths (TOWS Matrix) can be very subjective in nature. It is very difficult for two people to find the same type of results in the TOWS analysis even when given a similar type of information about the business organization together with its environment.