SWOT Analysis When starting a new business project or business venture and making the strategic decisions, you need to attach all strengths, utilize all opportunities to eliminate weaknesses and to avoid potential threats. The main goal of this method is to help develop a strong business strategy, its major tools are SWOT Matrix and SWOT Mind Map that help you define the internal strengths and weaknesses, and also external opportunities and threats that you may face. The Mind Map is a unique visual tool, which lets you see immediately the key points and gaps, and to establish the links between seemingly unrelated information.
After reading you will understand the basics of this powerful strategy tool.
The TOWS Matrix is aimed at developing strategic options from an external-internal analysis and is a practical tool, particularly in the fields of business administration and marketing.
The other way around Whereas SWOT Analysis starts with an internal analysis, the TOWS Matrix starts the other way around, with an external environment analysis; the threats and opportunities are examined first.
From that standpoint, an organisation gets a clear picture of its environment and the opportunity to think about strategy and what direction the company will go in. The external analysis is linked to the analysis and the resulting TOWS Matrix can help an organisation to make decisions better, seize opportunities and protect itself better against threats.
An organisation gets the opportunity to make the most of its strengths and get around its internal weaknesses and learn to deal with them properly. Externally, an organisation learns to carefully look for market opportunities and recognise possibilities.
And they learn how to control and overcome potential threats.
The TOWS Matrix can also help with brainstorming and developing great ideas to generate effective marketing strategies and tactics. Furthermore, the model goes beyond merely finding out the strengths and weaknesses within an organisation and what opportunities and threats there are in its environment.
It forces organisations to really think about how they can improve themselves, how they can guard against threats and become more aware of their expertise and potential shortcomings. It can be a very useful tool for departments i. It starts by analysing external opportunities and threats.
Up next are the internal strengths and weaknesses, which will subsequently be linked to the external analysis. A next step in the analysis helps when thinking about the option they want to pursue.
Here the external opportunities and threats are compared to the internal strengths and weaknesses to help identify strategic options: Internal Strengths and External Opportunities S-O — how can they use the strengths to benefit from existing external opportunities?
Internal Strengths and External Threats S-T — how can they benefit from their strengths to avoid or lessen potential external threats? Internal Weaknesses and External Threats W-T — how can they minimise weaknesses and thus avoid potential threats? TOWS Matrix example In this example, we look at a medium-sized maintenance and painting business that mostly works for large housing co-operatives and offices.
As per the TOWS matrix, threats and opportunities are looked at first, followed by the internal weaknesses and strengths: Threat — Increasing competition from cheaper Polish workers.Stop the stress, let our experienced team help you prepare your TOWS Matrix in Healthcare and SWOT Analysis or any other assignments that you have.
TOWS Matrix Analysis The Threats?Opportunities?Weaknesses?Strengths(TOWS) Matrix is an important matching tool that helps managers develop four types of strategies: SO Strategies, WO Strategies, ST Strategies, and WT Strategies.
// Eastman Kodak Company SWOT Analysis;Oct, p1 A business analysis of Eastman Kodak Co., a provider of imaging technology products and related services to the photographic and graphic communications markets, is presented, focusing on its strengths, weaknesses, opportunities for improvement and threats to the company.
The Quantitative Strategic Planning Matrix is, the EFE Matrix, IFE Matrix, and Competitive Profile Matrix that make up Stage 1, coupled with the TOWS Matrix, SPACE Analysis, BCG Matrix, IE Matrix.
For SWOT to lead to the selection of an optimal strategy, analysts may need to consider verifying the proposed general SWOT inventory for each alternative strategy generated via TOWS matrix .
Subsequently, necessary modifications need to be introduced to all strategy-specific inventories, evaluated and verified. TOWS Matrix Analysis. The Threats?Opportunities?Weaknesses?Strengths(TOWS) Matrix is an important matching tool that helps managers develop four types of strategies: SO Strategies, WO Strategies, ST Strategies, and WT Strategies.3/5(5).