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MASTER OF INTERNATIONAL BUSINESS (MIB) __________________________

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Title: MASTER OF INTERNATIONAL BUSINESS (MIB) __________________________


1
MASTER OF INTERNATIONAL BUSINESS (MIB)
__________________________
  • HUMAN RESOURCE MANAGEMENT (TPM516M)
  • TOPIC 1
  • THE STRATEGIC PROCESS

2
Topic 1 THE STRATEGIC PROCESS
  • WHAT IS STRATEGIC MANAGEMENT
  • Strategic Management Definition
  • Strategy Description
  • Characteristics of successful strategy
  • Effective Strategic Managers ought to have
    knowledge, skills and vision
  • Analysing the company
  • Analysing the environment
  • The current strategic position
  • Developing strategies
  • STRATEGIC HRM
  • Introduction
  • Strategic HRM Models
  • Strategy Formulation
  • Strategy Implementation
  • Strategic Types
  • Directional Strategies
  • Strategy Evaluation and Control
  • The Role of HR in providing additional strategic
    competitive advantage

3
WHAT IS STRATEGIC MANAGEMENT
  • Strategic Management Definition
  • type of management through which the company
    obtains a sustainable long-term excellent fit
    with its environment, and the quality of this fit
    is reflected in superior performance
  • concerned with long-run, fundamental and often
    irreversible decisions about the companys
    mission, scale of operations and spread of
    activities

4
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Strategy Description
  • Determines the direction in which the
    organization is going in relation to its
    environment
  • Is the process of defining intentions (strategic
    intent) and allocating or matching resources to
    opportunities and needs (resources based
    strategy)
  • Its goal is to deploy and allocate resources
    (physical, human, and organizational) in a way
    that gives it competitive advantage
  • Includes the ability to formulate strategic
    goals, to develop and implement strategic plans
  • Is emergent and flexible it never exists at the
    present time
  • Is not only realized by formal statements but
    also comes about by actions and reactions
  • Is a description of a future directed action
    which is always directed towards change

5
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Characteristics of Successful Strategy
  • Time Scale the time scale for strategic
    decisions is many years concerned with the
    long-run nature of the company and its activities
  • Scope the scope of strategic decisions is
    company-wide concerned with the totality of the
    company rather than individual parts
  • Reversibility strategic decisions normally will
    be extremely difficult if not impossible to
    reverse
  • Level strategic decisions are normally taken by
    the top management of companies
  • Importance strategic decisions are very
    important as an incorrect decision may ruin a
    company

6
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Effective Strategic Managers ought to have the
    knowledge, skills and vision necessary to
  • understand the total company, i.e. its mission,
    goals, objectives, culture, strategies, and the
    activities of the different functional areas and
    the resources available
  • understand the environment in which the company
    is operating, with particular reference to
    opportunities and threats that are (or will be)
    present
  • develop strategies that are appropriate to the
    company and its environment
  • implement chosen strategies
  • control, evaluate and amend as appropriate, the
    strategies that have been selected

7
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Analysing the Company
  • An analysis of the elements below will be used to
    provide a picture of the strategic health and
    potential of the company
  • Mission and goals
  • The first step is to understand the companys
    mission and goals an examination of who the top
    decision-makers and stakeholders in the company
    are and the value systems that drive them
  • Leadership
  • Leadership is assessed not according to style,
    but according to its appropriateness and
    consequent effectiveness
  • Culture
  • Values and attitudes that pervades the company
    and binds organization members together
  • Organisational Structure
  • The formal structure of a company can have
    profound effects upon its performance
  • Functional Composition
  • A methodology for assessing the relative
    strengths and weaknesses in the principle
    functions that most companies have, i.e. finance,
    marketing, production, personnel, etc. is set out.

8
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Analysing the Environment
  • Successful strategies are ones where the company
    adapts to its environment
  • Companies that fail to adapt to their environment
    will in the long-run disappear
  • The environment can be segmented into the forces
    set out below
  • Market Forces
  • Market forces determine whether the products or
    services offered by a company will be ultimately
    purchased, at an acceptable price by consumers
  • Market forces include the size and affluence of
    the market the number of competitors and their
    sizes the growth rate of the market the
    influences on buying decisions prices, product
    features, methods of distribution, and methods of
    promotion
  • Competitive Forces
  • The threat of new entrants
  • The threat from substitutes
  • The power of buyers
  • The power of suppliers
  • The degree of rivalry

9
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Analysing the Environment (Continued)
  • Economic Forces
  • The economic context global and national in
    which the company operates is examined and its
    impact assessed
  • Legal / Government Forces
  • A companys current and future operations are
    affected by legislation
  • Social Trends
  • Assess how social trends affect or will affect
    the company e. g. social change in western
    countries about health and fitness provided
    market opportunities for industries and companies
  • Technological Change
  • Companies must be cognizant of technological
    changes and keep abreast of them
  • Geographical Location
  • Industry in general becomes less restricted in
    its choice of manufacturing location
  • Industrys location is increasingly determined by
    a whole range of factors of competitive advantage
    or necessity which include human resources with
    particular skills, resident scientific
    infrastructure of appropriate types and access to
    sophisticated suppliers
  • Other Forces
  • Any other environmental forces that are not
    captured in any of the other categories are
    addressed here

10
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • The Current Strategic Position (The following
    perspectives are considered)
  • an overall assessment, which presents a
    qualitative perspective of the companys
    strategic position
  • the financial analyses are provided through
    income statements, cash-flow statement, balance
    sheets, funds flow statements, etc
  • key strategic ratios, which show the companys
    performance and its competitive position
  • corporate portfolio position, which shows how a
    strategic business unit or division is performing
    from a corporate perspective
  • product market portfolio (plotting the movements
    of products over time), which shows the balance
    of the portfolio of products a company has
    products moving in an ideal sequence reflect a
    well-managed portfolio (low relative market share
    high market growth
    high relative market share, i.e. the stronger
    the company is in terms of these coordinates, the
    stronger will be its strategic competitive
    position)

11
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Developing Strategies
  • Here, building upon the companys current
    strategic position, a future strategy is
    formulated. First select the fundamental strategy
  • Fundamental strategy
  • Conservative growth strategy company growth rate
    is similar to industry average / historical
    performance it continuous to serve the same or
    related markets with similar or related products
  • High growth strategy growth rate significantly
    greater than industry average / historical
    performance previous performance measures need
    adjustment
  • Neutral strategy no significant deviation from
    past strategy (no change) the goals achieved,
    the companys activities and its current
    competitive position have been historically
    satisfactory and similar achievements in the
    future would also be considered satisfactory
  • Recovery strategy it is appropriate when the
    company is not performing satisfactorily, but
    there is not a prospect of immediate collapse,
    i.e., it is in a crisis that is not going to
    cause immediate failure, but will certainly cause
    failure to occur if remedial action is not taken
    fairly quickly the aim is to minimise the losses
    that are occurring, and, if possible, to change a
    declining company into one achieving satisfactory
    returns and developing a long-term sustainable
    competitive position.
  • Reduction strategy if the causes of the company
    decline are due to economic recession, the
    appropriate strategy would be to reduce the scale
    of operations, which could include reduction in
    the range of activities, range of products, range
    of markets, assets and personnel to match the
    reduced economic circumstances. Alternatively, if
    the recession just applied to the company
    domestic market, then new sales could be sought
    in foreign markets.

12
WHAT IS STRATEGIC MANAGEMENT (Continued)
  • Developing strategies (cont.)
  • Generic strategy
  • Once a fundamental strategy has been selected,
    decide upon a generic strategy the company should
    follow. The two strategy types should complement
    each other and together should enable the company
    to achieve its goals. There are three generic
    strategies that will enable a company to gain
    competitive advantage.
  • High volume / low cost this strategy seeks to
    gain competitive advantage through having lower
    costs and higher volumes than competitors
  • Product differentiation this strategy seeks to
    gain competitive advantage through
    differentiating the product from lower prized
    offerings on the basis of some non-prize factor
    such as quality and performance, e.g.. BMW
  • Focus this strategy seeks to gain competitive
    advantage through serving just one very narrow
    customer group or market segment, and not
    attempting to serve any others , e.g. families.
    The competitive advantage arises out of tailoring
    ones strategy to the requirements of a
    relatively small niche in the market.

13
STRATEGIC HRM
  • Introduction
  • Is concerned with the relationship between human
    resource management and strategic management in
    the firm
  • Is an integrated approach to the development of
    HR strategies that will enable the organization
    to achieve its goals
  • Has to do with planned human resource deployments
    and activities
  • Addresses broad organizational issues relating to
    organizational effectiveness and performance,
    changes in structure and culture, matching
    resources to future requirements, the development
    of distinctive capabilities, knowledge management
    and management of change
  • Is concerned with both meeting human capital
    requirements and the development of process
    capabilities (ability to get things done
    effectively)
  • Focuses on actions that differentiate a company
    from its competitors
  • According to Hendry and Pettigrew (1986) is
    about
  • The use of planning
  • A coherent approach to the design and management
    of personnel systems, based on an employment
    policy and manpower strategy
  • Matching HRM activities and policies to some
    explicit business strategy
  • Seeing the people of the organization as a
    strategic resource for the achievement of
    competitive advantage

14
STRATEGIC HRM (cont.)
  • Strategic HRM Models
  • High Performance Management
  • High performance management involves the
    development of a number of interrelated processes
    that together make an impact on the performance
    of a company through its people in such areas as
    productivity, quality, levels of customer
    service, growth, profits, and ultimately the
    delivery of increased shareholder value
  • The starting point is leadership, vision and
    benchmarking to create a sense of momentum and
    direction
  • The main drivers, support systems and culture
    are-
  • Decentralized devolved decision-making made by
    those closest to the customer so as to
    constantly renew and improve the offer to
    customers
  • Development of people capacities through learning
    at all levels, with particular emphasis on
    self-management and team capabilities to enable
    and support performance improvement and
    organizational potential
  • Performance, operational and people management
    processes aligned to organizational objectives
    to build trust, enthusiasm and commitment to the
    direction taken by the organization
  • Fair treatment for those who leave the
    organization as it changes, and engagement with
    the needs of the community outside the
    organization this is an important component of
    trust and commitment-based relationships both
    within and outside the organization
  • High performance management practices include
    rigorous recruitment and selection procedures,
    extensive and relevant training and management
    development activities, incentive pay systems and
    performance management processes
  • The strategy may be expressed as a drive to
    develop a performance culture in an organisation

15
STRATEGIC HRM (cont.)
  • Strategic HRM Models (Continued)
  • High Commitment Management
  • High commitment management is a form of
    management which is aimed at eliciting a
    commitment so that behaviour is primarily
    self-regulated rather than controlled by
    sanctions and pressures external to the
    individual, and relations within the organization
    are based on high levels of trust
  • The approaches to creating a high commitment
    organization are-
  • The development of career ladders and emphasis on
    trainability and commitment as highly valued
    characteristics of employees at all levels of the
    organization
  • A high level of functional flexibility with the
    abandonment of potentially rigid job descriptions
  • The reduction of hierarchies and the ending of
    status differentials
  • A heavy reliance on team structure for
    disseminating information (team briefing),
    structuring work (team performance) and problem
    solving (quality circles)
  • Job design as something management consciously
    does in order to provide jobs that have a
    considerable level of intrinsic satisfaction
  • A policy of no compulsory lay-offs or
    redundancies and permanent employment guarantees,
    with the possible use of temporary workers to
    cushion fluctuations in the demand for labour
  • New forms of assessment and payment systems and
    more specifically, merit pay and profit sharing

16
STRATEGIC HRM (cont.)
  • Strategic HRM Models (Continued)
  • High Involvement Management
  • This model involves treating employees as
    partners in the enterprise whose interests are
    respected and who have a voice on matters that
    concern them
  • The aim is to create a climate in which there is
    a continuing dialogue between managers and the
    members of their teams in order to define
    expectations and share information on the
    organisations mission, values and objectives
  • The following five high involvement practices
    have been identified
  • On-line work teams
  • Off-line employee involvement activities and
    problem solving groups
  • Job rotation
  • Suggestion programmes
  • Decentralization of quality efforts

17
STRATEGIC HRM (cont.)
  • Strategy Formulation
  • Five major components of the strategic management
    process are relevant to strategy formulation
  • The mission a statement for of the
    organisations reason for existence
  • Goals are what the company hopes to achieve in
    the medium to long-term future they reflect how
    the mission will be operationalised
  • External analysis consists of examining the
    organisations operating environment to identify
    the strategic opportunities and threats Examples
    of opportunities are markets that are not being
    served, technological advances that can aid the
    company, and labour pools that have not been
    tapped Threats include new competitors entering
    the market, and competitors technological
    advances
  • Internal Analysis identifies the organisations
    strengths and weaknesses It focuses on the
    quantity and quality of resources available to
    the organization financial, capital,
    technological, and human resources
  • After the SWOT Analysis the strategic planning
    team has all the information it needs to generate
    a number of strategic alternatives the strategic
    managers compare the ability of these
    alternatives to attain the organisations
    strategic goals, and then make a strategic
    choice the strategic choice describes the ways
    the organization will attempt to fulfill its
    mission and achieve its long-term goal

18
STRATEGIC HRM (cont.)
  • Strategy Formulation (cont.)
  • ROLE OF HRM IN STRATEGY FORMULATION
  • The strategic choice consists of addressing
    issues such as where to compete, how to compete,
    and with what to compete
  • Each component of the strategy formulation
    process involves people-related business issues
    therefore the HRM function needs to be involved
    in each of those components
  • Four levels of integration exists between the HRM
    function and the strategic management function,
    i. e.
  • Administrative Linkage
  • This is the lowest level of integration and the
    HRM functions attention is focused on day-to-day
    activities
  • The companys strategic business planning
    function exists without any input from the HRM
    department
  • The HRM department is completely divorced from
    the strategic management process in both strategy
    formulation and strategy implementation
  • One-Way Linkage
  • The firms strategic business planning function
    develops the strategic plan and then informs the
    HRM function of the plan
  • The role of the HRM function is to design systems
    an/or programmes that implement the strategic
    plan
  • This level of integration precludes the company
    from considering human resource issues while
    formulating the strategic plan

19
STRATEGIC HRM (cont.)
  • Strategy Formulation (cont.)
  • ROLE OF HRM IN STRATEGY FORMULATION (Continued)
  • Two-Way Linkage
  • Allows for consideration of human resources
    issues during the strategy formulation process
  • First, the strategic planning team informs the
    HRM function of the various strategies the
    company is considering
  • HRM executives then analyse the human resource
    implications of the various strategies and
    present the results of the analyses to the
    strategic planning team
  • Finally, after the strategic decision has been
    made, the strategic plan is passed on to the HR
    executive, who develops programmes to implement
    it
  • Integrative Linkage
  • It is dynamic and multifaceted, based on
    continuing rather than sequential interaction
  • The HR Executive is an integral part of the
    senior management team
  • Companies have their HR functions build right
    into the strategy formulation and implementation
    process
  • The HRM executive gives strategic planners
    information about the companys human resource
    capabilities
  • This information helps top managers choose the
    best strategy because they can consider how well
    each strategic alternative would be implemented
  • Once the strategic choice has been determined,
    the role of HRM changes to the development and
    alignment of HRM practices that will give the
    company employees (having the necessary skills)
    to implement the strategy

20
STRATEGIC HRM (cont.)
  • Strategy Implementation
  • Five important variables determine success in
    overall strategy implementation
  • Organisational structure
  • Task design
  • Selection, training, and development of people
  • Reward systems
  • Types of information and information systems
  • Primary responsibilities for strategic HRM
    implementation
  • First, for strategy to be successfully
    implemented, the tasks must be designed and
    grouped into jobs in a way that is efficient and
    effective (through processes of job analysis and
    job design).
  • Second, the organization must be staffed with
    people who have the necessary knowledge, skill
    and ability to perform their part in implementing
    the strategy (through recruitment, selection and
    placement, training, development, and career
    management).
  • Third, a performance management and reward system
    must be developed that lead employees to work for
    and support the strategic plan.
  • Thus, the role of the HRM function is (i) to
    ensure that the company has the proper number of
    employees with the right levels and types of
    skills required by the strategic plan and (ii) to
    develop control systems that ensure that those
    employees act in ways that promote the
    achievement of the strategic plan.

21
STRATEGIC HRM (cont.)
  • Strategy Implementation (cont.)
  • HRM PRACTICES IMPORTANT FOR STRATEGY
    IMPLEMENTATION
  • Job Analysis and design
  • Jobs
  • work tasks that are grouped together
  • jobs range from those that are simplified and
    require a limited range of skills to those that
    require multiple skills (enhance innovation)
  • Job analysis
  • process of getting detailed information about
    jobs
  • Job design
  • addresses what tasks should be grouped into a
    particular job
  • is an important strategic tool because strategy
    requires either new and different tasks or
    different ways of performing the same tasks
  • also, new technologies can impact the way work is
    performed
  • Employee Recruitment and Selection
  • Recruitment
  • Process through which the organization seeks
    applicants for potential employment
  • Selection

22
STRATEGIC HRM (cont.)
  • Strategy Implementation (cont.)
  • HRM PRACTICES IMPORTANT FOR STRATEGY
    IMPLEMENTATION (Continued)
  • Employee Training and Development
  • Training
  • Refers to a planned effort to facilitate the
    learning of job-related knowledge, skills and
    behaviours
  • Development
  • Involves acquiring knowledge, skills, and
    behaviour that improves employees ability to
    meet the challenges of a variety of jobs
  • Changes in strategies often require changes in
    the types, levels and mixes of skills
  • E. g. to adopt a strategy to emphasize quality in
    products might mean engaging in total quality
    management (TQM) programmes and other skills that
    ensure quality
  • Performance Management
  • Used to ensure that employees activities and
    outcomes are congruent with the organisations
    objectives
  • Entails specifying those activities and outcomes
    that will result in the firms successfully
    implementing its strategy

23
STRATEGIC HRM (cont.)
  • Strategy Implementation (cont.)
  • HRM PRACTICES IMPORTANT FOR STRATEGY
    IMPLEMENTATION (Continued)
  • Pay Structures, Incentives, and Benefits
  • A high level of pay and / or benefits relative to
    that of competitors can ensure that a company
    attracts and retains high quality employees
  • A company that ties pay to performance can elicit
    specific activities and levels of performance
    from employees
  • Labour and Employee Relations
  • Relations with employees can strongly affect a
    companys potential for gaining competitive
    advantage
  • E. g. Lee Iacocca turning around Chrysler
    Corporation (1970s) from bankruptcy to record
    profitability
  • Decisions companies make as regards the treatment
    of employees can result in achieving / not
    achieving their goals

24
STRATEGIC HRM (cont.)
  • STRATEGIC TYPES
  • Cost Strategy
  • Focuses on becoming the lowest cost producer in
    an industry
  • Differentiation Strategy
  • Focuses on a product or service that is different
    from that of others in the industry
  • Differentiation can come from creating a brand
    image, from technology, from unique customer
    service etc.
  • HRM Needs in Strategic Types
  • Each of the different strategies requires
    different types of employees with different types
    of behaviours and attitudes
  • E.g. companies engaged in a cost strategy require
    employees to have a high concern for quantity and
    a short-term focus
  • These companies specifically define the skills
    they require and invest in training employees in
    these skill areas
  • These employees are expected to exhibit role
    behaviors that are relatively repetitive
  • Employees in companies with a differentiation
    strategy need to be highly creative, cooperative,
    have a long term-focus, be tolerant for ambiguity
    and be risk takers
  • Employees in these companies are expected to
    exhibit role behaviours that include cooperating
    with others and developing new ideas.

25
STRATEGIC HRM (cont.)
  • DIRECTIONAL STRATEGIES
  • Concentration Strategies
  • Strategies emphasizing market share or operating
    costs
  • Companies focus on what it does best within its
    established markets
  • Companies maintain the current skills that exist
    in the organization
  • Companies provide training programmes as a means
    of keeping those skills
  • Companies focus on compensation programmes aimed
    at retaining people with those skills
  • Internal Growth Strategies
  • Strategies focusing on market development,
    product development, innovation, or joint
    ventures
  • Companies channel their resources toward building
    on existing strengths
  • Companies constantly hire, transfer and promote
    individuals, and expansion into different markets
    may change the necessary skills that prospective
    employees must have
  • Training will focus on knowledge of each market
    if the organization seeks to expand its markets
  • Training will be of a more technical nature when
    the company is seeking innovation or product
    development (also focusing on team building)

26
STRATEGIC HRM (cont.)
  • DIRECTIONAL STRATEGIES (cont.)
  • Mergers and Acquisitions
  • Those attempting to integrate vertically or
    horizontally or to diversify are exhibiting an
    external growth strategy, usually through mergers
    and acquisitions
  • Strategy attempts to expand a companys resources
    or to strengthen its market position through
    acquiring or creating new business
  • HRM has a role in both evaluating a merger
    opportunity and in the actual implementation of a
    merger or acquisition
  • Training in conflict resolution techniques is
    necessary when joint ventures are considered due
    to problems associated with different
    organizational cultures
  • Downsizing
  • A downsizing or divestment strategy is made up
    of retrenchment, divestitures or liquidation
  • These strategies are observed among companies
    facing serious economic difficulties
  • Downsizing presents both challenges and
    opportunities for HRM
  • Challenges are cutting back on workers who are
    less valuable in their performance and to boost
    the morale of remaining employees
  • Opportunities include getting rid of dead-wood,
    changing an organisations culture, and
    demonstrating the companys resources to its
    ultimate success

27
STRATEGIC HRM (cont.)
  • STRATEGY EVALUATION AND CONTROL
  • It is very important for a firm to constantly
    monitor the effectiveness of both the strategy
    and implementation process
  • This monitoring makes it possible for the company
    to identify problem areas and either revise
    existing structures and strategies or to devise
    new ones

28
STRATEGIC HRM (cont.)
  • THE ROLE OF HR IN PROVIDING ADDITIONAL STRATEGIC
    COMPETITIVE ADVANTAGE
  • Emergent Strategies
  • Intended strategies
  • Result of a rational decision-making process by
    top management
  • It is a plan that integrates an organisations
    major goals, policies and action sequences into a
    cohesive whole
  • Emergent strategies
  • Evolve from what organizations actually do
  • Identified by those lower in the organizational
    hierarchy who provide ideas for new markets, new
    products, and new strategies
  • HRM facilitates communication that allows for
    effective emergent strategies
  • Enhancing Firm Competitiveness
  • Develop a human capital pool that gives the
    company the unique ability to adapt to an
    ever-changing environment
  • This gives rise to the idea of a Learning
    Organisation in which people continually expand
    their capacity to achieve the results they desire
  • Thus, there is a need to constantly monitoring
    the environment, assimilating information, making
    decisions and flexibly restructuring to compete

29
STRATEGIC HRM (cont.)
  • THE ROLE OF HR IN PROVIDING ADDITIONAL STRATEGIC
    COMPETITIVE ADVANTAGE (cont.)
  • Strategic Human Resources Executives
  • Previously, HRM played a largely administrative
    role
  • Now, HRM are called on to become the source of
    people expertise in the company
  • Basic competencies for HR professionals to become
    partners in the strategic management process
  • (i) They need business competence knowing the
    companys business and understanding its economic
    financial capabilities
  • HR Executives must be able to calculate the
    costs and benefits of each alternative in terms
    of dollar impact, as well as considering the
    non-monetary impact (social and ethical issues)
  • (ii) HR Professionals will need
    professional-technical knowledge of
    state-of-the-art HRM practices in areas such as
    staffing, development, rewards, organizational
    design, and communication
  • They will get to learn about new selection
    techniques, performance appraisal methods,
    training programmes and incentive plans are
    constantly being developed
  • (iii) They must be skilled in the management of
    change processes such as diagnosing problems,
    implementing organizational changes, and
    evaluating results
  • HR Executive must have the skills to oversee
    change that might result in conflict, resistance,
    and confusion among people
  • (iv) HR Professionals must also have integration
    competence the ability to integrate the three
    other competencies to increase the companys
    value
  • This requires specialist knowledge and a
    generalist perspective in making decisions,
    including recognizing that changes in any one
    part of HRM are likely to require changes in
    other parts of HRM
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