Tows Strategic Alternatives Matrix4/20/2021
The matrix breaks down the strategies according to internal (Strengths and Weaknesses) and external (Opportunities and Threats) factors.Within the TOWS Matrix, the organization considers the interaction of the internal and external factors (e.g., strengths-opportunities, weaknesses-threats) to identify the strategy that provides the most benefit to the company.
Specifically, using this method allows the organization to see how it can simultaneously maximize its opportunities, minimize threats, conquer its weaknesses and take advantage of its strengths. Description of TOWS Matrix There are four combinations of criteria in the TOWS Matrix that are used to compare strategies. The organization should be looking for one that offers the greatest chance for success. Strengths-Opportunities (SO): The first strategy includes using the organizations strengths to make the best use of any existing opportunities. For example, if an organization has a positive and strong brand image, they can use that asset to explore and dominate a new area of the market. Weaknesses-Opportunities (WO): Another strategy the organization can implement is one that offers the company options and plans to overcome its weaknesses so that it can benefit from any existing opportunities. For example, an organization that does not have anyone with a particular body of knowledge that is necessary to grow and attain a competitive advantage in the industry should take advantage of the opportunity to partner with a company that has that information. Strengths-Threats (ST): These strategies require the organization to use its strong points to bypass any hindrances to its goals. For instance, when facing competition in a particular area of the market or if trying to acquire a new client base, the organization needs to emphasize its most advantageous qualities, such as its customer service, longevity, high quality goods, efficient processes, etc. Weaknesses-Threats (WT): Strategies in this category are centered around minimizing an organizations weaknesses so it is less susceptible to external threats. For example, if an organization has not yet marketed its products to an emerging demographic group(s), research can be conducted to understand the target audience and market appropriately. After organizing all the available strategies into their respective categories, the leadership team meets to discuss which strategy is the most aligned with the larger goals of the organization as well as its mission and vision statements. Tools Templates A SWOT analysis can be used to determine the strengths, weaknesses, opportunities and threats in the company. Tows Strategic Alternatives Matrix Software Help YourGet free business strategy online best practices, tools templates with upBOARDs collaboration dashboard software Help your team quiet the chaos and focus on what really matters. Tows Strategic Alternatives Matrix Full Portfolio OfLearn more about upBOARDs full portfolio of online digital best practice tools and templates for specific topics, including business strategy, marketing, human resources, operations, innovation, project management, change management, and software development. In the Press Welcome to the No-Code Software Revolution How to Prioritize Your Best Ideas Lean Startups Latest Tool for Innovation Accounting The Business Consulting Industry is Booming, and its about to be Disrupted Recent Articles This Key Performance Indicator (KPI) Template Drives Business Success July 13, 2020 How Coronavirus is Disrupting the 250 Billion Consulting Sector June 3, 2020 Is it Learned or Hard Wired The truth about Creativity Innovation. ![]() Interactive tools templates from industry experts connect plans, processes, people, projects and progress dashboards for breakthroughs in strategy, innovation, change management, human resources, project management, operations, software development and more. CONNECT Twitter page opens in new window Linkedin page opens in new window SIGN-UP ITS FREE VIEW DEMO CONTACT Phone: 1.650.246.9554 Email: email protected upBOARD About Contact Product Features Technology Tools Templates Strategy Innovation Change Mgt HR Operations Marketing Project Mgt Software Dev Solutions Teams Enterprises Consulting Firms Strategy Innovation Change Mgt Operations Software Dev Support Contact Developers Legal Terms of Service Privacy upBOARD. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |