"TOWS strategies are a product of the trade-off between internal and external factors." Do you agree with this statement? How can this approach help a strategist in decision-making ?

Yes, SWOT Analysis starts with an internal analysis, the TOWS Matrix takes the other route, with an external environment analysis; the threats and opportunities are examined first. Then, in TOWS makes a trade-off between internal and external factors. As we know, Strengths and weaknesses are internal factors and opportunities and throats are external factors. This trade-off is the point where four potential strategies derive their importance, these are Strength/Opportunity (SO) Weakness/ Opportunity (WO), Strength/Threat (ST) and Weakness/Threat (WT) as shown in matrix given below. TOWS ANALYSIS Internal Factors Strengths (S) Weaknesses (W) External Factors Opportunities (O) Strengths/Opportunities (SO) Weaknesses/ Opportunities (WO) Threats (T) Strength/Threats (ST) Weaknesses/Threats (WT) a) Strength/Opportunity (SO): Strengths of the companies are utilized to exploit the opportunities. b) Weakness/Opportunity (WO): The organization finds options that overcome weaknesses, and then take advantage of opportunities. Therefore, it mitigates weaknesses, to exploit opportunities, c) Strength/Threat (ST): Exploiting strengths to overcome any potential threats. d) Weakness/Threat (WT): With Weakness/Threat (WT) strategies, one is attempting to minimize any weakness to avoid possible threat. A strategist may understand the strength, weakness, opportunities and threats of the Organisation and analyse the following strategies of TOWS which are helpful in decision making: Aggressive strategy (maxi-maxi) Conservative strategy (maxi-mini) Competitive strategy (mini-maxi) Defensive strategy (mini-mini) External Opportunities (O) External Threats (T) Internal Strengths (S) SO ST 'Maxi-Maxi Strategy Strategies that use strengths to maximise opportunities Maxi-Mini Strategy Strategies that use strengths to minimise threats.