Retail Management Perspectives & Communication
BRL 03 Free Solved Assignment
BRL 03 Free Solved Assignment July 2021 & Jan 2022
Q 1 Define Management and explain its essential features.
Ans: Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved.
Feature of management can be highlighted as: –
Management is Goal-Oriented: The success of any management activity is assessed by its achievement of the predetermined goals or objective. Management is a purposeful activity.
It is a tool which helps use of human & physical resources to fulfill the pre-determined goals.
For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
Management integrates Human, Physical and Financial Resources: In an organization, human beings work with nonhuman resources like machines. Materials, financial assets, buildings etc. BRL 03 Free Solved Assignment
Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
Management is Continuous: Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production.
For achieving this target various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be again framed. Hence this is an ongoing process.
Management is all Pervasive: Management is required in all types of organizations whether it is political, social, cultural or business because it helps and directs various efforts towards a definite purpose.
Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. When ever more than one person is engaged in working for a common goal, management is necessary.
Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity.
Management is a Group Activity: Management is very much less concerned with individual’s efforts. It is more concerned with groups.
It involves the use of group effort to achieve predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.
Q 2 What is the importance of planning in retail? Enumerate various steps in the planning process.
Ans: The ongoing challenge for every independent specialty retailer is the constant need to increase sales, control expenses and improve profitability.
Because of these key business factors it is more important than ever for today’s retailer to effectively manage their largest investment: inventory.
Maximizing the return on inventory investment is the key to profitability in retailing.
Profitability is achieved by optimizing stock turn rates by merchandise classification to assure that the inventory dollars are moved from slower turning under-performing classes to existing or new classes which represent profitable sales opportunities.
Merchandise, which is ordered months before delivery must be timed to meet sales demand and optimize cash flow. Without an effective merchandise plan in place, managing these factors is hit or miss. BRL 03 Free Solved Assignment
When a retailer is able to optimize their inventory total inventory levels and markdowns are reduced while cash flow, margins and sales are increased.
The result of proper inventory planning is a store wide increase in profitability. The best measurement of inventory profitability is the annual Stock Turn Rate.
Increasing Stock Turn Rrates leads to a smaller investment in inventory with lower carrying costs, better cash flow and improved opportunity costs/investments. As inventory is reduced, gross margins
increase as a result of lower, controlled markdowns. With a well planned initial inventory commitment, the retailer is in a position to take advantage of off-priced, in season opportunities to increase the initial markon.
Most importantly, sales levels are retained in under performing classes while inventory dollars are better invested to take advantage of better sales opportunities.
No question, a better balanced inventory results in increased sales – not just from reducing lost sales, but by being in position to react to changing trends and maintaining fresh and exciting merchandise selections.
Yes, planning takes time and discipline. A merchant wears more hats in one day than most people wear in their lives. With an effective planning tool, this time is minimal and certainly a priority for all independent retailers.BRL 03 Free Solved Assignment
The only effective retail software system goes beyond tracking inventory to provide information and management tools designed to allow for efficient and effective merchandise planning.
Steps in the planning process are followng:
(1. Understand the need for a strategic plan.
2 Set goals.
3 Develop assumptions or premises.
4 Research different ways to achieve objectives.
5 Choose your plan of action.
6 Develop a supporting plan.
7 Implement the strategic plan.
8 Understand the need for a strategic plan
The first and perhaps most important step of the planning process is understanding that there is a need for a plan.
- Set goals
Setting goals is the second step of the strategic planning process.
- Develop assumptions or premises
When you make a plan for your business, it should be done with the future in mind,
- Research different ways to achieve objectives
There are usually several different ways to achieve a goal. You will need to take the time to research various ways your team could work toward completing a set objective.
- Choose your plan of action BRL 03 Free Solved Assignment
Once you have set your objectives, developed your premises and identified or evaluated different solutions for completing your goals, you can then decide which course of action to take
- Develop a supporting plan
Once you know which plan you are going to implement, you may also need to develop a secondary plan to help you institute the primary plan.
- Implement the strategic plan
The final step of the strategic planning process is implementing the plan.
Q 3 Identify important leadership traits giving suitable examples.
Ans: Here are the most important leadership traits to look for in a great leader are following
If you’re in a leadership position or role, good communication skills are one of the leadership attributes that are absolutely crucial. Using language to perform one-to-one communication is really all that we have as human beings.
Communication is one of the most important qualities of a good leader. You have to be a good communicator if you actually want your followers to trust you fully.
- Integrity. BRL 03 Free Solved Assignment
C.S. Lewis said:
“Integrity is doing the right thing, even when no one is watching.”
Without integrity, no real success if possible.
You can’t expect your followers to be honest when you lack integrity yourself. Honest and great leaders succeed when they stick to their word, live by their core values, lead by example, and follow-through.
For accountability, a great leaders need to follow the advice of Arnold Glasow when he said,
“A good leader takes little more than his share of the blame and little less than his share of the credit.”
Strong and good leaders are accountable for the team’s results, good or bad. They hold themselves and their employees accountable for their actions, which creates a sense of responsibility among the team. BRL 03 Free Solved Assignment
They give credit where credit is due, and take responsibility for blame when necessary. Being accountable and leading by example is one of the quickest ways leaders can become good leaders are by building trust with their team.
Truly great leaders have enough open-mindedness to understand their followers’ motivations, hopes, dreams, and problems so that they can forge a deep personal connection with them.
For example, if an employee is consistently 15 minutes late, good leaders won’t impute blame on them right away and even better leaders will solve the why questions. Why are they late?
Maybe they’re dealing with a personal struggle at home, health issues, or car troubles. Real leaders are empathetic with their teams and deeply understand their motivations.
- Humility. BRL 03 Free Solved Assignment
When it comes to developing leadership qualities, it can be tempting to become enamored with a new title or status instead of putting in the actual work to become a good leader with humility.
However, great leadership styles focus on problem-solving and team dynamics much more than self-promotion. A good leader will never be effective if they’re more concerned with themselves than with the well-being of their team. As Thomas Merton said,
“Pride makes us artificial and humility makes us real.”
Being humble and vulnerable with their team members will make a leader much more relatable and effective.
Q 4 What is meant by accounting? Explain briefly various accounting concepts.
Ans: Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows. BRL 03 Free Solved Assignment
The various accounting concepts are as follows:
- Entity Concept:
For accounting purpose the “business” is treated as a separate entity from the proprietor(s). One can sell goods to himself,, but all the transactions are recorded in the book of the business.
This concepts helps in keeping private affairs of the proprietor away from the business affairs.
- Dual Aspect Concept:
As per this concept, every business transaction has a dual affect. For example, if Ram starts business with cash Rs. 1,00,000/there are two aspects of the transaction: “Asset Account” and “Capital Account”.
The business gets asset (cash) of Rs. 1,00,000/and on the other hand the business owes Rs. 1,00,000/- to Ram.
- Going Business Concept (Continuity of Activity):
It is assumed that the business concern will continue for a fairly long time, unless and until has entered into a state of liquidation. BRL 03 Free Solved Assignment
It is as per this assumption, that the accountant does not take into account the forced sale values of assets while valuing them.
- Money measurement concept:
As per this concept, in accounting everything is recorded in terms of money. Events or transactions which cannot be expressed in terms of money are not recorded in the books of accounts, even if they are very important or useful for the business.
- Cost Concept (Objectivity Concept):
This concept does not recognize the realizable value, the replacement value on the real worth of an asset. Thus, as per the cost concept
a) as asset is ordinarily recorded at the price paid to acquire it i.e. at its cost,
b) this cost is the basis for all subsequent accounting for the asset.
- Cost-Attach Concept:
This concept is also known as “cost-merge” concept. When a finished good is produced from the raw material there are certain process and costs which are involved like labor cost, power and other overhead expenses.
These costs have a capacity to “merge” or “attach” when they are broughtr together.
- Accounting Period Concept: BRL 03 Free Solved Assignment
An accounting period is the interval of time at the end of which the income statement and financial position statement (balance sheet) are prepared to know the results and resources of the business.
- Accrual Concept:
The accrual system is a method whereby revenue and expenses are identified with specific periods of time like a month, half year or a year.
It implies recording of revenues and expenses of a particular accounting period, whether they are received/paid in cash or not.
- Period Matching of Cost and Revenue Concept:
This concept is based on the period concept. Making profit is the most important objective that keeps the proprietor engaged in business activities.
That is why most of the accountant’s time is spent in evolving techniques for measuring the profit/profitability of the concern.
- Realization Concept: BRL 03 Free Solved Assignment
According to this concept profit, should be accounted for only when it is actually realized. Revenue is recognized only when sale is affected or the services are rendered.
However, in order to recognize revenue, receipt of cash us not essential.
- Verifiable Objective Evidence Concept:
According to this concept all accounting transactions should be evidenced and supported by objective documents. These documents include invoices, contract, correspondence, vouchers, bills, passbooks, cheque etc.
Q 5 Enumerate the communication objectives in an organisation.
Ans: Organizational communication’ as the sending and receiving of messages among interrelated individuals within a particular environment or setting to achieve individual and common goals.
Organizational communication is highly contextual and culturally dependent. Individuals in organizations transmit messages through face-to face, written, and mediated channels.
Organizational communication objectives helps us to:
1) accomplish tasks relating to specific roles and responsibilities of sales, services, and production; BRL 03 Free Solved Assignment
2) acclimate to changes through individual and organizational creativity and adaptation;
3) complete tasks through the maintenance of policy, procedures, or regulations that support daily and continuous operations;
4) develop relationships where “human messages are directed at people within the organization-their attitudes, morale, satisfaction, and fulfillment”; and
5) coordinate, plan, and control the operations of the organization through management.
Organizational communication is how organizations represent, present, and constitute their organizational climate and culture—the attitudes, values and goals that characterize the organization and its members.
Organizational communication largely focuses on building relationships and interacting with with internal organizational members and interested external publics.
As Mark Koschmann explains in his animated YouTube video, we have two ways of looking at organizational communication. BRL 03 Free Solved Assignment
The conventional approach focuses on communication within organizations. The second approach is communication as organization – meaning organizations are a result of the communication of those within them.
Communication is not just about transmitting messages between senders and receivers. Communication literally constitutes, or makes up, our social world.
Much of our communication involves sending and receiving relatively unproblematic messages and acting on that information.
Other times things are a bit more complex, such as when you need to resolve conflict with a close friend or family member.
There is much more going on in these situations then merely exchanging information. You are actually engaging in a complex process of meaning and negotiating rules created by the people involved.
For organizations to be successful, they must have competent communicators. Organizational communication study shows that organizations rely on effective communication and efficient communication skills from their members.
A number of surveys identify effective oral and written communication as the most sought after skills by those who run organizations. BRL 03 Free Solved Assignment
The U.S. Department of Labor reported communication competency as the most vital skill necessary for the 21st century workforce to achieve organizational success.
The Public Forum Institute maintained that employees need to be skilled in public presentation, listening, and interpersonal communication to flourish in an organization.
Organizations seek people who can follow and give instructions, accurately listen, provide useful feedback, get along with coworkers and customers, network, provide serviceable information, work well in teams, and creatively and critically solve problems and present ideas in an understandable manner.
Developing organizational communication awareness and effectiveness is more than just having know-how or knowledge. BRL 03 Free Solved Assignment
Efficient organizational communication involves knowing how to create and exchange information, work with diverse groups or individuals, communicate in complicated and changing circumstances, as well as having the aptitude or motivation to communicate in appropriate manners.
Q 6 Explain the advantages of good listening.
Ans: There are a lot of people who like to talk about themselves, about what they have done and about what they have not done, about their health, ideas, etc. They hardly let other people open their mouths.
People get pleasure from speaking about themselves, but if they always speak about their achievements or their problems, people will get fed up with their egocentricity and would avoid them.
Conversation is a two-way activity. A person, who dominates the conversation, might feel good about it, because he or she attracts all the attention, but he or she might be avoided the next time.BRL 03 Free Solved Assignment
advantages of good listening are following:
1 You will be more appreciated by the people whom you talk to.
2 You will get new points of view, new perspectives and new insights.
3 You might get some good advice.
4 Your relationships with people will be more harmonious.
5 People would love your company.
listening to others develops patience and tolerance in the listener.
Listening to others can help you solve problems, and see new opportunities.
6 People will like you more, because people like good listeners.
7 Being a good listener will help you understand people and their needs, and this would enhance your popularity.
We listen to for a number of reasons: BRL 03 Free Solved Assignment
By listening, we are learning about people, and we develop understanding of those we listen to. It dispels our initial judgements and opens up opportunities to rid ourselves of bias and bigotry.
We listen because we enjoy being with friends, family. We genuinely want to know what is happening in their lives, and we genuinely care about their well-being.
By listening, we connect with people at a deeper, more meaningful level. They reveal themselves to us, show us their vulnerabilities, their hopes and fears, joys and excitements in life.
Listening makes us human. It opens us up mentally and emotionally to other people, and makes us sympathetic and empathetic to their concerns and worries.
While listening skills can be taught, it is not for no reason that counsellors typically are already innately good listeners. BRL 03 Free Solved Assignment
Counselling combines the ability to listen, connect, and understand people, and often you may discover more about yourself as well.
Q 7 How can cross cultural communication be made effective?
Ans: Communication issues can take on an added dimension of complexity. Every culture has its own set of tacit assumptions and tendencies when it comes to face-to-face interactions, and trying to get your point across effectively can sometimes be difficult.
Even when a language barrier doesn’t exist, cross-cultural communication can be challenging. Here are our top ten tips for effective cross-cultural communication:
- Maintain etiquette
Many cultures have specific etiquette around the way they communicate. Before you meet, research the target culture, or if time allows, do some cross cultural training.
For example, many cultures expect a degree of formality at the beginning of communication between individuals.
Every culture has its own specific way of indicating this formality: ‘Herr’ and ‘Frau’ in Germany, reversing family and given names in China and the use of san’ in Japan for men and women etc. BRL 03 Free Solved Assignment
Be aware of these familiarity tokens and don’t jump straight to first name terms until you receive a cue from the other person to do so.
- Avoid slang
Not even the most educated non-native English speaker will have a comprehensive understanding of English slang, idioms and sayings.
They may understand the individual words you have said, but not the context or the meaning. As a result you could end up confusing them or at worst, offending them.
- Speak slowly
Even if English is the common language in a cross cultural situation it’s not a good idea to speak at your normal conversational speed.
Modulating your pace will help, as will speaking clearly and pronouncing your words properly. BRL 03 Free Solved Assignment
Break your sentences into short, definable sections and give your listener time to translate and digest your words as you go.
But don’t slow down too much as it might seem patronising. If the person you’re speaking to is talking too quickly or their accent is making it difficult for you to understand them, don’t be afraid to politely ask them to slow down too.
- Keep it simple
In a cross cultural conversation there’s no need to make it harder for both of you by using big words. Just keep it simple.
Two syllable words are much easier to understand than three syllable words, and one syllable words are better than two syllable words. Say “Please do this quickly” rather than “Please do this in an efficacious manner.”
- Practice active listening BRL 03 Free Solved Assignment
Active listening is a very effective strategy for improving cross cultural communication. Restate or summarise what the other person has said, to ensure that you have understood them correctly, and ask frequent questions.
This helps build rapport and ensures that important information doesn’t get missed or misunderstood.
- Take turns to talk
Make the conversation flow more freely by taking it in turns to speak. Make a point and then listen to the other person respond.
Particularly when people are speaking English as their second language it’s better to talk to them in short exchanges rather than delivering a long monologue that might be difficult for them to follow.
- Write things down
If you’re not sure whether the other person has understood you properly, write it down to make sure. BRL 03 Free Solved Assignment
This can be particularly helpful when discussing large figures. For example, in the UK we write a billion as 1,000,000,000 but in the USA, it’s written as 1,000,000,000,000.
- Avoid closed questions
Don’t phrase a question that needs a ‘yes’ or ‘no’ answer. In many cultures it is difficult or embarrassing to answer in the negative, so you will always get a ‘yes’ even if the real answer is ‘no’. Ask open-ended questions that require information as a response instead.
- Be careful with humour
Many cultures take business very seriously and believe in behaving professionally and following protocol at all times.
Consequently they don’t appreciate the use of humour and jokes in a business context.
If you do decide to use humour make sure it will be understood and appreciated in the other culture and not cause offence. Be aware that British sarcasm usually has a negative effect abroad.
- Be supportive BRL 03 Free Solved Assignment
Effective cross cultural communication is about all parties feeling comfortable. In any conversation with a non-native English speaker, treat them with respect, do your best to communicate clearly and give them encouragement when they respond.
This will help build their confidence and trust in you.
Q 8 “A variety of perceptual biases may interface with effective decision making”. Elaborate.
Ans: Perceptual decision making is the process of deciding the identity of a stimulus, typically between a fixed number of possible alternatives.
Based on many experiments with humans and monkeys, it has been suggested that the brain accumulates noisy pieces of evidence during perceptual decision making until a bound is reached and a response indicating the decision is initiated.
This understanding of perceptual decision making as bounded accumulation of evidence is based on statistically optimal procedures for making most accurate decisions in a given amount of time based on a sequence of noisy pieces of information.
Most models of perceptual decision making abstract from this underlying probabilistic perspective and concentrate on a mechanistic description of bounded accumulation.
We, however, believe that the probabilistic perspective can add valuable insights into the processes underlying perceptual decisions. BRL 03 Free Solved Assignment
Most importantly, they allow us to investigate how changes in the presented stimulus affect perceptual decisions.
These changes may be complete switches in presented stimuli, but also complex, steady movements, or short perturbations.
the decision maker’s perception of something becomes jaded they can begin to believe that a particular employee is a problem, it is easy to find evidence to support that claim.
Usually perception will act as the jury long before the decision maker can even investigate an issue.
In sexual harassment cases it is very easy for managers to allow their perception to interfere with making a good decision regarding the claim.
One individual’s perception of what is deemed sexual harassment may be entirely different from another person view. BRL 03 Free Solved Assignment
This difference is possibly created by environmental differences between the two individuals involved.
One may have experienced strong religious points of view while the other may have experienced liberal points of view indifference to moral or ethical behavior can lead to sexual harassment claims.
These claims usually make their way into a court room as a lawsuit. This creates additional financial burdens for the individuals and the company that employs the accused.
Managers that use positive discipline practices must completely clear their mind of any perceptions they may have regarding the individual they are about to discipline.
Failure to do so may cause the manager to make a decision that could do permanent damage to the relationship between the employee and the manager.
It is a good rule of thumb when handling discipline issues to make certain that you always give the benefit of the doubt to the accused employee. This shows a level of understanding not easily forgotten.
It is easy to allow perceptions to impact decisions and much harder to remove perceptions from the equation. BRL 03 Free Solved Assignment
One of the first steps for new managers is assessing their employees. Reviewing the personnel files of an employee is one good way to get started.
However, too much emphasis placed on the records written by other managers may further perpetuate a problem created by inexperienced or poor performing managers.
New managers should consider the comments, thoughts and written records of others, but should also use their own perspective to give their newly acquired employees a fair opportunity.
Employees who have experienced what they perceive to be unfair treatment from former managers can develop a perception about all managers.
This perception can only be found by talking to employees and understanding how they see themselves.
In conclusion, perceptions affect our decision-making ability with or without our recognition of its strong influence Perception is a necessary part of the decision process and helps decision makers to organize data received. BRL 03 Free Solved Assignment
Decision makers should compare personal experiences to the experiences of others. Doing so will provide a more complete picture of a particular scenario.
People that take the time to rid their minds of pre-conceived notions and listen to the opinions of others will find their perception useful and closer to reality than those individuals who base their decisions totally on their own perception.
When making decisions utilize all of the information available; facts, opinions, and both the experiences of one’s self and others
Q 9 What do you mean by non-verbal communication? Discuss common types of non-verbal communication.
Ans: Nonverbal communication is the transmission of messages or signals through a nonverbal platform such as eye contact, facial expressions, gestures, posture, and body language.
It includes the use of social cues, kinesics, distance and physical environments/appearance, of voice and of touch. BRL 03 Free Solved Assignment
It can also include the use of time and eye contact and the actions of looking while talking and listening, frequency of glances, patterns of fixation, pupil dilation, and blink rate.
Nonverbal communication involves the conscious and unconscious processes of encoding and decoding.
Encoding is defined as our ability to express emotions in a way that can be accurately interpreted by the receiver.
Decoding is called “nonverbal sensitivity”, defined as the ability to take this encoded emotion and interpret its meanings accurately to what the sender intended.
Encoding is the act of generating information such as facial expressions, gestures, and postures.
Encoding information utilizes signals which we may think to be universal. Decoding is the interpretation of information from received sensations given by the encoder. Decoding information utilizes knowledge one may have of certain received sensations.
For example, in the picture above, the encoder holds up two fingers, and the decoder may know from previous experience that this means two.
There are some “decoding rules”, which state that in some cases a person may be able to properly assess some nonverbal cues and understand their meaning, whereas others might not be able to do so as effectively. BRL 03 Free Solved Assignment
Both of these skills can vary from person to person, with some people being better than others at one or both.
These individuals would be more socially conscious and have better interpersonal relationships.
An example of this would be with gender, woman are found to be better decoders than men since they are more observant of nonverbal cues, as well as more likely to use them.
Common types of non-verbal communication are following:
Facial Expressions : Facial expressions are responsible for a huge proportion of nonverbal communication.1
Consider how much information can be conveyed with a smile or a frown. The look on a person’s face is often the first thing we see, even before we hear what they have to say.
Gestures : Deliberate movements and signals are an important way to communicate meaning without words.2 Common gestures include waving, pointing, and using fingers to indicate numeric amounts. Other gestures are arbitrary and related to culture.
Paralinguistics : Paralinguistics refers to vocal communication that is separate from actual language. This includes factors such as tone of voice, loudness, inflection, and pitch.
Consider the powerful effect that tone of voice can have on the meaning of a sentence. When said in a strong tone of voice, listeners might interpret approval and enthusiasm.
The same words said in a hesitant tone of voice might convey disapproval and a lack of interest.BRL 03 Free Solved Assignment
Body Laguage and Posturer : Posture and movement can also convey a great deal of information.4 Research on body language has grown significantly since the 1970s,
but popular media have focused on the over-interpretation of defensive postures, arm-crossing, and leg-crossing, especially after publishing Julius Fast’s book Body Language.
Proxemics : People often refer to their need for “personal space,” which is also an important type of nonverbal communication.
The amount of distance we need and the amount of space we perceive as belonging to us is influenced by a number of factors including social norms, cultural expectations, situational factors, personality characteristics, and level of familiarity.
Eye Gaze : The eyes play an important role in nonverbal communication and such things as looking, staring and blinking are important nonverbal behaviors.
When people encounter people or things that they like, the rate of blinking increases and pupils dilate. Looking at another person can indicate a range of emotions including hostility, interest, and attraction BRL 03 Free Solved Assignment
How to Overcome Eye Contact Anxiety
Haptics : Communicating through touch is another important nonverbal behavior. There has been a substantial amount of research on the importance of touch in infancy and early childhood.
Harry Harlow’s classic monkey study demonstrated how deprived touch and contact impedes development.
Baby monkeys raised by wire mothers experienced permanent deficits in behavior and social interaction. Touch can be used to communicate affection, familiarity, sympathy, and other emotions.
Appearance : Our choice of color, clothing, hairstyles, and other factors affecting appearance are also considered a means of nonverbal communication.8 Research on color psychology has demonstrated that different colors can evoke different moods.
Appearance can also alter physiological reactions, judgments, and interpretations.
Artifacts : Objects and images are also tools that can be used to communicate nonverbally. On an online forum, for example, you might select an avatar to represent your identity online and to communicate information about who you are and the things you like
A Word From Verywell : Nonverbal communication plays an important role in how we convey meaning and information to others, as well as how we interpret the actions of those around us. BRL 03 Free Solved Assignment
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