How to Use the TOWS Matrix to Analyze and Set Strategy
Another excellent platform for studying online matrices courses is TOWS Matrix. You will be able to use the TOWS matrix to examine and decide your best plan by the end of this guided assignment. Threats, Opportunities, Weaknesses, and Strengths (TOWS) is an abbreviation meaning Threats, Opportunities, Weaknesses, and Strengths. The TOWS Matrix is built on the foundations of the SWOT Analysis. However, TOWS reorganizes the data and gives a framework for identifying potential strategic possibilities. To help find appropriate strategic options, TOWS analysis compares internal and external aspects. You can come up with four main strategies by combining the external environment's opportunities and dangers with the internal organization's strengths and shortcomings. And the tactics are focused on taking advantage of opportunities, reducing dangers, overcoming weaknesses, and leveraging strengths.
They will use a spreadsheet to study an energy services company to show how the concept works in practice. You can use the model to analyze your company or any other company using the examples from the case study. The TOWS Matrix is a strategic alternative development decision-making process. The TOWS analysis approach can be used as a key strategic planning tool by both startups and large corporations. You will be able to use the matrix at the end of the project to brainstorm potential strategic choices, develop your strategic roadmap, and identify your competitive edge.
THE SKILLS YOU WILL DEVELOP
- Management Consulting
- Marketing
- Strategic Planning
- Entrepreneurship
- Leadership
LEARN STEP BY STEP:
- Task 1: Introduction: By the end of this task, you will explain the TOWS matrix
- Task 2: Internal Factors: By the end of this task, you will identify your strengths and weaknesses
- Task 3: External Factors: By the end of this task, you will determine your opportunities and threats
- Task 4 Maxi-Maxi Strategy: By the end of this task, you will match your strengths to opportunities
- Task 5: Maxi-Mini Strategy: By the end of this task, you will link your strengths to threats
- Task 6: Mini-Maxi Strategy: By the end of this task, you will match your weakness to opportunities
- Task 7: Mini-Mini Strategy: By the end of this task, you will link your weaknesses to threats
- Task 8: Strategic options: By the end of this task, you will determine your strategic direction
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Website: coursera.org/projects/how-to-use-the-tows-matrix-to-analyze-and-set-strategy
