[MUSIC] Hi again. So what is differentiation? If our decision is to provide a product and service with a pool of attributes and values that make it perceived as something different by our target group. When they compare our product, our service, with others available in the market. Let's explain this more in detail. As you know, the product has some tangible characteristics. Could be materials, composition, physical characteristics etc. Together with other intangible ones, that could be values associated with the brand, trust, image etc. That both of them combined together provide the benefits that are going to be perceived by customers. Let's just take an example. We may have for instance two identical t-shirts made of the same materials and also made in the same manual process. Being the only difference between those two t-shirts that one of them has a logo of a polo player included. So questions would be, what's the difference between the two of them? Can you advance to me if there is going to be a price difference between the two of them? Is going to be one of them more highly perceived than the other? In this case, as you can realize, an intangible attribute link to the logo is actually making the difference between the two t-shirts. And actually one of them is going to be charged much more expensively than the other. What we are going to try to do here is to provide something to our customers in a more convenient and effective way than competition. So when you speak about developed economies, it is very, very hard to differentiate just by offering the basic, what everybody else is offering. So you need to go beyond and look for something that is relevant to that segment you are going to go after. Even if it's not relevant to other market segments. Differentiation actually applies at two different levels. One level could be among competitors offering a similar product. And the second dimension would be among the different products that the same manufacturer is selling to different market segments. The value proposition is not only the differentiated attributes of a brand or a product. The value proposition is also the set of benefits that the company promises to deliver. I mean the description of the experience that the customer, the target group, will get when he gets our products and interacts with our company. And in this regard, the brand promise that we make, okay, is going to be relevant, as we will see later. Thank you. See you soon. [MUSIC]