How good is it to create a strategy with TOWS Matrix❓

How good is it to create a strategy with TOWS Matrix?

🔸 Difference of TOWS and SWOT

The work of TOWS is a continuation of the work of SWOT, or simply explained, SWOT is responsible for analyzing the internal and external situations of the organization in various business operations. and compiled those data to give an overview of the situation. TOWS is the principle by which those data are analyzed in order to 'Create a strategy' and bring it into action.

🔸What is TOWS Matrix?

TOWS is a data analysis tool derived from SWOT Analysis, or internal and external strengths. to use in creating a marketing strategy that can be followed The TOWS components are: (T) Threats, (O) Opportunities, (W) Weaknesses, (S) Strengths.

By analyzing TOWS, it can be divided into four main strategies that combine strengths and weaknesses with opportunities and obstacles as follows:

1. Aggressive strategy (SO Strategy) comes from Strength + Opportunity (Strength + Opportunity).

Maxi-Maxi Strategy is the use of organizational strengths to make the most of external opportunities. An example is evident right now with Tesla's strong point in battery technology. that comes with opportunities during environmental trends Many countries are phasing out the ICE Car, turning to EV cars instead. The strategy Tesla uses is an aggressive strategy. expand production Open more factories in many countries besides the United States, there are also China, Germany and ASEAN, may open in Indonesia or Thailand in the future.

2. Reward strategy (ST Strategy) comes from Strength + Threats (Strength + Threats)

Maxi-Mini strategy is to take the strengths of the organization to avoid or minimize the impact of external obstacles. For example, in a bad economy. A company with good financial standing low production cost can also reduce the price to compete in the market or sustaining until the economy recovers

3. Remedial strategy (WO Strategy) comes from weakness + opportunity (Weakness + Opportunity).

Mini-Maxi strategy, while our company has a weakness or injury, but there are many opportunities or good conditions. Corrective strategies by how we minimize or correct our weaknesses or minimize problems to take advantage of the opportunities that come our way. A clear example is if our company has financial problems. poor financial position But the market has grown significantly or has been promoted by the government sector. It is a good opportunity to borrow more money or increase capital to expand production capacity or branches. But we should not neglect managing the financial management that causes the company's financial deterioration.

4. Defensive Strategy (WT Strategy) comes from Weakness + Threats

Mini-Mini strategy, while our organization or company has weaknesses and external obstacles to aggravate. The purpose of a defensive strategy is to both minimize and overcome weaknesses and avoid obstacles to sustain the business, in the meantime try to minimize weaknesses and wait for new opportunities to come, or merge with other companies to gain strengths, such as when 2- 3 companies merged to increase sales The cost per unit will be reduced. Or if you look at the world a bit pessimistic, I will go out of business. An obvious example during COVID-19 The obstacles caused by the viral epidemic prevent tourists from coming to Thailand. Tourism and hotel businesses face enormous difficulties and obstacles. If the company that borrowed to build the hotel has not paid all the installments, it must sell the business. or another example The economic situation is not good, small banks will merge with more customers. save some cost

🔸 Advantages of TOWS Matrix

From the SWOT analysis, we know that organizations have advantages and disadvantages. What are the advantages and disadvantages in business conditions? But it is not clear where the organization will go. Using the tows matrix is another tool to help a company or organization determine the right and appropriate strategy in a way that is consistent with the company's resources and faces the environment and the situation. and correct However, there are only 4 strategies which really In the business world, the strategies used may be more. More complicated than this, TOWS Matrix is just a guideline to continue fighting other strategies. very well

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