The Component B re-assessment is an individual business report in which students must develop an elementary marketing plan that builds upon the marketing audit undertaken for the Component A assessment

Running head: TOWS ANALYSIS IN MARKET AUDITING 1

TOWS ANALYSIS IN MARKET AUDITING 5

TOWS Analysis in Market Auditing

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TOWS Analysis in Market Auditing

Marketing auditing for the hotel industry like any business calls for the TOWS analysis. This is the second phase for marketing auditing of any of the businesses. TOWS is a variant of the SWOT analysis in which more factors are analyzed for the business. This is to ensure that the ultimate decision made in running the business meets all the desired goals without facing many constraints. This is a further analysis of the threats, opportunities, weaknesses, and the strengths of the hotel industry in a region (Tyagi, 2019). Therefore, through the analysis of these factors, we should be able to determine the viability of the business in the region and initiate an opportunity for maximum reaping of the business in the region.

The use of TOWS analysis is to help the business move one step further from the current condition. Through consideration of this analysis, the hotel organization should be able to improve its environment and improve on the business activities committed.

· Through consideration of both the strengths and the opportunities of the hotel, the management should be able to come up with strategies that optimize the strengths to maximize the strengths.

· In this regard, having a good relationship with the tourists should be maximized by opening up more branches that will be dealing with the tourists.

· This is also the same case for the weaknesses in which there is the use of strategies that maximize the strengths while minimizing the weaknesses of the hotel industry.

· Besides that, some strategies have to work for the cases when the company`s situation is at the minimum point.

· This is where they have to weaknesses while in the process they take advantage of the opportunities.

· However, when the situation faced is both at the weakness and threats of the hotel sector then there is a need to minimize the weakness while avoiding the threats (Rahim, Ahmi & Rahman, 2020).

The analysis of the TOWS factors leads to a review of some of the alternative strategies that should be employed in the running of the hotel to make it meet the set goals. These are such as:

· Strength and Opportunities (SO); how to use maximize the strengths to maximize the opportunities.

· Strength and Threats (ST); taking advantage of the strengths to avoid the threats faced

· Weaknesses and Opportunities (WO): Use of the opportunities to overcome the weaknesses faced.

· Weaknesses and Threats (WT); Minimizing of the weakness while avoiding the threats

The TOWS analysis should then be able to provide some of the best strategies that would result in the creation of the critical success factors of the hotel. The analysis aims to ensure that there is wealth creation and this is only achieved through putting in place the right factors (PIRNAR, Kurtural & ERİŞ, 2019).

· The first is to put in place strategic focus that will ensure there is effective management, planning, and running of the facility.

· The people at the facility have also to align with the goals of the organization.

· The key process and functions of the organization have to be well outlined at the facility.

· Marketing is essential in which customer relations, responsibilities, and sales are considered.

· Finally, the financial strategic goals have to be achieved through the use of the available resources to make profits.

References

PIRNAR, İ., Kurtural, S., & ERİŞ, E. D. (2019). SWOT-TOWS Analysis of Urla Destination’s Alternative Tourism Development. Uluslararası Güncel Turizm Araştırmaları Dergisi, 3(2), 235-244.

Rahim, S. A., Ahmi, A., & Rahman, N. A. A. (2020). Challenges in sustainable supply chain management of live animal trading: a case study of live animal industry in Malaysia. Int. J Sup. Chain. Mgt Vol, 9(1), 447.

Tyagi, V. K. (2019). A Strategic Analysis of Online Movie and Event Ticketing Platform: Bookmyshow. Journal of the Gujarat Research Society, 21(13), 320-332.