Fuzzification of the ‘tows’ strategic concept: A case study of the Magneti Marelli branch in the Serbian automotive industry

Abstract

The purpose of this paper is to introduce a fuzzy approach to the quantification of the TOWS (Threats, Opportunities, Weaknesses, and Strengths) strategic concept (also known as ‘SWOT’). Fuzzy logic and triangular fuzzy numbers are used to provide an alternate assessment of the internal strengths and weaknesses and external opportunities and threats in the process of developing strategic alternatives and making strategic choices. The developed fuzzy model is applied to a real-world case, conducted with the management team of the Magneti Marelli branch in Serbia, which operates as the largest supplier in the Serbian automotive industry. The results are discussed, and suggestions for further research are provided.