 Hello, hello everyone and welcome back to Marketing Management, MBA 602. This is going to be the Unit 2 review, hopefully you've watched the video from before, if not it will be linked down below later. And also just a reminder that if you have any questions as we're going on here, feel free to leave them in the chat or if you're watching this later, maybe you're watching this in the archive, feel free to leave a comment and we'll try and either answer it down there or in a video later. But you know, let's not have this preamble go on too long. Let's just hand it right over and let's get started on the show. So let's, here we go. Okay, thank you, Mike. For those of you that remember me from last time, again, I'm Melinda Salzer and I will be your navigator through the various reviews for all the different units. And as Mike pointed out today, we are covering Unit 2, which is environmental scanning, firm resources and capabilities. So with that, let's get right into it. I just want to briefly, I did this last time, but I just want to briefly review again the course learning objectives for the overall course, just as kind of a reminder to let you know that the course is really very content rich and really will cover many deep marketing strategies, marketing concepts so that you can understand the role of all of the different factors in the marketing process. So we'll talk about the role that marketing plays in the economy as well as the corporate structure. We will talk about the strategic marketing planning process. The course will enable you to apply your skills, but you're going to be at the end of this course really have many more marketing tools at your disposal. And it's not just information that you should remember, but how you can apply it. And the course will enable you to do that. You'll be, we'll be talking about evaluating the marketing environment, which is part of what we're doing today. We're also applying the managerial tools of marketing planning and forecasting. We'll talk about the different types of consumer and industrial goods and the relationship to market segmentation concepts that we've already started to talk about in terms of demographics and psychographics. We'll look at product development. We will talk about channel strategies and promotional mixes and how to bring a product to market. We'll talk about ethical marketing activities and also enable you again to demonstrate your knowledge through the elements of a marketing plan. So for you to that we're covering today, these are the learning objectives that we will be exploring. First, we will explain the role and importance of environmental scanning in developing the marketing plan. We'll talk about the very, the various macro environmental issues, the bigger picture, the external environment, the industry and the competitive forces from the economy to natural events to rivals and customers and the impact those factors have on developing marketing strategies. We'll look at affirms resources and capabilities and we'll look at the specific marketing mix for an organization. Again, just to remind you as to why the learning objectives are important, the learning objectives tied directly back to the course material and to the content that we'll be covering. They're also tied to each learning objective, the assessments rather are tied to each learning objective and the review and the learning objectives will help you with test preparation. So again, as I mentioned last week, there are eight units, we've already got unit one done. We're working on unit two and we will continue each week with another review for all of the units through unit eight. So before I get into the meat and the heart of the unit two review, does anybody have any questions for me? Yes. If anyone has any questions, please do leave them in the chat or if you're watching later you can leave them in the comments below. I'm looking right here, I had the wrong tab open. I'm not seeing any questions in the chat right now, but if people have questions, we'll keep going and feel free to leave them in there and we'll get to them. Okay, great. Thanks, Mike. Okay, so these are the topics that we will be reviewing, a brief overview of the topics which is AIDA, environmental scanning, distribution, five competitive forces, the marketing mix, PESTL, trends, VRIO, and resources based theory. So there's a lot of some really interesting topics that we will be exploring in today's review. So the first learning objective that we'll be covering is to explain the role and importance of environmental scanning in developing the marketing plan. And the factors and the questions that we will be looking at for this are first, what are the objectives of horizon or environmental scanning? What are some of the challenges associated with evaluating data from an environmental scan? And also wrap this learning objective up with some of the ways to assess trends. So let's begin with environmental scanning and I've created this little word cloud for you which really includes many of the factors that are involved in environmental scanning. And environmental scanning, the goal of that is to look at social, cultural, technological, and other situations or events that can help companies identify opportunities and threats. It can help a company determine what their strengths and limitations are and also help provide an analysis for the decision-making process. Once these factors are uncovered and they're analyzed, the organization can then use that information to develop marketing activities and look at the data that they collect and evaluate what's going on currently but also how it will impact the future and what that future might look like that's different than the current situation. So some of the challenges with environmental scanning are the filters. So when we look at information, very often we can be influenced by past events. We might look at familiar patterns from the past and these could inhibit us from looking at the information in the data in new ways. So it's important to not have filters that will filter out information that maybe we didn't look at in the past. We should make sure that we don't stick to patterns that existed in the past so that we could look at the information in new ways. Also we have very different thinking styles and so those thinking styles might impact how we view the information that's available to us. And as a result of that, there might be missed opportunities. So it's very important to look at when we do an environmental scan to look at everything with a clear thought process and not try to put behaviors past thoughts as an imposition on the new data and the new information and look at it as it is presented to us. So let's talk about how to assess trends. Trends are part of the many events and activities that happen, but they're not isolated by themselves. But often trends are uncertain. We can see a current trend, but not really know whether or not that trend is going to continue in the future or other factors that might impact it as it goes on. So that's why it's important to analyze trends in depth that we should also look at opposing views, that we should do research on past events and that actions by competition should be anticipated, which are all factors that are critical to the analysis as we go forward in the trend. So we can look at a trend, but we can't just look at it isolated. We need to be able to look at the past, what's going on in the present, anticipate the future and also look at what our competition is doing at that time. So that covers learning outcome one. Does anybody have any questions at this point? Yeah, well, let's give everyone a second to catch up in case we have any latency going on here for everyone. So we'll just pop off for a second and let everyone catch up and then we'll come back and see if there are any questions and if there are any questions and if there aren't, then we'll keep moving. Okay, and we're back here. Hopefully everyone can re-hear us again and see us again. I'm not seeing any questions in the chat. I am seeing some people say hello and hi. So hello and hi to you guys as well. I hope that that means that everyone's just learning their market and management very well here. So we'll just keep going again. If you have any questions, feel free to leave them in the chat. We'll absolutely get to them. Okay, great. Thanks, Mike. And hello to all of you who sent your messages. Thank you. So let's move on to learning outcome two for unit two. And we are going to describe the various macro environmental industry and competitive forces, both from an economic standpoint as well as natural and to rivals and customers. The first aspect of this learning outcome is to explore the elements that comprise the pestle analysis. We'll talk about the components of an industry analysis. And then for this learning outcome, we'll round it out with looking at the elements of quarters, five competitive forces. So pestle, so marketing is filled with all of these acronyms. And pestle is one that's a great tool for being able to look at the bigger picture and to see what's really going on. So it's P-E-S-T-E-L. Sometimes you might see it as P-E-S-T-L-E. But either way, it still covers the same elements and the same factors. So the first one, and let's look at that, is the P is for political. And this really looks at any regulations, government policies, government stability, infrastructure, and so on that can impact marketing decisions. It can impact a business's decisions within any particular marketplace. The E stands for economic, which is very important to look at economic growth, certainly monetary policies, employment rates, inflation. And if we think about things that are going on, particularly right now in the global economy and on the global scale, looking at economic factors are very big elements for any company's business decisions. So just to sidetrack a little bit, there isn't really any one factor that's more important than the other. The idea about all of these concepts that we're looking at and talking about is that they all work together and should all be given equal levels of importance. And at any given time, there might be one factor that overrides the other one. But again, as you're going through the analysis, it's important to make sure that each element of whatever analysis you're doing is getting the attention that it deserves. So the S stands for social and these things, these related demographics, education, lifestyle factors, income distribution, followed by technological, which is, you know, this particular slide and the graphic talks about international influences. You know, what's going on in the technological world on an international scale? How do technologies interact? How can they be integrated? What new innovations are there in place? How do different industries and different countries communicate? So all of these things relate to the technological factor here. The second E is for environmental. There might be environmental restrictions. Different countries have different laws in place. This goes back to the political aspect as well. We talk about climate change. There's a focus on energy workforce health, which is clearly a factor right now that we have while we're dealing with the global issue of COVID. And also to add to this, in addition to, you know, energy saving and these relate to social as well is a greater focus on sustainability, on recycling and those kinds of things. So those are important to look at when you're making business decisions. And then finally, the L stands for legal global laws, you know, within individual countries, regional laws, what are the court systems look like? What kind of focus is there on law enforcement? What kind of health and safety issues are in place? So all of these factors comprise the pestle analysis and do require a great deal of attention. And it's also important to recognize that when you do this analysis or any of the analyses that we'll talk about is that it's a constant process. All of these factors are changing all of the time. And so you can't just do an analysis and say, OK, well, we'll revisit it in a year, for example. They require constant attention because these factors and these elements are constantly changing. Everything is evolving. So it requires attention initially to make business decisions, but requires constant attention and upkeep. So real quick, we did get a question in here from before that we'll give you out here. It's in regards to here, I'll just read it. Marketing depends largely on consumer perception. Then would some psychological theories be applicable to marketing? Oh, absolutely. Absolutely. And I can integrate some of the specific psychological theories into a later review. But yes, there are absolutely a lot of different psychological factors when we talk about consumer behavior and the many factors that impact consumer behavior. And there's a lot of different theories. Maslow, of course, is one of the most popular ones, but there are a lot of different influences on how we behave. And our lifestyles, not only demographics, of course, but the different lifestyles, the attitudes that we have, all of these factors impact the way we behave and therefore are important for companies to understand how those factors impact their marketing decisions. So yes, it's constantly dynamic changing, the markets are always changing and consumers change too. And if we even look at how consumer behavior has changed in the past two and a half years as a result of COVID, we clearly see how so many elements impact what we do and as a result impact the way companies develop the marketing strategies. Does that answer the question or is there a follow up? I thought that was a good answer, but I'll let people, I'll let them tell me down in the chat, but while you're answering that question, we had another question coming in about the clarifying the difference between regulation and legal. Like I think, if I could not to put words in this person's mouth, but what's the difference I would assume between like when someone's like, oh no, that's against the law and that's like against like a regulation. Like when you're talking about the like, I assume back about the pestle analysis when you're on the legal vertical. So if there are regulations, regulations are developed as a result of laws. So if there's a regulation and an industry perhaps is, you know, has certain regulations it has to follow, those are based on legal requirements. Right. So if a company has regulations about, let's say how they manage their waste, when they don't follow those regulations, they're not following the law. Okay. All right. Well, hopefully that answers the question. Again, if anyone has any more questions or any clarifications they'd like, let us know, but I'll let you get back to it and I'll get out of the way. Okay. All right. Thanks, Mike. Okay. So let's look at how we analyze an industry. Right. So industries are evaluated based on a number of factors. We look at, you know, and this also is related to some of pestle, but if we're looking at an industry, we want to look again at trends. We want to look at the size of the industry. So very often, let's say if you're looking at entering an industry, you want to be able to see whether or not it's an attractive enough industry to even consider, you know, launching a new business, for example. So you might look at the size of it. Is the industry large enough to accommodate a new player, for example? You know, what does the competition look like? Is there growth in the industry? You know, what are the rules and regulations that goes back to the question earlier? You know, what are socioeconomic factors? What innovations are there in that industry? You know, what's the market segmentation look like? What supplies are available? What's distribution like? And, you know, if we look at again, you know, some of the things that are going on, you know, on a global scale right now, there clearly seem to be sourcing problems, although some of them are starting to improve. But there's been distribution problems, you know, markets are segmented differently. So these are the kinds of things that you want to look at when you're analyzing an industry. And again, even if you're not a new player, if you're an existing player, it's important to really look at your industry on a regular basis to see how things are evolving. And, you know, as an aside, I just read an article yesterday about Walmart, right? Here in the U.S., the number one retailer certainly, you know, has a big role in the global scale. But they're finding that because of changes in the economy right now, because prices for so many goods and services have been increasing, that Walmart is finding that people are not spending money on clothes. And so as a result, they've got excess inventory, and they're trying to clear all of that out, and they're lowering prices on clothing because they want to move that merchandise out of the stores. So this is a direct result of Walmart taking a good look at the overall market and the overall industry and looking at, you know, in particular trends and consumer behavior. So, you know, it's important to make sure that, again, like all of these analyses, that they're all done on, that attention is given to them and that they're all done on a regular basis. So let's move on and let's look at Porter's five competitive forces. So five competitive forces are what's going on that impacts competition in any marketplace. So competition is really driven by the structure of the industry. And generally, as competition increases, the attractiveness for other players in the marketplace decreases. Competition with an industry also goes beyond the established entities in the marketplace. So let's see, let me go right now to threats of substitutes. So, for example, it's important to recognize that when we look at competition, that it's not competition cannot just be defined by other companies or organizations that do the same thing. So as an example, if we look at the airline industry and we could say that, you know, all the different airlines, these United Airlines or Emirates or, you know, any airline across the globe, those are all in competition with each other. But we also have to recognize that the airlines are really in the transportation business. And so their competition is not just other airlines, but other modes of transportation. So within a particular country, there might be different airlines, but you can also travel another way. You can take a train, you can take a bus, you can rent a car, you can drive your own car. So when we look at, you know, what's going on as competition, threats of substitutes play a very large role. It's also important to think about the threat of new entrants. And, you know, most industries, that can exist. We want to look at bargaining power of suppliers, the rivalry for sure among existing competitors, as well as the buying power, bargaining power rather of buyers. So these are the factors that comprise competitive quarters, five competitive forces, and should all be considered when evaluating what's going on in a marketplace. OK, so that covers learning outcome two or B. Mike, any questions at this point or for this section or from earlier? I am not seeing any any questions right now, but we had a few questions before. So why don't we hop away for just a second and let people catch up? Because just in just in case they did last time. OK, so we'll be back in a second, everybody. Well, I haven't seen any questions coming in. But again, if you have any questions, always leave them in the chat or you can leave in the comment section below if you're watching later and we'll get to them. But I'll hand it back over to Dr. Salzer to get it to keep going. OK, thank you, Mike. So for learning outcome three for this unit, we are going to evaluate a firm's resources and capabilities. And back to another acronym, we'll look at the four questions associated with BRIO. We'll look at some of the difficult to imitate resources within an organization. And we'll also look at the foundation of resource based theory. So let's look at BRIO. So these letters stand for value, rarity, imitability, and organization. So what we do when we do this analysis is there are four questions that we ask. So the first one is, does the resource or capability create value for an organization? So when we look at resources, does what we have offer value to the organization? We also want to know for the second question, is the resource or capability rare within the industry? That's the rarity part. Next is, would it be difficult for other companies to imitate the resource or capability? This is really, they're all very important, but also you want to look at, you know, how do you stand out from the competition? What makes you different? What's your unique selling proposition? And this is the imitability aspect of the BRIO. And finally, is the firm sufficiently organized to capture the value of the resource of capability? Are we organized? Do we have everything in place? And if a company can answer yes to these questions, then the company will know that they do, in fact, have a competitive advantage in the industry. So let's look at some of the things that are difficult to imitate. And some of the basics are a trademark, a patent, and a corporate culture. Another company cannot imitate your trademark. They can't imitate your patent. And when I found this graphic, I thought this is perfect, because all of these logos or trademarks of different organizations, we can look at these very easily, and we know exactly what companies they stand for. And we know that there's no other company that could be mistaken for Coca-Cola. The Nike Swoosh, which is one of the simplest of logos. We know that this is Nike. We don't have to even have anyone put Nike lettering next to it, right? The golden arches of McDonald's, the Apple, right? We see these things. These cannot be imitated by other organizations. So the patents, the trademarks are unique to an organization. But beyond that, it's very difficult to imitate a company's corporate culture. Each organization has a different way of operating how they treat their employees, how they treat their customers, how they treat their suppliers. And that cannot be copied by any other organization. So it's important to make sure that when you're looking at how you're structuring your organization, that you're putting difficult to imitate resources in place. So let's look at resource-based theory. And what this is founded on is that the organization's resources provide a sustainable competitive advantage, right? And this is really the key here is sustainable. You can have a competitive advantage, you know, and companies can jockey for position at any given time. But the real success is when a company has sustainable competitive advantage. And this really highlights how all of the qualities that a company has to offer represent more of their individual parts. So it's not just enough to have a good image or a good product or a good corporate culture, but it's how do all of those factors come together in a way that makes it impossible for another organization to duplicate what they have to offer. You know, if we look at, you know, the corporate culture of a company like Google or Zappos or Patagonia or other companies that are very focused in a particular way, those companies have sought a sustainable competitive advantage. They've looked at how everything that they do creates a bigger image than individual factors. And finally, how that combination cannot be duplicated. And that's the foundation of resource-based theory. That covers the third learning outcome for this unit. And before I move on to the final learning outcome, which is actually going to be quite extensive, I'd like to give this opportunity for anyone to ask a question if they have. I haven't seen any questions coming in yet. So I figure if the next one's pretty extensive, why don't we move on if we need to take a break from that to answer a question from before. We can do that. OK, that's great. And also, if someone does have a question, you know, again, it's good for you to wait until we get to the questions and answer section of the unit. But if you have a question in the middle of something that I'm talking about, please feel free to put those questions in and I can answer them as they come in, if that works for everyone. OK, all right. So finally, we've spent a lot of time talking about the marketing mix. And here, we're going to talk about determining the specific marketing mix for a firm. And the first thing we'll talk about as we have, but we'll cover it in more detail today, the components of the marketing mix. We will talk about how a product is defined and a product's characteristics. We're going to talk about some pricing strategies and some of the introductory pricing strategies companies use and some of the pricing approaches that are used as well. We'll talk about the role of the promotional strategy and the different elements of a promotional mix. We'll talk about elements of AIDA strategies back to another acronym. And we'll talk about the factors that that impact an organization's choice of distribution. So the marketing mix, as we have talked about, and again, as we've talked about this before, and you know about this from previous unit, as well as your other marketing experience, is to really remember product price, place, and promotion. These are the factors that identify the marketing mix. But again, it's always important to be aware of them as you think about all the different aspects of the marketing strategy. So, you know, and again, the marketing mix impacts or relates to all of these other things that we'll be talking about and really goes into let's talk about how do we define a product, right? And a product will provide us with both tangible and intangible benefits. And we'll talk a little bit about products and services a little bit later, but some of the products that we that we are familiar with are consumer products, unsought products, convenience products, shopping products, and specialty products. And these all encompass the products that we buy on a regular basis, products that we buy that we don't necessarily plan on buying, things that we spend a little bit more time in investigating, and specialty products where we spend a great deal of time. And we'll talk more about how we make those decisions as we talk about the consumer decision purchasing process. So let's move on a little bit to introductory pricing strategies. And the first pricing strategy that we'll talk about is a skimming, which is when a company sets an initial high price for their product. And the goal here is to gain as much profit as possible. But generally, that price will decline as the product becomes more adapted and adopted by consumers. A penetration pricing strategy is when the initial price is low. And this is typically used when there are many competitors in the marketplace. And another introductory pricing strategy is also the everyday low pricing strategy. Usually, this is the one where that low price will stay stable throughout the entire life of the product. And we look at some companies that use some of these strategies, and particularly with Walmart, again, to use that as an example, they adopt an everyday low pricing strategy. So let's talk about some pricing approaches that companies use. So cost plus pricing is when a company will add a profit to the cost of the product to determine the price. On even pricing is very much related to psychological factors. And so this is why we'll see something priced at, say, $9.99, as opposed to being priced at $10. The difference in that is one penny. But there's a psychological factor that impacts the way we make purchase decisions. And so if we see something that's listed at $9.99, we will automatically think that that's a good price as opposed to $10. So that's something that companies use quite a bit. Prestige pricing is associated with brand image and the quality that we associate with something. So it might be definitely a higher priced item, but the prestige pricing also goes along with the image that we have of that particular price, of that particular product. And leader pricing is used to entice people to come into a store by pricing certain items lower to bring customers into the store, kind of anticipating that customers will buy more in the store than they had planned. And that leader pricing is what draws them into the store initially. So what's the purpose of the overall promotional mix? A promotional mix has many purposes. The first one, of course, is to generate awareness. If we aren't aware of a product or service, we're not going to buy that. We're not going to be able to even know to think about buying it. A promotional mix might want to encourage trial, particularly if it's either a new product in the marketplace or a new product that an existing company has that they would like us to give a try. A promotional mix can also inform us about a new product. It can inform us about how something works. It can inform us about the benefits or the features of a new product. It can also inform us about how a particular product or service might have a competitive advantage over another product in the marketplace. The promotional mix can also help with customer retention, remind people that are regular customers to not forget about a particular product. This is why we often see commercials or ads for products that we see all the time and that we buy all the time. The idea is to make sure that customers don't forget. This is a goal for customer retention, also possibly increase usage of a particular product or service and show us new ways that that product can be used. Finally, the promotional mix can expand the target market. Go beyond the current customers. Go beyond the customers that are using a product at a particular time and expand to new segments of the population. Let's look at some of the elements that are used in the promotional mix. There are many and have certainly expanded over time. There's some general advertising. We want to make sure that we don't confuse marketing with advertising. Advertising is a very specific type of marketing. We want to make sure that we distinguish this from other aspects of the promotional mix. Advertising could be television commercials and ad that you see in a newspaper or a pop-up ad online or a billboard that you might see outside. Radio for sure will fit into advertising. Sales promotions are things like coupons. Buy one, get one free. This is on sale this particular week. An effort to encourage immediate sales. Personal selling. Personal selling is much more related to one-on-one. You might find this in terms of retail. You would find personal selling playing a big role if we're buying something expensive, like a car or a computer, any kind of technology. Personal selling is going to be that one-on-one connection that a salesperson has with the customer. Publicity, to distinguish that from public relations, is publicity is any kind of awareness that a company might get from something that's going on within the organization. And very often, publicity, while it's an aspect of the promotional mix, a company doesn't always have control over publicity. So if your company does something and a news source picks that up, you'll get the publicity, but you don't have any control over it, which is to distinguish it from public relations. Public relations is messaging that a company will share with the public that they have control over, they have control over the message, they have control over how it will be distributed. And very often a company will use public relations to talk about new initiatives, perhaps social responsibility activities, maybe new efforts at sustainability, or even just talking about expansion of the company and what's going on, but they do have control. Direct marketing, the emails that we might get, the mailers that we get that are still popular and still come to our mailboxes on a regular basis, come directly to us, they're targeted. And while they have traditionally had a low response rate, they still play a role in sales. So even if a direct marketing campaign only, Garner's one or 2%, that still factors into the overall success of the company. Word of mouth, word of mouth is where we share information about a company with somebody else and companies can encourage word of mouth, they can ask for customers to make referrals. And word of mouth, it's coming directly from the customers who are using a particular product or service. And so it tends to have more credibility and we tend to trust more of that as it relates to a product, sometimes even more than advertising that we see. And then finally, online marketing websites, social media, all the different platforms that are out there, review sites where we're able to generate kind of viral expansion of everything that's going on with an organization. And online marketing has really certainly grown over the past several years and has become a greater factor in the promotional mix for any organization. So let's talk about acronym AIDA, Attention, Interest, Desire and Action. So the first aspect is we want to get the attention, we wanna get the immediate attention of our customers. And when we do that, we want them to next be interested. We wanna give them enough information that gives them the desire for our product, right? So again, like every single one of these different acronyms and different tools, they each depend on the one before. If you capture your customer's attention, you give them enough information that generates interest which leads to their desire to have your product or service, the next step of course is for them to take action. So to actually go ahead and to buy what you have to offer. So let's look a little bit at distribution strategies. And the first one we'll talk about is an intensive distribution strategy. And this is generally used for convenience products, goes back to some of the products that we talked, the product categories that we talked about earlier, where consumers will make the purchase without really spending too much time on that purchase decision. A selective distribution strategy is used for items that are purchased at specific locations, such as electronics or jewelry. And the exclusive distribution strategy applies to items that are sold at a few locations, but strategically placed so that will increase demand. So depending upon the type of product that you have will impact the type of distribution strategy that you will put in place for what you have to offer. And as you can see at this point, you can see how all of the different elements that we've talked about all work together. You can't make any kind of decisions without having all of the information that we've explored today. And at that point, at this point, that concludes all the learning outcomes for this unit. I'd like to open up the floor to any questions that anyone might have. Right, and so we got a couple of questions down here in the chat. You've seen them a little bit, but I'll tell people who might not be listening. The first question we have is about the uniqueness of employee skills and with globalization, the need for maybe needing to standardize those practices. Okay, so that's a very good question. And I would say that it would depend on the company and it would also depend on the individual nations. So for example, a company might have certain types of standards and training that they would like to give their employees, which could certainly be valuable when they're expanding to other nations. However, the countries in which those companies might be expanding might have different cultural factors and different lifestyle factors that would make a standard training program maybe not as effective. So while there should be certain standards, for example, if a company, earlier I talked about corporate culture and if there's a corporate culture of customer first, for example, you would want to ensure that your employees on a global scale recognize that the company had a customer-focused approach. However, some of the other ways of working with customers might vary from country to country because of the different cultures and the different ways that different nations operate and function socially, politically, legally as well. So yes, there should be some standards, but I don't think that a cookie cutter approach would work because there were so many variations across the globe in the way countries exist culturally as well as other factors. So I hope that answers the question there. Awesome, and then we had another question about getting maybe another example of the components of a distribution strategy. Okay, so that's a good question as well. So for example, I talked about an intensive distribution strategy which would be used for convenience products. So a company might use an intensive distribution strategy for selling milk or for selling bread or for selling beverages for the kinds of things, grocery items perhaps that people just buy automatically every day without really thinking about it too much. A selective strategy, a selective distribution strategy is more for things that you might purchase at a specific location. So for example, maybe technological items, if you're going to buy a new computer or if you're going to buy jewelry perhaps or you're going to buy furniture, these are things that people will buy on a semi-regular basis but the distribution would not be as widespread because people are not buying those things as often. And then finally, the exclusive distribution strategy is really for things that are sold with things like, that you wouldn't be buying that often. So maybe a car or services to buy a new home. So things that we're buying that are larger, that have greater risk and that we don't buy as frequently. So that would be an exclusive distribution strategy. So I hope that answers that question. Well, I mean, it doesn't make any sense to me because I'm always buying cars. So I don't know. But that was good again. If anyone has any more questions, feel free to leave them in the chat and I'll just start doing a little wrap up here for us. Again, thank you Dr. Salzer for taking us through this again. Thank you everyone for joining us. Thank you for asking your questions and chats and saying hello. You can join us this same time next week for our review of unit three. And I'm looking down, I'm not seeing any other questions but if you have them again and if you're watching this later, you can leave them in a comment below. And I guess with that, if we don't have anything else, I will just say thanks again everybody. Thank you everyone. Bye.