TOWS analysis poses complementation of SWOT analysis. This approach is called “from the outside towards the inside”. While in case of SWOT analysis you need to base on strong and weak sides of the organization, and use them in a given environment, in case of TOWS analysis, the contrary assumption is taken. Strategy of the company embraces skillful adjustment of the company towards signals flowing from its environment.
While getting familiar with the SWOT analysis you probably found out that it is presented in a form of a diagram, where subsequent strong and weak sides, opportunities and threats are written down in four fields. It is probable that it was enough for somebody, so it was not translated into a strategy. In my opinion, it lowers the value of the analysis, but it can also be useful, if you approach it scrupulously and conscientiously.
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The SWOT analysis may be completed upon choosing strong and weak sides, opportunities and threats that fit into the diagram (the SWOT analysis is often presented in this form). However, its full usefulness will be revealed only when you already use results of the analysis to determine a strategic position of a company and choose the strategy.