[MUSIC] Hi, in order to finish the analysis side of the marketing plan, we're going to talk about now the internal analysis. So we discussed already the external analysis, where basically we're focusing in the market, the competition, and the customers. And now we're moving the inside and we try and figure two things that are probably the most important when trying to put together a marketing plan. Elements of differentiation, so what is special? What is unique about your product or service? And second state in the product life cycle. Let me explain these in a little more detail. First we take our brand, our product or service, and we try and identify what is special, what is unique, what is different about this product or service? What are the advantages of the product when compared with other products or services? What are the main marketing assets that our brand might have. This is a difficult exercise. And remember that the good perspective here is not my perspective or your perspective, but the customer perspective. So when you say, this is better, or my brand is better than this or that, it should be the customer saying that, not yourself. Okay, so let me put you an example. This course, or any other MOOC course, where you compare this education methodology with the conventional ways of educating, what could be the elements of differentiation? Can we come up with a list of things? Probably yes. What it is? For example, economics, it's cheaper. There are no specific academic requirements. Very convenient, you can take it or leave it anytime that you want. Very much state of the art, because this is actually very much turn using the last technology. So all these things could be the least of elements of differentiation of this problem, okay? So try and do yourself your own analysis. Try to identify your own elements of differentiations, the ones of your own product or service. Why because later, when we define a position, we're going to choose, which one are going to choose as positioning for our breathe? Okay, so that would be the elemental differentiation. So what is the second thing I recommend using? Try and identify the stage in the life cycle of your product or service? What is a life cycle? Well basically most prodigal services follow a curve where with the introduction, the growth, the maturity, and the decline both in sales and in profits. Is this always happening? Yes, many times it happens. So one thing that is interesting when doing a marketing plan is trying to identify where are you in this life cycle? Are you introducing the brand? Are you launching the brand, so you're probably are going to be in the introduction stage? Are you like in the second stage, so the branch are already in the market is growing, so growth stage. Or are you getting into the end of the brand, you are in the declining of maturity stages. Why is this relevant? because depending on your analysis, and where you are in this life cycle, probably your objectives are going to be different and the marketing mix strategies that you're going to use are going to be absolutely different. So I think it's good to try and figure what stage your brand is in this life cycle with this two things. Basically identifying elements of differentiation and stating the life cycle, we can close the internal analysis and the analysis stage of your marketing plan. Thank you very much. >> [MUSIC]