- TOWS / SWOT Analysis
TOWS and SWOT are acronyms for different arrangements of the words Strength, Weakness, Opportunities, and Threats.
SWOT analysis is a strategic planning tool, which involves company strength, Weakness, Opportunities and threats.
However, TOWS also involve the same process Strength, Weakness, Opportunities and Threats but in TOWS analysis threat and opportunities are examined first then that of other.
We can think about the strategy of organization by analyzing external environment (Threats and opportunities) and internal environment (Weakness and strengths). The main difference between TOWS and SWOT are Tows emphasizes the external environment where swot emphasizes the internal environment.
According to Michael Watkins of a ‘Harvard Business Review’
“ Focusing on threats and opportunities first helps lead to productive discussions about what is going on in the external environment rather than getting bogged down in abstract discussions about what a company is good at or bad at ”
- SWOT/TOWS Matrix
It is a strategic planning, which helps marketers identify OPPORTUNITIES and THREAT and measure them agents internal strength and weakness.
Basically, TOWS matrix identifies external opportunities and threat and compares them to companies internal STRENGTH and WEAKNESS.
- S-O strategies
Pursue Opportunities that fit well the company’s strengths.
- W-O strategies
Overcome Weakness to pursue opportunities.
- S-T strategies
Identify the ways that the firm can use its strengths to reduce external threats.
- W-T strategies
Make a defensive plan to prevent the Firms Weakness for making it susceptible to external threats.
Mindtools.com, (2014). The TOWS Matrix: Developing Strategic Options from an External-Internal Analysis. [online] Available at: http://www.mindtools.com/pages/article/newSTR_89.htm[Accessed 27 Jul. 2014].
Slideshare.net, (2014). SWOT/TOWS analysis. [online] Available at: http://www.slideshare.net/aokanahassi/swottows-analysis#btnNext[Accessed 27 Jul. 2014].
net, (2014). SWOT/TOWS analysis. [online] Available at: http://www.slideshare.net/aokanahassi/swottows-analysis[Accessed 27 Jul. 2014].