The TOWS matrix is a tool used by organizations to identify the strengths and weaknesses of their business, and to develop strategies for exploiting opportunities and mitigating threats. The acronym TOWS stands for Threats, Opportunities, Weaknesses, and Strengths.
- Threats: These are external factors that could negatively impact the business, such as new competitors, changes in customer preferences, or economic downturns.
- Opportunities: These are external factors that could provide opportunities for the business, such as new markets, emerging technologies, or changing regulations.
- Weaknesses: These are internal factors that could weaken the business, such as inadequate resources, poor processes, or low employee morale.
- Strengths: These are internal factors that could provide a competitive advantage for the business, such as strong brand recognition, innovative products, or a skilled workforce.