 Well, hello everyone and welcome back to Sailor Academy's marketing management videos. This is Unit 5, if you haven't watched any of the units before, we recommend that you go back and of course, these are overviews of the course that you should probably go and find the course on sailor.org. There's a link below. And of course, if you have any questions as we go along, please feel free to leave them in the chat to the side. Or if you're watching this later, as I know a lot of people do, feel free to leave a comment below and we'll either answer it down there or answer it later. But I'm just going to go ahead and we got some people waiting here. So why don't we just hand it over and get started. And again, if you have any questions, leave it in the chat and I'll be back when needed. But I'll just hand it over here right now. Great. Thanks, Mike. So welcome everybody. And as Mike introduced the today's session, we're at Unit 5. So we're halfway through reviewing all of the units in this course. And so I hope that, you know, again, as we've mentioned, to watch them in sequence because with all of marketing, each concept builds on the one before. So you could potentially watch them out of sequence. I don't necessarily recommend that because I think that if you, you know, do them in order, you will have a greater understanding of each of all the concepts of all the disciplines and all the topics that we're covering and you will have a greater understanding as we go along. So as Mike mentioned, today's unit will discuss product life cycle, marketing research and product development. So let's get right into it. And to first over, give you an overview of today's learning objectives for Unit 5, we're going to explain the stages of the product life cycle, we'll explain the importance in types of marketing research, and we'll talk about the importance and process of product development. And as always, I always like to just reinforce why we have learning objectives and why they're important. And of course, each learning objective ties directly back to the course material and to the content and topics that we're covering. So it's important to know how these things, how the different aspects work together. And of course, the assessments are tied to each learning objective. So really, you know, pay close attention to the learning objectives. Look at how they relate to the course material. And this will of course help you with test preparation. Now, as Mike mentioned, if you have any questions at any point, please make sure that you put them, you know, put them in and we will get to them. They'll be specific. As you know, at this point designated stops along the way as we review the unit. And that would be the time for questions. And I'm happy to answer any of the questions that you have, of course, about this unit as well as any other units that we have explored so far. So the topics that we will review today will cover the Boston Consulting Group, which is an organization that's widely used for categorizing different products at the different stages of their of their life cycle. We'll talk about marketing information systems, different types of marketing research. And of course, we'll go in detail over the marketing research process. And as we know, with marketing and of course, with any discipline, the process is very important to have a structure for you to ensure that you're doing the right things, that you're able to do things in the right order. And for some for there to be a process that's easily understood by everybody who is involved in that area. We will talk about different types of offerings, product development and as well as the product life cycle. And these are all such great, interesting topics. And and I'll be sure to give you examples as as we go along. So the first thing is we'll explain the stages of the product life cycle. That's the first learning learning outcome. And within that, we'll talk about how the product life cycle contributes to the marketing process. We'll talk about the characteristics of each stage of the product life cycle. And we'll talk about the elements, as I mentioned, in the Boston Consulting Group Matrix, so the product life cycle and the marketing process really go hands in hand and and the product life cycle helps marketers manage product acceptance of a product in the marketplace throughout the life of that product. So think about how the public, how consumers might view a new product that's being introduced into the marketplace. The marketing process has to work with that to have to understand how consumers accept the product and then develop marketing strategies in a way that will entice us and influence us to make purchases. The each phase of the product life cycle requires a different kind of marketing strategy. And we'll talk about this a little bit later and understanding the market dynamics throughout each phase of the product life cycle is essential. And as a product goes through the product life cycle, strategies will certainly evolve, the market dynamics change, consumers accept it, the product grows, sales increase and so on. And so as, again, as a product goes through the different life cycle, the marketing process will change and this is what we're talking about here. So let's talk specifically about the different elements of the product life cycle as well as the characteristics. So you'll probably see along the way, you know, many different graphs and charts of the product life cycle, but they're all going to contain these same stages. The first one is the introduction followed by growth, maturity and then decline. So let's talk about each one. So I think for this, I think I'm going to use some Apple products as an example of how different products go through the product life cycle. So the first stage, of course, is the introductory stage, the introduction when a product is new to the market and generally at this stage, it comes out of development and becomes available to the public. And the length of this phase could really vary from product, excuse me, from product to product. Now, generally at this time, sales will be low, profits will be low. And it's at a point in time where consumers are really not that familiar with a particular product. So if we go back to, you know, the marketing in an introductory stage, generally the marketing is going to be informative. So if we think about what the introduction of the iPod was, not the iPad, but the iPod, when the iPod came out, it was a very new and revolutionary way for consumers to get their music. So prior to that, if we go back in history, so we would get our music through a radio, we moved on to to getting, you know, discs and and other, you know, technology where the music was already given to us. The iPod was a very new development in personal music and personal entertainment because you were able to put onto an iPad, an iPod, the music that you wanted in the order in which you wanted. If you wanted, you know, three songs from an album, you could do that. In the past, you had to listen to the whole thing. So explaining this to consumers took a lot of information and a lot of education. So we had to first kind of understand what that product did. So sales were low. It was it was a time where consumers had to be informed. So the next stage is growth. The growth is when competition is likely to be high. And at the point with the iPod, other companies were starting to come out with with competitive items and competitive technologies. Sales and profits will start to increase because people are becoming more aware of it and more intrigued by what the product has to offer. Also, at this time, promotional activities are going to increase to continue to generate greater awareness and encourage purchase. Now, we're still we're still talking about the iPod here. Then we move into the maturity stage. And at this stage is when consumers are more aware of a product, you might start seeing more repeat purchasers and also prices will start to be reduced because also companies start seeing the ability to to produce at higher levels and reduce their costs. So they're starting to see economies of scale here. And promotional messages are now going to start focusing more on value, more on benefits. So now let's continue with our conversation about the iPod, which at this point, Apple has actually stopped producing the iPod. It's it went into a decline phase, which is when it's really, you know, a product is starting to die out. Technology has advanced consumer preferences have changed. Sales will continue to decline. And this is when companies will take the step to start harvesting, you know, get as much as they can out of it. And when sales have completely diminished, they're going to eliminate that entirely. And there's really no need at this point. Technology has advanced to the point where everybody just listens to all of their music through different apps on their phones and other other mobile devices. And there's really no need for the iPod anymore. So, you know, I think that this is a good example of seeing a product through the entire product lifecycle, great product. Initially, technology advanced and now it's gone. So I think yes, no, I had a question. This is not from the the chat. I'm just curious from a marketing standpoint. So would you think like a company, for example, like Apple, when we talk about something like the iPod, which I mean, we think of it's like it then became the iPod touch and whatever. But in between there, you have like the iPhone and iTunes music and stuff. Like, do you think when they're looking at product life cycles like this, would it be smart like in your marketing life cycle to also think about like, OK, well, by the time that we're at the blue of the maturity of the iPod, we need to have our next thing starting to be in like the green or else we're going to like fall behind. Is it like a company talking to people? So that's that's a great question, Mike. So most companies in particular, let's talk about if we're using Apple as an example, they are constantly looking at new technologies and constantly looking at new product development. So so while these products are, you know, say with the iPod, the phones and all those other technologies and other devices were constantly being revised, updated, improved, you know, and new technologies are constantly going, you know, just because we're like in the maturity stage of iPod, all those other things were still being worked on. So so like like while they're getting to like the gross stage of like the iPod one, they're already trying to like introduce the like they do now. Like here's here's the app. Here's the iPhone 12, but also we still have the 11, but it's on the way down. Like they're like rolling through it, I guess. Absolutely. Absolutely. And particularly, particularly, you know, particularly with Apple, which is, you know, they're constantly innovating. And, you know, of course, some of the some of the upgrades and innovations that we see, we look at and go, you know, not such a big deal. They weren't easy to market. Right. Right. You know, but people are still lining up at the Apple stores, you know, every time something new comes out, even if the improvements or the changes are small and minor. But if we look at from, you know, from the technologies from the iPod to not even needing it anymore and using, you know, our phones and other mobile devices for our music, for our personal entertainment, that was a big leap. But all of that, all of that is, you know, research and development at a company like Apple has got to be a fascinating place to work, because there's no end to the things that that they can come up and create. And yes, absolutely. While any product, most of the time that's going through the product lifecycle, the company's already working on what can we do next? What can we introduce? Because if you wait until you get to the decline phase to start innovating, you're already behind the competition. Right. All right. Well, that was that was great. That's what I was thinking. I just I couldn't stop thinking it. So I was like, well, I'm on the call. I can ask a question, but we can keep going. And you know what, you know, which reminded me also, as you and I are talking, if I go back to to the first learning outcome of of how the product lifecycle contributes to the marketing process. So if we look at at marketing for the iPod early on, again, it was it was this new technology we didn't understand. Wait, you could put your own music. You know, that was new. As we got into the growth and maturity stage, consumers understood how it worked. So the marketing was able to change. So the marketing didn't have to be informative. It could be, you know, focus on on on benefits. And I remember very specifically seeing a billboard. And I don't know if I mentioned this in an earlier session, a billboard of it was just like a silhouette of a person. Which so which phase of like the marketing structure would be them just going? Actually, our iPod commercials can just be silhouettes of people dancing. Like is that that's like maturity, do you think? When people know, yes, yes. Because in the growth, you know, your your sales are still low. There, you know, if you look at the graph, they're on the, you know, the upward trajectory, but but people are still learning about the product. You know, they're still learning about, OK, wait, what is this? It's new. I'm intrigued. More people are buying it, but still more and more people need to understand what it's about. Once you get into the maturity stage where sales are really quite high, you don't need to explain what the product does anymore. You need to explain how it's going to enhance our lives. So if you see someone a silhouette, you know, I've got earbuds, you know, and they look like they're dancing. That's all we need to know because we know that they're listening to the music that they're enjoying and we can do the same. Awesome. All right. Well, all right, we'll get back if anyone, if you have any questions, feel free to leave them in the chat. You're going to get very thorough answers, but which are great. I love that. That's so awesome. But I'll get out of everyone's way and we can get back to the presentation. That's great. Well, thanks, Mike. That was a really great question. I appreciate you asking it. And and, you know, feel free to jump in anytime because, you know, because I love talking about this. I love sharing, you know, examples and really, you know, taking the what we're talking about to the next levels of critical thinking and really enhancing the overall, you know, marketing process. Awesome. All right. Well, I'll be back if anyone else has questions. OK, thanks. All right. So now to the Boston Consulting Group. So this is this is a commonly used tool that enables companies to look at their their different business units in terms of market share and growth. And the four quadrants are stars, question marks, cash, cows and dogs. And so if you look at, you know, if you look at the chart just with the arrows, a star is it has high market share, high market growth. And these are companies, excuse me, these are products that are really that the company spends a lot of time on, they put a lot of focus on. They really they thrive on a star. They'll spend a lot of money to promote these products. And it will represent a large portion of their promotional budget. So cash cows have high market share, but low growth. So I would probably for cash cow for the Coca Cola Company and Pepsi Cola Company, I would probably put their flagship brands in cash cows because they have very high market share. Coke and Pepsi in the soft drink category own, you know, probably close to 90 percent of the market. But there's not a lot of growth. And when there is growth in, you know, sales of Coke and Pepsi, they're relatively small and they're generally based on, you know, what's on sale for that particular week. So that'll give you an example of that. A question mark is a product that has low market share, but potential for high growth. And let's say if we go back to the Coke and Pepsi example, very often, particularly now because there's a greater focus on health and better, you know, better nutrition when they come out with products like, you know, nutritional waters and flavored waters. They have very low market share, but the potential is there for high growth. So there's a lot of market research that goes into this. A lot of emotional efforts are needed to help, you know, facilitate success and to help those products grow. A dog, pretty much what it sounds like. Low market share, low growth. Very often at some point, those products will be dropped from a company's offerings. And if you think about the conversation we just had about product life cycle, you could start to think about how products can go through different quadrants of the Boston Consulting Group matrix at different times of their lives and how that will impact going back to even the first you know, first aspect of this learning outcome and how it relates to marketing strategy. So Boston Consulting Group, again, a really valuable tool for categorizing products and again at different stages of their product life cycle. So any questions so far? I'm happy to answer any questions about what we've covered to this point. We don't have any questions so far, but if anyone again has questions, you can leave them in the chat or leave them in the comment section below. But we'll keep going, of course, leave them any time and we'll get to them. You don't have to. If you missed the little if you missed our questionnaire window, you're so good. You get to put in there any time. Yeah, absolutely. Questions welcomed at any time at any point. So so learning outcome to to explain the importance and types of marketing research and the elements that we'll talk about here is the what a marketing information system is. We'll talk about the steps in the market research process. We'll talk about the difference between quantitative research and qualitative research, and we'll talk about the differences between primary research and secondary research. So what is a marketing information system? It's a process that helps companies gather information and helps companies manage the information about both their internal and external environments. And these systems help companies analyze their data for better decision making. And some of the tools are analytic software, data mining, business intelligence, which all play a role in how companies collect data, how they record data and how they use the information that's available to them. And basically, the process is, first of all, establishing suitable marketing metrics. You can't gather information unless you have the metrics in place by which you'll evaluate the information and which tools are you going to use for that analysis? Marketing information system also requires you to collect relevant data. And that's really a very important aspect. And we'll talk about this when we talk about the market research process, is that it's not just enough to collect data. You know, when we see so many times companies are collecting all this information about their about the marketplace, about the consumers, about industries, if it's not relevant to what you need to do, you're wasting your time and you're spinning your wheels. So the data that you collect really needs to be relevant to what you're trying to establish, both internally and externally. You have to be able to plot your data in a way that you can visualize changing trends. And I think more and more we have to go back further and further when we're looking at changing trends, because things can change if we see if we even look at the past two and a half to three years and the trends, you know, all related to current events and health situation and the economy. If we just look at trends based on that, we're not going to have the full picture. So we need to be able to look at the bigger picture and and and and visualize what's been going on over a longer period of time. Once we gather the information, we have to be able to communicate that information to the relevant and appropriate departments. And make sure that the information that we're giving is what they need. And of course, once we have all that information, decide on the best possible course of action so you can see how the system itself is essential in, you know, starting from, you know, what metrics we're going to use to what decisions are we going to make? Now, this leads to I do have to say one of my favorite marketing topics and I do have a lot of favorite marketing topics. But research is is essential because if you don't have information, you can't make an effective decision. And following the marketing research process will enable you to get to the right place. So let's let's talk about the different steps in the marketing research process, which begin with defining the problem. Now, that sounds like it's very simple. But it's really actually quite complicated and really very, very important because if you don't find the right problem, everything else that you're doing is going to be wrong and is going to lead you to the wrong information. So I'm going to go through each step in the marketing research process. And then I'm going to give you an example of how improperly defining the problem can lead to bad decisions. So again, so we start off with to find the problem. What's going on in the company? What do we need to find information about? Once we do that, we have to design the research. Look at, you know, what kind of research are we going to conduct? What methods are we going to use? What is going to give us the information that we need, information that we need, which leads to designing the data and the collection forms? What is it actually going to look like? What is the actual research method look like? How are we going to collect the information that we need to help us solve our problem? Once you get to that point, you have to specify the sample. And when we talk about the sample here, we talk about the target, the segment of the population that we're going to use to to gather the information. So, you know, selecting the audience, selecting our potential respondents is very important as well because you want to make sure that you're getting a cross section of the population, that you're asking the questions of the right people who are going to give you the answers and the information and the research that you need. Once you do that, then you collect all this data and then you're left with this huge pile of information. And again, going back to the marketing information systems process, it's got to be the relevant information. It's got to be the right information to help you make your decision. I see you collect all this data and then you have to look at it and say, what does this mean? You know, how do we analyze it? What is this going to tell us? And then when you have all that information, then you put together this research report and then you present your findings and decisions are made based on all that information that you gather. So let me give you an example of of how marketing can go wrong if if the process is done incorrectly. So let's talk about defining the problem. So if I go back to my example of Coke and Pepsi so years ago in the 1980s, there was a campaign. Pepsi had a campaign called the Pepsi Challenge and what they did was Pepsi went around the country and they did blind taste tests of Pepsi and Coke drinkers. And in a blind taste test, had them taste the Pepsi and had them taste the Coke and say, which one do you prefer? And research at that time from the from the Pepsi Challenge showed that in blind taste tests, Coke drinkers preferred Pepsi over Coke, two to one. Now, for Pepsi, this is great for Coke, not so much. So what Coke got out of this was that consumers liked Pepsi over Coke. And so to Coke, the problem was, what are we going to do about the taste of Coca Cola? And so from that defining of the problem, Coca Cola took all the steps to come up with a new Coke formula. And they did all kinds of research in terms of recipes, in terms of ingredients, in terms of different balance of caffeine and sugar and cola and all of that. And they did all this research and they had consumers taste the products and decide which one they liked the best. And so the results of that were ended up with Coke coming out with a new Coke. And they eliminated the old Coke and they said, you know, we did all this research and because people, consumers like the taste of Pepsi over Coke, we now introduce new Coke. This turned out to be one of the biggest marketing blunders in history, because when Coke was doing the research, they didn't ask the right questions. They felt that the problem was the Coke taste, but in fact, that wasn't the problem at all. And it was the outcry from Coca Cola drinkers was tremendous and consumers were like, where I rate, how could you get rid of Coke? Coke is Americana. You know, we don't want a new Coke. Bring back old Coke. The response was outrageous. And it was all because they defined the wrong problem. What they should have done is they should have focused more on the Coke image and how the Coke, the image of being a Coke drinker was different than a Pepsi drinker. And it was, you know, of course the people at Coke were, you know, were apoplectic and, you know, freaking out and oh my goodness, what did we do? The people at Pepsi were, hey, this is great, you know? Everybody, you know, Coke drinkers are really irate and they're upset. So, and eventually what ended up happening was Coke, brought back old Coke. They called it classic Coke and eventually new Coke died out. But because they defined the wrong problem, Coke spent all this time and all this effort and all this money to come out with a new product, all because they defined the problem incorrectly. So it's really important to, when you think you have a problem to really start from the right point to make sure that you are addressing the right thing, otherwise the entire marketing research process is for naught. So, you know, so again, think about that as an example of how important it is to define the problem properly and then go forward with the marketing process. Okay, so from there, we're going to talk about the difference between quantitative and qualitative data. And a very simple way to understand the difference is to think about quantitative being a root of the word quantity. And these are factors that you can measure. So how many, how much is it factual? Can it be statistically analyzed? That will give you an example of what quantitative data is. So you might, you know, you have to be able to count it, to measure it, how it relates to numbers. Qualitative data is going to be data that is descriptive. It's related to words, it's related to language. It's more subjective, it's more open to interpretation, gathered through conversation, through interviews, through themes and categories. Whereas quantitative data is, you know, again, is statistically measurable. Examples of quantitative data would be a survey. Questionnaires, qualitative data would come from things like interviews and focus groups where you're getting people to explain how they feel about things. Okay, now, primary research and secondary research. Very simple, primary research is new research that you do first by yourselves that is original to whatever you're doing. Secondary research is research that's been done by somebody else, it already exists. So primary research, new secondary research already existing. So if primary research might be you conducting a survey, you developing focus groups. You create, you know, having interviews or creating experiments or doing observations. Secondary research could be information that was gathered from a survey or a focus group, but by somebody else, it's already existing. Someone else has done the survey and you're looking at that survey, you know, to answer your questions. Now, they can both be quantitative or qualitative, but there's pros and cons to each. So primary research, the major benefit of that is that you can design the primary research to be specifically focused on what you need and specifically what you want to answer. You can control it, it's current, it's very up to date. A key benefit of secondary research is it takes less time. It's readily available and very often either free or very low cost. A disadvantage of primary research, you know, is that it can be very expensive and it can be very time consuming. Disadvantages of secondary research are that it could be old. It might not relate specifically to your problems and it might not be really exactly what you need, but it's always good to do some secondary research first, see what's out there, see what's available. Is there information that is current? Is it recent? Is it recent? Does it address your specific issues? And then see what primary research needs to be done to fill in. So that kind of covers our section on research. Any questions? Mike, anyone has a question for me or for you? Well, I'll switch it over so people can see me. While we wait here and I move it over, I found that Coke thing very interesting because I think the, what would you call it, the schoolyard rumor or whatever, was that Coke came up with new Coke to reintroduce classic Coke, which is because they saw a sales bump, but it's like, why would you spend all that money to come up with a fake product? It's obvious they just misread the research, right? Yes, so what you said is very interesting. So without dating or aging myself, I will tell you that when Coke came out with new Coke, I was working on the Pepsi account at their ad agency. So I had sort of like the inside track of what was going on. And it truly was in response to the Pepsi challenge because the Pepsi challenge was a big threat to Coca-Cola. And when I talked about how people were reacting and responding to it, I was right there in the trenches with the ad agency for Pepsi, with the company, with the client, who said, oh my goodness, we can't believe what this mistake that Coke made. And there were a lot of rumors about, oh, this was kind of a ploy to increase the sale of regular Coke. And the truth was they just, it was just a mistake. It was a poor reaction to market conditions at the time. Yeah, I was just looking up because I do remember, and I'm sure this could probably come up in some like, if anyone wants to go any further into the research, I do remember they tried to come back in like the 2000s with like, they read up the Pepsi challenge, they were trying to like recapture it, but I think maybe from what you just said, like because Coke didn't bite, it didn't quite have, like they didn't bite on the fact that the Pepsi challenge worked when Pepsi tried to do it again, they didn't like try and develop a whole new Coke. So you gotta like understand the data, I think. Yeah, exactly. And also the Pepsi challenge, you know, and that whole campaign, it was of a time. Like it's not, you can't always resurrect an old campaign. I mean, consumers are much more savvy. And also, you know, in some of my onsite classes, I've actually done the Pepsi challenge, you know, as a sort of an in-class research experiment. And I think consumers' palates are much more sophisticated now. And most people can tell the difference right away between Coke and Pepsi. And if you're a Coke drinker, chances are at least at this point in time, you're gonna know that if you're tasting Coke you're tasting Pepsi, which one it is. You know, so the campaign was of a time. And, you know, if you do research on, you know, the Pepsi challenge or if you do research on, you know, when they introduce new Coke, there's going to be so much information about what happens. You know, and it's kind of hard to find like what really happens and, you know, do they, were they really that slick in their strategies? And they weren't, it was just a marketing blunder and it was a mistake. Yep. And Pepsi never recaptured except for that one time they did a bunch of Bernie Mac commercials. But, well, we don't have any questions right now. We, I've vamped here for a while, but you're so nice to even answer my questions. Feel free to leave them in the chat everybody or leave a comment and we'll get to them later. Happy to answer any questions about any of this at any time. So thanks. Okay. So our, the last learning outcome for this unit is to describe the importance and process of product development. And we'll talk about what actually compromise, excuse me, comprises an offering. And we'll talk about the four categories of consumer offerings. And we have touched on some of this in earlier, in earlier units. So offerings are products and services that provide value to the customer. They have features and they have benefits. And most of the time we wanna buy benefits, right? We don't necessarily always care how something works. We just wanna know what it's going to do for us. And again, we wanna know the answer to the questions, what's in it for me. So if we're buying a new phone, we don't necessarily care about how it works. We just wanna know that it works and we wanna know what it's going to do for us. An offering includes the price, it includes the cost of ownership and it can be a good or a service. So it can be tangible or it can be intangible. But just to remember that when we talk about a service the intangibles can't be stored and they're only of value when we use them. So let's talk about the different types of consumer offerings and give you a couple of examples of the classification. So the first one is we'll talk about a convenience product and these are products that we consume, that we purchase with minimal effort. We generally don't see a great deal of difference between brands. So things like bread or milk or candy are things that we buy on a regular basis and for the most part, don't see a huge difference between one brand and another. I think I would also put orange juice in this category and while if you've been to the supermarket recently and you go to the orange juice aisle and there's so many brands, the differences aren't really that significant. We will take a little bit more time though when we're looking to select a brand that we would consider a shopping product. So we might do a little bit of research. We might visit different retail locations and we're probably going to read product reviews before we make a purchase. And generally I would say toothpaste, laundry detergent. I would consider shopping offerings because we're going to take a little bit more time in researching what each of these products has to offer. Let's move on to specialty products. And these specialty products really vary greatly from competition and generally different brands are going to spend a lot of time trying to distinguish themselves from the competition in ways that are going to appeal to their individual target markets. And I would put cars and designer clothing into the category of specialty products. The final type of offerings are unsought products. And these are the things that we buy when they're needed, when they're unexpected, our car breaks down and we need to have a tow. We need to get a new lock on our door. Perhaps, and hopefully you don't have this in your neighborhood, but perhaps there's some safety issues and you see that it might be time to put an alarm system on your home. So these aren't things that we go out to get, but they're unsought because we don't necessarily think about them. They're things that we get when we need them. And this concludes the topics that we'll cover in unit five. Anybody have any questions from the viewers or Mike? Do you have a question as well? Well, I feel like I've talked far too much, but we'll give everyone a chance here to ask any questions. Sometimes we have delays, things take a while. So that's why I try and fill with my nonsense for a little bit, but everyone, thanks for joining us as always. Of course. Thank you so much for taking us through all of this. We will be recorded next week, I believe. So again, if you have any questions, I mean, we won't be able to answer in the next week, but leave comments on next week's video. Leave comments on this video. Leave us a chat now. We love answering your questions. This is all to help people get through Sailor's MBA 602 course marketing management. So we're here to try and help you guys with any questions you might have. So certainly feel free to put them in the chat now or the comments later, but I just want to thank everyone for joining us. I kind of want to thank you for taking us through it. And I've vamped pretty long. We have pretty low latency. So I'll just say thanks again, guys. Again, we'll be free recorded next week, but we'll be back live two weeks after that. I'm not going to do the math on what date that would be right now, but again, but again, thank you so much, Dr. Souser. Thank everyone for joining us. And we will see you guys in a couple of weeks. Thank you, everyone. Bye-bye.