Study of Consumer Behavior & Market Segmentation
Study of Consumer Behavior & Market Segmentation
customize software development. And this is a survey to identify a consumer buying behavior and different bases for Fazar InfoTech.
All of us are consumers. We consume things of daily use, we also consume and buy these products according to our needs, preferences and buying power. These can be consumable goods, durable goods, specialty goods or, industrial goods. What we buy, how we buy, where and when we buy, in how much quantity we buy depends on our perception, self concept, social and cultural background and our age and family cycle, our attitudes, beliefs values, motivation, personality, social class and many other factors that are both internal and external to us. While buying, we also consider whether to buy or not to buy and, from which source or seller to buy. In
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some societies there is a lot of affluence and, these societies can afford to buy in greater quantities and at shorter intervals. In poor societies, the consumer can barely meet his barest needs.
The marketers therefore try to understand the needs of different consumers and having understood his different behaviors which require an in-depth study of their internal and external environment, they formulate their plans for marketing. A market is all potential customers for a product or service. To be successful, a marketing program must find the means to satisfy the needs of a significant number of customers. It must also generate profits for the company. An important characteristic of successful marketing program is a well defined target market for the companys products. A target market is the group of customers that a company seeks to satisfy through its marketing program. In determining the target market for its
products, a company seeks groups of customers whose needs are not currently being met by the products that are already available. These customers are potential buyers of the firms products. In order to find a group of customers whose meets are not being met, a business will conduct research. If a group of potential buyers is large enough to give the company a good chance of making profits, then a marketing program can be developed that caters to their need. A company can serve many different target markets, but separate marketing programs must be designed for each one. Customer needs vary from one market segment to another.
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transformation, software quality assurance, Off-the-shelf technology solutions on a case by case basis to satisfy specific requirements of our clients. FAZAR Infotech is a leading software development company in India providing Offshore Software Development Services & solutions with services such as outsourcing software development in India. We leverage our proven expertise in developing technology to drive business efficiency and productivity to satisfy customers increasingly demanding requirement to improve operational efficiency, higher employee productivity, faster go-to market, and maximized customer satisfaction FAZAR Infotech Pvt. Ltd. specializes in Specialize in Offshore Website Designing, Software Development, Web Promotion, Graphic Designing, Multimedia Flash Development and SEO Services. We have Skilled IT Professionals who constantly worked for the IT Projects and furnish exceptional results within time bound. FAZAR is committed to our partners (client) to all kinds of thin and thick solution to clients from individual needs to, firm, and to corporate enterprise necessity and as a result we welcome you with both hands if you want to hire us. Our custombuilt business solutions help clients improve their reliability, speed, and agility enabling them to achieve sustainable advantages over their competitors.
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Vision :
To become the most reputed and trusted Software Consultancy & Internet marketing company, through unique, custom-tailored services, matching our client's requirement, in order to expand the business of both of our clients and of ourselves.
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Company Director / MD
Marketing Department
Development Department
HR Department
Account Department
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Opportunity Changing customer Preference, increasing demand of Internet marketing Threats Entry of new entrant, increasing software
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3.1 Objectives
To know what influence people to buy particular brand. Understanding the concept of Consumer Behavior. To design Marketing strategies for Fazar Infotech Pvt. Ltd. To create awareness about different IT products. The objective of this project is to find out which steps Fazar Infotech Pvt. Ltd. Need to adapt for market segmentation of IT products like as website, customized software.
3.2 Scope
The IT industry has great scope for people as it provides employment to technical and non technical graduates and has the capability to generate huge foreign exchange inflow for India. India exports softwares and services to approximately 95 countries in the world. By outsourcing to India, many countries get benefits in terms of labor costs and business processes. Also, the Indian companies are broadening the range of services being provided to the customers, which is resulting in more off shoring. Talent acquisition, development and retention initiatives taken by the companies have brought down the employee attrition rates, thereby providing more stability to the employees and increasing their job commitment. Many financial institutions are providing funds for the expansion of IT and IT's businesses. In order to support IT industries, the Indian Government is also taking many steps.
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ForEx. The Govt. has provided incentives including tax holiday up to 2010 and competitive duty structures. The Govt. is trying to reduce the international communication cost. It is providing infrastructure support through organizations such as software technology parks. All these factors collectively create a number of opportunities in the IT sector.
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As marketing research does not address itself to basic or fundamental question, it does not qualify as basic research on the contrary it tackles problems which seem to have immediate commercial potential. In view of the major consideration marketing research should be regarded as applied research. We may also say that marketing research is of both types problem solving and problem oriented. Marketing Research is as systematic and objective study of the problems pertaining to the marketing of the goods and services. It may be emphasized that it is not restricted to any particulars area of marketing but is applied to all the phases and aspects.
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4.4 Sampling
Sample is the small group taken under consideration from the total group. This small group represents the total group. In the project, clients in the Pune City like industries, hospitals etc. were studied by conducting questionnaire. I keep my sample size restricted to 100 due to time factor for this project.
4.6 Limitations
This survey report is also not free from limitations as usual. However the absence of such limitation would have improved the quality of report as given. Limited time period restricted to go in for more details the period short to survey such a large area. Many respondents were not interested to give the required time for the discussion. Respondents sometimes act artificially when know their information is noted down. There was only some certain hours in a day in the idle hours in which the respondents was ready to talk. This project was done on the basis of questionnaire through survey, so it may possible here that some of them might have not provided the correct information. was very
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a. A consumer's evaluative criteria represent both i. the objective attributes of a brand (such as locate speed on a portable CD player) . ii. the subjective factors (such as prestige). b. These criteria establish a consumer's evoked set. the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware.
Return policy.
When to buy Which can be influenced by. Store atmosphere. Time pressure. A sale. Pleasantness of the shopping experience. Do not buy
Many firms work to produce positive post purchase communications among consumers and contribute to relationship building between sellers and buyers.
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Cognitive Dissonance. The feelings of post purchase psychological tension or anxiety a consumer often experiences
Firms often use ads or follow-up calls from salespeople in this post purchase
stage to try to convince buyers that they made the right decision.
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The geographical location of a customer or customer accounts is another basis for segmenting the industrial products markets. This is countrywide split often based upon salespersons territories, which are called regions or areas. For international operations, different parts of the world can comprise different market segments. The Globalization has automatically expanded the regional territoreis. This segmentation helps the management in case of huge markets as are they are broken into manageable segments. The decisions are also decentralized at times so that decisions is fast and accurate.
heavy engineering customers. The customers may be those who want to purchase for the end use or those who are looking forward to use the purchase further in production.
these stores are meant mostly for the professionals. Individuals from the lower income group never use a Blackberry. In simpler words, the segmentation process goes a long way in influencing the buying decision of the consumers. An individual with low income would obviously prefer a Nano or Alto instead of Mercedes. Market segmentation helps the organizations to target the right product to the right customers at the right time. Geographical segmentation classifies consumers according to their locations. A grocery store in colder states of the country would stock coffee all through the year as compared to places which have defined winter and summer seasons. Segmentation helps the organizations to know and understand their customers better. Organizations can now reach a wider audience and promote their products more effectively. It helps the organizations to concentrate their hard work on the target audience and get suitable results
Facilitates the selection of promising markets: Market segmentation facilitates the identification of those sub-markets which can be served best with limited resources by the firm. A firm can concentrate efforts on most productive/ profitable segments of the total market due to segmentation technique. Thus market segmentation facilitates the selection of the most suitable market. Facilitates exploitation of better marketing opportunities: Market segmentation helps to identify promising market opportunities. It helps the marketing man to distinguish one customer group from another within a given market. This enables him to decide his target market. It also enables the marketer to utilize the available marketing resources effectively as the exact target group is identified at the initial stage only. Facilitates selection of proper marketing program- Market segmentation helps the marketing man to develop his marketing mix program on a reliable base as adequate information about the needs of consumers in the target market is available. The buyers are introduced to marketing program which is as per their needs and expectations. Provides proper direction to marketing efforts: Market segmentation is rightly described as the strategy of "dividing the markets in order to conquer them". Due to segmentation, a firm can avoid the markets which are unprofitable and irrelevant for its marketing purpose and concentrate on certain promising segments only. Thus due to market segmentation, marketing efforts are given one clear direction for achieving marketing objectives. Facilitates effective advertising: Advertising media can be more effectively used because only the media that reach the segments can be employed. It makes advertising result oriented. Provides special benefits to small firms: Market segmentation offers special benefits to small firms. The resources available with them are limited as they are comparatively new in the market. Such firms can select only suitable market segment and concentrate all efforts within that segment only for better marketing performance. Such firms can compete even with large firms by offering personal services to customers within the segment selected. Facilitates optimum use of resources: Market segmentation facilitates efficient use of available resources. It enables a marketing firm to use its marketing resources in the most efficient manner in the selected target market. The
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marketing firm selects the most promising market segment and concentrates all attention on that segment only. This offers best results to the firm in terms of sale, profit and consumer support as compared to the results available from spending such resources on the total market.
2. Hospital.
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Reducing the number of brochures that your company needs to produce Providing answers to frequently asked questions thus saving staff time Providing a timesaving shopping experience for customers. Accessing information about customer buying patterns and purchases thus providing further marketing opportunities
Automated collection of orders, payments and customer details An on line database of products which is relatively quick, easy and inexpensive to modify
Improved communication by email which is professional and convenient, and is significantly better than leaving messages on answering machines
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The availability of websites has enabled information to be easily accessible. With careful planning a website is an invaluable tool that provides a business with increased exposure, sales, and reduces the amount of time spent on administration. The possibilities of the web are many, including using systems to control farming equipment and controlling household devices remotely.
When a medical emergency occurs at a place where you are new, instead of knocking the unknown neighbors door, you can browse the Internet for a nearby hospital. If you manage to find a hospital with ambulance facility, nothing better than that. Most of the hospitals across the city send you an ambulance, once an emergency call is made to them. There are several hospital directories online. To find the one that is within you city limit, you have to type in any of the major search engines "hospital directory" followed by the name of the city where you are located. You will get a long list of websites that offer you the hospital information in your city. This search process takes a minimum of five minutes. A directory categorizes the hospitals based on their location and area of specialization. For instance, if you want to find children's hospital at Boston, just type "children's hospital Boston" in the search box provided in the directory page.
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If it is not for an urgent medical need and you just want to know about the hospitals in your new location, you can judge which hospital is better by going through hospital reviews and ratings. You will know about the hospitals that hire only highly qualified practitioners. The directories not only provide hospital information, but also give you access to tons of health and wellness articles, such as how to cure diabetes naturally, home treatment for acne, dental care for children, cancer treatment options. There are some directories that are specially meant to find hospitals that admit patients that are insured by Medicare/Medicaid. Such directories greatly help the patients to track down the Medicare/Medicaid providers easily.
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Most school districts these days have a school website. The quality of these websites vary greatly. More and more homes across the country have Internet access and having a school website that is up-to-date and well organized is a great way to reach the school community. The truth is that there are some school websites that leave a lot to be desired as far as quality goes. A teacher at my school recently had a conversation with a parent who has children in our school and step children in another school. She was complaining about the quality of the other school's website. Going as far to say that she would never send her own children to that school because of the impression that the website gave with misspellings and other fallacies. In turn she commented that she had visited my school's website and it was well organized and informational. It may be silly, but school's are under such intense microscopes that even a school's website can turn off its patrons.
The restricted financial resources of the varsity might sometimes hinder the implementation of college comes and activities. Take the case of a college with a tiny enrollment. The few variety of students suggests that few oldsters and a meager slice of the varsity budget based mostly on per pupil allocation. This means it's less income in terms of voluntary donations and less maintenance and different operating expenses (MOOE). The few students, however, still require quality educational materials same as with alternative schools.
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To boost funds for TV sets, DVD players, laboratory equipment and different learning support materials, the varsity then has to establish linkages with its stakeholders. Project proposals should be submitted to local government offices and non-government organizations hoping that they may partake no matter funds they have. One in every of the most untapped resources is the college alumni. These days, workers abound who are gainfully utilized either here or abroad. These people have their hearts on their Alma Mater, the sole drawback is true communication. Here comes Face book, Twitter, Yahoo, Fraudster and different social networking sites. Billions of individuals used these sites, and for certain, graduates of the school are using them too. To attach to these people, a faculty should produce a website where its accomplishments, issues and aspirations might be posted. It can invite its alumni to go to the college web site, post their comment, read its articles and reports and revive the attachments between students and their Alma Mater. To confirm speedy contact, the college web site might utilize Facebook, Twitter and different networks. A faculty web site has the following aims: 1. To ascertain contact with the school alumni and friends of the varsity; 2. To bring faculty updates, accomplishments and concerns to the readers; 3. To hunt monetary assistance through networking; 4. To harness journalistic skills among the students; and 5. To maximize utilization of the Net and Info Technology. How can the varsity produce its website? Just follow these simple steps: 1. Look at no cost website hosting. There are millions accessible in the internet. Just choose those which don't have any hidden charges. One amongst the most effective is Google sites.
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2. Register a free account with this web site and utilize their website templates to start creating the school website. 3. Organize the varsity editorial staff. Write the needed articles and post them to the website with photos per the desired website pages. 4. Publish the website within the internet. 5. Create a Face book account for the college and connect them to the varsity website. Invite friends through Face book and ask them to visit the varsity website Then after the college website and Face book are successfully published, one could simply be stunned of the number of alumni that can visit the school. The school currently has individuals who will readily facilitate its projects.
We understand the construction business and the challenges in today's market. Our 22 years of experience with builders provides us a vantage point from which to launch our web design and website marketing projects. Now, more than ever, it is important for construction business to have a web presence which works for them while they work at what they are best at. We have a long history of providing both print and web materials to construction companies at every level of home building - from entry level homes to multi-million dollar custom homes. We have worked for both small builders and larger companies. We understand the importance of translating the unique qualities and style of each company and their products into effective marketing pieces that
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appeal to their respective target markets. Our services with builders often begin with brainstorming a name for a new development and its floor plans, providing construction site signage, entry monuments and logo development. We assist them in establishing a web presence for both their companies and their projects as early as possible since time is of the essence in internet marketing and search engine success. We develop printed materials such as flyers, brochures, presentation packages, letterhead packages, direct mail pieces and ads.
A hotel website will help you boost your hotel worldwide. A hotel website will only give you lots of advantages towards promoting your hotel more. Communication can easily be made online via a contact form.
- A hotel website will also have various hotel pictures including that of the rooms and of the hotel facilities. Pictures help one to can make an idea of how the hotel looks. - Some hotel websites also have a walk-through which allows an online visitor to walk through the hotel. A walk through is like a video and this video will show you the hotel from the inside including hall, corridors and rooms.
- Hotel bookings can be made online which is most of the times faster and cheaper. A hotel website can boost and increase bookings with an online booking
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system. This system will increase sales. It is worth spending some money on a good hotel website and implementing an online booking system. Hotel website prices depend on the website features, information and characteristics. The more the features the website has, the higher the websites price. On the other hand, if one cannot afford a large characterized website for his/her hotel, one can create an online blog which is usually free.
Hotel websites may also promote their hotel on other online applications like Face book and Twitter. Face book and Twitter have become very popular towards the promotion of hotels. These applications allow you to input regular updates and they can serve as a great marketing tool since it targets thousands of people worldwide.
The following are 10 advantages you can gain from putting your company online: 1. Global exposure. Having a website will bring your business to the global audience. This means a website will place your company on the Internet where billions of users online can access. 2. Easy access. Anyone who has an Internet connection can access your company right at their fingertips. You may also have the option to restrict your website to certain users for security purposes.
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3. Reduction of cost in information distribution. The Internet is a real-time and low cost medium of information. A business owner can easily distribute information through his website and email at a cost cheaper than the traditional offsite distribution process. Marketing, selling, customer service and useful public data are examples of information you may elect to distribute to promote your business and uphold your social responsibilities .4. Marketing edge. Most of consumers rely on the search engines to search for information they need. If you have a website which is properly indexed by search engines based on your category, market or industry, you will likely be the one to be the first company which will be found by these searchers and prospective customers. Moreover, a website will give you great advantages when it comes to the two of the important marketing mix promotion and place. Where place is having an online office or store which is easily accessible. 5. Real-time and 24/7 customer care. Even if your actual office is already closed, your customers can still access your site. They can still browse your products or services, ask inquirers and read your contents. 6. Innovative reputation. A business that can catch up with the requirement of the fast changing technology is an indication of innovativeness. Of course we dont want to be called an obsolete, old fashion and inefficient company. 7. Increase sales and revenues. With the online showcase of your products or services and with the visitors (who are potential customers) visiting your company online day and night, your sales will certainly increase. This can also be strengthen by integrating e-commerce applications in your site to accept online payments. This will facilitate your billing process, which is a big factor why customers will buy on you. 8. Branding. Having a website with your own distinct domain name makes your company become known on the Internet as a unique company. You may also use a customized and corporate email like [email protected], which carries your companys unique brand rather than using a free email like Yahoomail and Gmail.
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9. Public service. A website will expose your company in the public. This exposure will give you the chance to distribute information that will serve people. These pieces of information can be articles or other resources that will educate them and will usually help them make their lives better. 10. Compliance. Most of consumers in the world today are already Internet oriented. They already require companies to have websites to ease doing business with them. Having a website for your business will satisfy your customers requirements.
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Awareness of IT products
Yes No
Graph 6.1: Showing Awareness of IT products INTERPRETATION I through my questionnaire in front of the 100 respondents, I came to know most of the people are not aware about the IT products 40% people are aware about IT product. 60%people are not aware about IT product.
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Q.2. How do you come to know about different IT Products? How come to know about IT products Internet Friends TV News Paper No. of respondent (%) 50 20 20 10
Customer
50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Internet Friends TV News Paper 10% 20% 20% Customer
Graph 6.2: Showing How come to know about IT products INTERPRETATION 50% of the people come to know that IT products searching through internet . 20% of the people come to know that IT products searching through Friends. 20% of the people come to know that IT products searching through TV.
10% of the people come to know that IT products searching through News
Paper.
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Q.3. While buying any IT product, what comes to your mind first?
Preference Price Quality Both No. of respondent (%) 35 25 40
INTERPRETATION I through my questionnaire in front of the 100 respondents, I came to know most of the people are prefer price and quality 40% of the people prefer price and quality. 35%of the peoples prefer cost of the product. 25% of the people prefer quality of the product.
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Q.4. Which IT Companies products do you use and prefer to buy it?
Preference of Company Microsoft Tech Mahindra TCS Cognizant Infosys Others No. of respondent (%) 30 16 10 8 11 25
Graph 6.4: Showing Preference of company INTERPRETATION 30% of the people prefer Microsoft. 16% of the people prefer Tech Mahindra. 10% of the people prefer TCS. 8% of the people prefer Cognizant. 11% of the people prefer Infosys. 25% of the people prefer others company.
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Q.5. Are U satisfied with the product Which you are using?
Satisfaction of product which currently using Yes No No. of respondent (%)
65 35
100%
80%
60%
No Yes
40%
20%
0% Satisfaction
INTERPRETATION
65% peoples are satisfied using with different IT product. 35% peoples are not satisfied using with different IT product.
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INTERPRETATION
25% people think it is possible to increase business by having website. 75% people think it is not possible to increase business by having website.
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Conclusion
From the findings it can be concluded that while buying a product in IT sector some consumer prefer first quality then price. Their selection criteria is mostly towards quality of products . So we can also segment the market on the basis of Price & Quality. Fazar Infotech Pvt. Ltd. Is a leading IT company in India and from last one consecutive year has shown accelerated growth in IT portfolio. Customers in India are also spending more in IT as their standard of living is growing. Fazar Infotech Pvt. Ltd. has placed itself successfully in the position of market leader in IT products. Though there was some downfall in sales and profit of the company in the beginning of this decade but after that Fazar Infotech Pvt. Ltd. has shown considerable rise in both sales and profit. The future of the company is also looking bright as IT market in India is still expanding and so we can safely conclude that Fazar Infotech Pvt. Ltd. will be able to secure its number one position in IT product with constant improvements in programming technology, professional web development services are fast becoming the preferred option for many companies. There are several different ways that a website can be developed, and although some methods may be unsuitable for a particular project, all are aimed at increasing a websites functionality. The management of these dynamic websites can sometimes be perceived as difficult and time consuming, especially when compared to their static counterparts. When properly developed, however, they are easier to manage than most people think i.e. you wont need a computer specialist to maintain your website.
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All models not available for display in small companies and also brochures should be made available.
Marketing Executive person at the small organization should have proper knowledge about the product.
TV advertisements can be renewed explaining the product feature and aggressive marketing will help the company.
Awareness of the product is less among the people. So, the company may take several steps to create such awareness regarding its values to the customers.
The company can adopt new strategies and policies to overcome the competition.
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CHAPTER-9 BIBLIOGRAPHY
Bibliography
Internet site
www.Fazarinfotech.com
www.golakindia.com
www.icmrindia.org
www.compareindia.com
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Chapter-10 Annexure
Questionnaire
Dear Respondent, I am a student of management and as a part of our study I am conducting a market survey that requires some useful information from you. This information is for academic purpose only and will be kept confidential.
Amit N. Gaherwar
MBA II (MARKETING)
Name Address
::-
Phone No :-
Q.2. How do you come to know about different IT products? Internet Friends TV New Papers
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Q.3. While buying any IT product, what comes to your mind first? Price Quality Both
Q.4. Which IT Companies products do you use and prefer to buy it? Microsoft Tech Mahindra TCS Cognizant Infosys Others
Q.6. Are U satisfied with the product Which you are using? Yes No
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