SWOT analysis is a strategic planning tool employed to analyze the strengths, weaknesses, opportunities & threats included in any business venture, project or even in any particular situation. Actually, SWOT analysis first time used by Albert Humphrey, who performed a research project in 1970 at Stanford University. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a special game changer technique that lets one to plan ahead for his business by keeping the strengths, weaknesses, opportunities and threats of the particular field in mind.
Direct marketing is defined as communicating directly with the targeted customers on an individual basis so that immediate response can be obtained. Interaction must take place in Direct Marketing and therefore it is called two-way of communication.
4Ps of Marketing
Marketing mix is composed of 4 basic ingredients generally known as 4Ps of marketing. All the marketing activities revolve around these 4Ps of marketing, which are product, price, place and promotion. There are 3 additional P’s that are also becoming important recently, but still these 4Ps of marketing are considered as the basis of the whole marketing process.