compare and contrast the swot analysis and tows matrix
In today’s ever changing business environment, managers are faced with the task of devising strategies that would enable their firm remain at the top of competition. Dynamic firms are those that can foresee eminent changes in the business environment and adapt accordingly. Companies employ befitting strategies for various situations. To know the changes in the environment and apply the appropriate strategy firms conduct a situational analysis through the SWOT analysis or the TOWS matrix. SWOT or TOWS analysis helps the strategists to get a better understanding of the strategic choices that they face. It helps in answering the questions: how do you: Make the most of your strengths?
Circumvent your weaknesses?
Capitalize on your opportunities? And
Manage your threats?
Both the SWOT analysis and the TOWS matrix are both dependent on the; Strength: Strengths are the qualities that enable us to accomplish the organization’s mission. These are the basis on which continued success can be made and continued/sustained. Strengths can be either tangible or intangible. These are what you are well-versed in or what you have expertise in, the traits and qualities your employees possess (individually and as a team) and the distinct features that give your organization its consistency. Weakness: Weaknesses are the qualities that prevent us from accomplishing our mission and achieving our full potential. These weaknesses deteriorate influences on the organizational success and growth. Weaknesses are the factors which do not meet the standards we feel they should meet. Weaknesses in an organization may be depreciating machinery, insufficient research and development facilities, narrow product range, poor decision-making, etc. Opportunities: Opportunities are presented by the environment within which our organization operates. These arise when an organization can take benefit of conditions in its...
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