Hello and welcome back to Advanced Competitive Strategy. I hope you're enjoying the course so far. So today we are at Tierpark Hellabrunn or the Hellabrunn Zoo in Munich, which is a nature preserve within the landscape conservation area of the Isar meadow. And it's not even a week ago that Hellabrunn has announced its most recent extension. Two newly born sets of ring tailed and red ruffled lemur twin babies have come into the world here. And maybe we'll see a couple of animals along the way but let's not forget why we're here in the first place. We're going to start a new module and I think this is just the right location to find out more about organic growth. So, you've seen how companies can grow with the help of new partners or by acquiring other companies. This kind of company growth, as we've already learned in the last module, can help you increase your returns by letting you benefit from economies of scope and scale. Nevertheless, mergers and acquisitions or "external growth", are not the only way of increasing the size of your firm. You may not always wish to enter risky alliances with other companies or initiate company acquisitions. And thus, you may decide to grow internally. [BLANK]