Hi all, welcome back. Thanks for joining us on this wonderful day. Today we will discuss product's strategy. We'll talk about different ways to classify products. We'll discuss a product mix and identify the ways in which a company can manage its mix. Then we'll end by addressing the concept of product life cycles. Are these really useful frameworks and how should they be used? In order to understand what a product really is, let's examine the launch of the Segway. A famous marketing quote goes, "Sell the problem you solve, not the product you make." Hear it again, "Sell the problem you solve, not the product you make." This quote highlights what a product is supposed to be, a solution to a problem. When the Segway was launched, venture capitalist, John Doerr said that sales would reach one billion dollar, one billion dollars up faster than any company in history. He also said that it could be bigger than the Internet. For his part, Dean Kamen, the inventor of the Segway, believed he could sell about 10,000 units a week, that's 0.5 million units a year. Over the next six years, Segway sold just 30,000 units. For all intents and purposes, the Segway was a commercial failure. From an initial sales has made up 500,000 units a year to actual sales of just about 5,000 units a year. When asked about this lack of adoption entrepreneur Peter Shankman, one of the first five people to buy Segway in New York City said, "The technology was awesome, but the world just wasn't ready for it." He was probably right, technology was awesome. Technology, yes, but it did not solve a problem. It did not provide a benefit that satisfied an existing need, so it did not create value. What is a product? Well, a product has been defined as anything that you can be offered for acquisition or consumption. This definition covers a wide range of items, could be a physical product, such as an Apple Watch, a Tesla, or just a bottle of Coca-Cola. Could also be an event like the World Cup of soccer or football for people from Trinidad like myself, we call it football. Or it could be an event like the Olympics or even a fundraiser at your children's school. Persons can also be products. Famous people like Michael Jordan have been marketed. In Jordan's case, his name was eventually tuned into a brand. The Jordan brand of shoes manufactured by Nike has increased Jordan's net worth to almost two billion dollars. Places could also be products. A vacation destination like Disney World or the Grand Canyon in the USA, that's a product. Organizations could also be products like Doctors Without Borders, Medecins San Frontieres and UNICEF is also product. Ideas like climate change also considered products. This idea is marketed to the public and the intent is to convince them that climate change exists and is important for the world to take seriously. Also, campaigns like the one designed to stop teens from vaping, that's a product and that needs to be marketed as well. A product could also be intangible, a service like UPS or employment services. That's a product. Let's discuss services in a bit more detail.