The Baggies look destined to tumble out of the Premier League this season after just one year back in the big time.
They have just six games in which to maintain their top flight status and currently sit seven points adrift of safety.
While a return to the Championship may be beckoning for Mowbray's men, the man in charge at the Hawthorns is refusing to betray the principles he has attempted to instil into his side.
"What would be the benefits if we stopped playing football?" he said.
"Would we have beaten Portsmouth (on Saturday) if we'd played eight behind the ball and banged it up front?
"The way we play and the opportunities we create mean it's better to carry on with what we're doing.
"I don't think it's over yet. If we win three of our last six we've got a chance. We just have to keep going.
"It would have been nice to have taken three points from Portsmouth and head to Manchester City believing we could win.
"If I felt the hope and belief had gone and that the players were chucking the towel in, it would be impossible to ask them to keep playing the way they are."
JeopardyMowbray has admitted that changes to his playing staff are inevitable over the summer, but he has made it clear that the club will continue to be run on a sound financial footing.
"We're a club that has no debt whatsoever and won't go into debt," he added.
"Yet Portsmouth announced this week they made a £16.6million loss last year when they won the FA Cup.
"I would suggest that's because they buy players who cost money.
"My chairman would say, 'Go ask the fans of Leeds United and Nottingham Forest what's the best way'.
"As a coach I want the best players on the pitch, but it's not down to me to put the club in jeopardy.
"The fans care passionately about the club and there's always a balance to strike between carrying a huge debt and having better players on the pitch."