Wolves head coach Kenny Jackett says he still believes he can turn the Championship club's floundering play-off challenge around.
Sunday's 4-1 defeat by Sheffield Wednesday left them in 17th place, nine points off Ipswich Town, in sixth.
"We're not where we want to be and I can understand the frustration at where the club is," Jackett told BBC WM 95.6.
"I can quite clearly see where we are lacking and have confidence in myself to be able to put that right."
Wolves, who missed out on the play-offs last season on goal difference, are facing an uphill battle to clinch a top-six finish this term and a potential return to the Premier League for the first time since 2012.
In an honest appraisal of their situation, 53-year-old Jackett is adamant about what needs to improve at the club.
Wolves' heavy defeat at Hillsborough came after conceding three goals in 16 minutes in their 3-2 loss against Leeds at Molineux three days earlier.
"We deserved nothing out of Leeds and Sheffield Wednesday because of our defending - our defending as a unit has been poor," Jackett said.
"Obviously it's a concern - conceding seven goals in two games gives you no chance of earning any points.
"We need to win more headers at the back and attack it. You can see when a goal goes in there's a lack of confidence. It takes us a little while to get going again."
|Wolves' festive programme|
|Dec 26: v Reading (H)|
|Dec 28: v Charlton (A)|
|Jan 1: v Brighton (A)|
|Jan 9: v West Ham (A) FA Cup 3rd round|
Sorting out 'the basics'
Becoming harder to score against is one of the fundamental aspects Jackett wants to establish, as is keeping focussed for the whole 90 minutes.
"(We need) a combination of the players recognising what they need to do to compete in the Championship, understanding the basics and the decision-making process during the course of the game," the former Millwall boss said.
"The character is there and the attitude is there, definitely. Sometimes making the right decisions or just out and out being good enough is more appropriate than somebody with the right character.
"I've seen many players with very good characters but at the crucial time can they do it? Can they make the right decisions? No."
Some experienced signings in January
Wolves have suffered injuries to key players this season - particularly at the back with the likes of Kortney Hause, Ethan Ebanks-Landell and Dominic Iorfa all missing games.
Newcastle centre-back Mike Williamson was brought in on loan but his influential spell was ended when he was recalled early by the Premier League side at the end of November.
And Jackett knows the club need to make more signings when the transfer window opens in 11 days.
"We have a number of good players but we certainly need some help from the outside in terms of January," he said.
"We haven't deserved anything out of the last two games because of our defending as a side and how does that rectify? We do need to give these players some help in January.
"In terms of the supporters and their unhappiness towards current form and towards myself, I do understand that - we are very much now looking over our shoulder."
Wolves head coach Kenny Jackett was speaking to BBC WM 95.6's Mike Taylor