Skip to main content

How Can Digital Marketers Implement Tows Matrix To Develop Management Strategies?

 

Introduction 

While SWOT analysis is a great way to identify the current situation of your marketing and business strategy projects, TOWS is a variable version to create strategies. During the strategizing process, you can apply SWOT to identify your strengths, weaknesses, opportunities, and threats and then use TOWS to process your SWOT results to apply future strategies. The TOWS Matrix is a simple and effective method to develop specific strategies to consider the results of SWOT examination. 

A key component of strategic marketing planning is the implementation of a TOWS analysis. This analysis helps to identify problematic areas of your business so that you can maximize your potential opportunities. 

The comparison between a SWOT analysis and TOWS Matrix

SWOT analysis is a technique used to inform and review potential strategic initiatives as part of the strategic planning phase of the situation analysis phase. It is an acronym that analyzes strengths, weaknesses, opportunities, and threats to become an effective tool for developing an overall marketing strategy and planning individual campaigns. Marketers use SWOT analyses to get a clear picture of their external and internal environment. It is a comprehensive strategy to gather information about internal and external factors that affect your business. 

SWOT is a situational analysis framework that can be used to map definitively internal and external factors that affect an organization or an individual project. But even established start-ups may not be aware of the existent details of their application and versatility. To get a grip on the primary marketing discipline, here is our straightforward guide to SWOT and TOWS.

The TOWS matrix is defined as a tool for analyzing, generating, and comparing selected business strategies to achieve the overall company objectives of achieving more sales, higher profits, increased brand equity, and other critical ones. It is a variant of SWOT analysis that attempts to address the SWOT criticism regarding its inability to depict relationships between different categories. TOWS is an acronym for threats, opportunities, weaknesses, and strengths. TOWS analysis is often confused with the various ways to complete SWOT because it is a separate tool.

A TOWS analysis is an extension of the SWOT Analysis Framework, which identifies your strengths, weaknesses, opportunities, and threats and then searches for matches between these strengths and weaknesses. The analysis of TOWS happens to have the same focus: strengths, weaknesses, opportunities, and threats. 

The emergence to look over TOWS Matrix aside from SWOT analysis

One of the attractions of the TOWS Matrix strategy is that the company exploits its weaknesses to overcome external threats to the business. It is advisable to minimize the weaknesses and avoid all possible threats. A strategy of this kind is to use the strengths to seize opportunities.

By analyzing the external environment (threats and opportunities) and internal environment (weaknesses and strengths), you can use TOWS techniques to think about the strategy for your entire organization (departments and teams ). You can also use TOWS analysis to think through the marketing campaigns with your skills and experience. 

Strategies in the TOWS matrix imply that the management of a company should exploit internal strengths and overcome potential threats in a way that the company achieves the desired goals. The first quadrant is the things your business should be doing. The second policy line in the matrix suggests that management should find different options and alternatives to overcome weaknesses and seize opportunities that arise.

In S1O1, you look at whether the first strength (S1) that you identify can be used to capitalize on the first opportunity (O1) you have identified (O1). With the TOWS matrix, you can compare these factors with each other and see if they represent a sensible strategy for you. A TOWS can be used in addition to analytical SWOT tools to help you decide what to do with your results.

After identifying your weaknesses as a brand, product, or service, you can now consider how to leverage your strengths, weaknesses, opportunities, and threats and make something positive in your marketing strategy. So while you're working on the negatives, you can also rely on the positives.

Based on these factors, you can evaluate the current scenario of your company and make relevant decisions. The list of strengths, weaknesses, opportunities, and threats is a handy guide for businesses, but you may want to take this exercise a step further and create a strategy, a plan to improve your business. You can combine the information from the two quadrants into an actionable strategy.

Once your matrix is created, it's time to get your brain to work and develop a strategy. Look at things from a different perspective and develop a robust strategy for your company. For example, if one of your strengths is having an experienced scholarship holder on your team, you could hire that person to take advantage of new Federal funding opportunities.

Another example is to combine opportunities such as holidays with ingredients of weakness such as a small advertising budget, check redundancy, and, if necessary, combine bullets to eliminate information that is not vital. Strengths and Threats (ST) strives to ensure that a decent TOWS analysis for a website outperforms its competitors.

Conclusion

Crucially, the TOWS matrix is a simple tool to generate strategic options. By taking advantage of it, you can see how to take advantage of the opportunities that present themselves while minimizing the impact of weaknesses and protecting yourself from threats.
Labels:

Comments

Post a Comment

Popular posts from this blog

Understanding Consumer Behavior Using EKB Model

  Introduction Consumers make planned or impulsive choices when they know they want to buy a product but are unclear about the details. Consumers are influenced by variables and external influences in the decision-making phase of the process, including the way they imagine buying. Since impulse purchases are an essential part of what consumers buy, patterns in the rational decision-making process dominate consumer behavior and influence marketing theory. Consumer behavior theory predicts how consumers make purchasing decisions and show how marketers can best capitalize on predictable behavior. Modern models of consumer behavior focus on rational and conscious decision-making, not on emotions and unconscious desires.  The need to integrate EKB Model into Consumer Behavior Once consumers recognize a product or service, they begin to think about how it relates to their experiences and needs and whether it meets current needs. The marketing understands that there is a long delay b...
Post a Comment
Read more

How Can Nudge Theory Approach The Employees' Behavioral Change?

  Introduction For organizations that want to drive positive behavioral change, nudge theory is a practical concept that should be known. It works on the principle that small measures can have a significant impact on people's behavior. When you hear the term "nudge" in the workplace, it often comes up in conversations about how to influence workplace behavior. Nudge can help people make better decisions and bring about positive change. This article is about how we can apply this concept to our employee development programs and how to avoid pitfalls and use Nudge to make positive changes in the workplace. A literature review of Nudge Theory The concept of nudge theory was developed by the American economist Richard Thaler and the Harvard Law School professor Cass Sunstein, who popularized the concept with the publication of their book Nudge: Improving Decisions for Health, Wealth and Happiness in 2008. According to Nobel laureate economist Richard Thaler, nudging is an asp...
Post a Comment
Read more

Using The Technology Of QR Codes To Gather Useful Data About Consumers

  The popularity of QR codes in various industries Users do not have the appropriate software to scan QR codes, and a smartphone does not mean access to the embedded information. For this reason, QR codes are seen as a transitional technology for the future, in which phones can seamlessly link data to users. This requirement is eliminated for about 40 percent of mobile subscribers in the US. QR codes require the user to request information through communication channels that limit consumers' knowledge of the technology and its use. American giants such as Walmart, Starbucks, and Decathlon use QR codes for their purchases and loyalty accounts. QR codes can be scanned by customers to find product information, accept event invitations, or collect points. And in New South Wales in Australia, the government has mandated the use of a QR code in stores and cafes to track contact. While Nike, Home Depot, and Diesel are using them for marketing purposes, Coca-Cola and Zara are exploring oth...
Post a Comment
Read more