Evaluation of revenue management application in Nigerian hotels.
This theme has granted a organizationd atverge re-examination which surrenders a extensiveer specifications of the expressive concepts in income treatment in stipulations of the contacts and the covet promise sympathy succeeding a suitableness customers. It then perpends the degree to which income treatment is been applied in the Nigerian happiness sector.
The aim of this theme is to dissect income treatment contact in some clarified public-houses in Nigeria, Nigeria is made up of 36 avers including the Federal Capital Territory. Three public-houses succeed be clarified from the 36 avers adding up to a aggregate of 108 public-houses to which questionnaires succeed be sent, the issue succeed surrender how RM is been applied in cord succeeding a suitableness the issueion techniques implicated, pithead that, from the elimination, it succeed pass a outgrowth intention for other public-houses subordinate utilising the liberal virtue of RM utensils.
The view of this theme is to reform the improvementability of the margin competency succeeding a suitableness the utensils of income treatment entity perpendd, The speculative axioms for this theme succeed be cool from the clarified public-houses, happiness treatment attends, and Internet. In observation, other expressive apprehendledge sources succeed be from the author’s identical experiment and a issue from the questionnaires rolled out to character a legitimate and wide apprehendledge of the RM preference.
This provision surrenders an preair to RM, forthcoming attends by Orkin, (1990), Jones and Val, (1993), Karaesmen and van Ryzin, (2004), Kimes, (2000, 1998), Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003). We set-out succeeding a suitableness an elaborated interpretation of income treatment, the authenticity and its commencement (Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003)). Afterwards, a conceptual framecomposition for subordinatestanding the objectives of income treatment, the occupation platproduce on which RM can be adopted (Kimes, 1989), the way the mode compositions and finally, this theme succeed infer by giving an outcord of the retaining provisions of the theme.
We deficient delineate the authenticity of income treatment as experienced in the happiness assiduity in an attempt to image what Jones and Lockwood, (1998), said encircling RM, they said that Income treatment is a courteous eliminationed and perpendd issueion technique for maximising income. Unfortunately, income treatment habit in Nigeria is dwarf public, for sample, it has been a coarse to retail a margin twice a day if the turn arise, increasing the income generated immediately vital to RM contact interveniently, this produce the bisis of this dissertation and it is a gap this elimination is courting to content by exploring the degree to which RM is proofd in Nigerian public-houses immediately and not been uninformed collapsed by an unconnected arrival of the contact of Income Management.
RM can be elucibound as a treatment utensil or technique which is runningly entity utilized by an increasing reckon of interdiplomatic association of public-houses and inconsequently owned public-houses in adexact to maximize the potent use of their beneficial margin competency and fix a boost financially, (Salmon, 1990). Furthermore, Jones and Lockwood, (1998), eliminationed and inferd that RM is not completely a new competency issueion tactic in the globe, and most public-houseiers habit some produce of RM, such as the adjusting of margin trounces to accommobound fluctuations among peak and off-peak seasons, mid-week, and weekend trounces. This Research, consequently, studys the use and contact of RM in the public-house assiduity in Nigeria and bequest to demonsttrounce its contact towards potently maximizing margin income and improvement maximization.
For the behalf of this theme, a wide atverge re-examination domiciled on subordinate sources in adexact to perpend RM contact succeed be appointly as a pilot to the fieldcomposition and the areas of curiosity-behalf succeed be extracted from the atverge re-examination. Overhead others, these areas and issues succeed be investigated through the mode of collecting gigantic axioms. Furthermore, all cool documentations succeed be made beneficial in adexact to valibound the apprehendledge surrendern during these consultations.
This theme is a very satisfying and challenging regularity gone-by it focuses on the gap which has never been eliminationed in the happiness assiduity in Nigeria. Nevertheless, it is a wastely culture experiment which succeed be cheridiffuse by income superintendents in Nigeria in adexact to repair the income generated in their appertaining public-house(s). This theme court to surrender a equitefficacious subordinatestanding of income treatment utensils including; Overbooking, Register govern, misconstruction separation pricing and lastly intercepting mode, their collisions on the urbane exploit in stipulations of customer remuneration and fealty vital to customer remonstrance succeed be of subordinate regret.
This theme courts to perpend the degree to which income treatment is entity proofd in Nigerian public-house in stipulations of the habit of RM utensils which is sooner announcemented. This succeed be achieved by exploring three public-houses from each 36 avers in Nigeria, some which succeed be from an interdiplomatic association of public-houses and others an inconsequently owned public-houses. Questionnaires succeed be rolled out to these clarified public-houses in other to own a collective discernment towards the pregard of RM forthcoming the atverge by Vinod (2004) in that the treasure of income treatment is assessed in the public-house assiduity.
1.2 RESEARCH OBJECTIVES AND QUESTIONS
Every retailer is aird succeeding a suitableness gigantic determinations, juxtaposing this, a BBQ restaurant retailing chicken and chips should be efficacious to run on which misrecord to produce her apex sale, the esteem to surrender and when to import the esteem. A cinema ticket or stadium ticket must be sold succeeding a suitablenessin a establidiffuse misrecord, consequently, the superintendent must run when to set-out retailing tickets, what the question esteem should be, and when to distil esteem if indispensable. In the Public-house assiduity, it is similar; public-house superintendents should apprehend when to distil esteems on margins, when to bung retailing margins, when to confirmion the esteems of margins. Forthcoming these samples, the Nigerian public-houses’ operations led us to the objectives of the theme:
To perpend the degree to which income treatment is applied.
To court the awareness of RM succeeding a suitablenessin the Nigerian public-houses.
How is income managed in Nigerian public-houses
To what degree do Nigerian public-houses think Customer fealty, customer remuneration and customer remonstrance a priority
For the behalf of this theme, singly three public-houses succeed be perpendd from each of the 36 avers in Nigeria, owing tdeficient are diverse unregistered public-houses and tdeficient is no equitefficacious catalogue of all the public-houses in Nigeria. However, some of the public-houses are dissect of interdiplomatic association of public-houses gratuitous on an interdiplomatic plane suitableness some are inconsequently owned. Furthermore, we own mean the elimination to RM contact and from the view, the perceptive areas as compliments to customer fealty, remuneration and covet promise remonstrance succeed be perpendd, in other suffrage, the fealty, remonstrance and remuneration succeed be our subordinate aim. Nonetheless, tdeficient may of race be other operations or habits succeeding a suitablenessin these public-houses that move income but our elimination is focused on the five RM utensils been populated as sooner announcemented. The forthcomings subordinate catalogueed are the relishly nameation this theme agency air.
One of the expressive bearings for the elimination is finance, the financial air in stipulations of journeying to Nigeria to list and consummate an consultation succeeding a suitableness the superintendents of the clarified public-houses and consequently, questionnaires succeed be sent via the wireless netcomposition (internet) using kwicksurvey; an internet domiciled questionnaire software.
Authenticity of apprehendledge
Secondly, Some of the superintendents to content the questionnaires agency confirm the scope of the atverge and content, but some agency be offended by it and reach it is a season putrefaction regularity and surrender a specific apprehendledge.
Lastly, the lavish for the atverge of not been efficacious to distinguish the apprehendledge it scarcitys at the conceded season. Finding the apprehendledge may accept over season than the mean season surrendern (season constraints).
Chapter one succeed set a cubic footing for this theme, consequently, the elimination succeed abide by surrendering a wide atverge re-examination as far as income treatment is regreted in Provision Two. A meany title and hazardous subordinatestanding of RM setting succeed be the aim of the atverge re-examination (Chapter two). Furthermore, an pitview of the atverge succeeding a suitablenessin the forthcoming RM utensils including; pitbooking, misconstruction separation, esteem govern, register govern (protraction of cling exclusion) and as they manage to customer treatment succeed be surrendern in adexact to set the infamous and invent an subordinatestating of how these utensils wave income generated. Provision Two infers succeeding a suitableness a meany organizationd separation of the atverge re-examination surrendered.
Chapter three succeed court to perpend and study the aim of the elimination regularity and how the fieldcomposition succeed be passed. Elimination nameations succeed be surrendered, the fieldcomposition and how apprehendledge succeed be artisanled. This provision pictures what happens in all the stages on the fieldwork. (Before, during, and succeeding the fieldwork).
In Provision Disgusting we surrender a collective habit succeeding a suitablenessin the learned public-houses and surrender a deficient collective surrenderation of the public-houses dissecticipating and picture how RM utensils are used in stipulations of the forthcomings; pitbooking, misconstruction separation, esteem govern, register govern (protraction of cling exclusion). Concluding the provision succeeding a suitableness a title of how the respondents concede the outer environment thriveed by their discernment on income treatment and their habits of RM techniques.
In Provision Five, the tentative distinguishings succeed be evaluated and analysed in a way that it can be linked succeeding a suitableness the atverge pitview surrendered in Provision Two. This succeed be done through a hazardous separation. These analyses succeed image the potentness of RM contact in Nigerian public-houses and how it is been adopted, consequently, Provision Six succeed be domiciled on the separation of income treatment conduct.
Chapter Six surrenders the coil of our deep distinguishings and misrecords, as this succeed be domiciled on the undiminidiffuse elimination carried out, Furthermore, recommendions of areas which is felt to be aid plain succeeding hazardous evaluation of RM contact in Nigeria is made forthcoming Choi and Mattila (2004)’s lore on the collision of income treatment as compliments to customers’ discernments on openness.
LITERATURE REVIEW ON REVENUEMANAGEMENT
In this provision, RM atverge succeed be perpendd, forthcoming all the five contact utensils sooner announcemented. In the attend, Burgess and Bryant, (2001) said, sundry authors are experienced succeeding a suitableness the use of interchanging the promise income treatment (RM) succeeding a suitableness grant-in treatment (YM). Some think YM singly to be kindred succeeding a suitableness income extraneous from assets inasmuch-as RM may environ all areas of public-house income Therefore, it is expressive to haughtybuoyant the promise YM and retrieve its significance for the scope of this theme. Sundry specifications are beneficial on YM. Jones and Val, (1993) said, grant-in is congenial by preface income authenticized and dividing it by income implicit. However, RM is frequently associated succeeding a suitableness the forthcoming specification by Kimes, (2000, p. 121) “The contact of apprehendledge modes and pricing strategies to locate the equittalented competency to the equittalented customer at the equittalented locate at the equittalented season.” aid toll passed by Mitchell (1992) avers that income treatment is the regularity of governling margin availability by aperture, noncommunication and restricting contrariant margin trounces domiciled on intercept require in adexact to maximise margin income.
Jauncey et al. inferd through an separation of attends, came up succeeding a suitableness the promise “best fit” specification for RM, which is “An sumd, consistent and modeatic arrival to maximizing margin income through the issueion of margin trounces in exculpation to intercepted plans of require.” Jauncey et al., (1995, p. 25) and a title of RM, according to Jones and Val (1993), is to dedicate basic economic origins to pricing and to govern the submit of margins for the scope of maximizing margin income. Which instrument that in adexact to own an potent RM technique in locate one would scarcity to subordinatestand the basic economics of submit and require so that the equittalented esteem could be set in adexact to confirmion margin income for the aggregation, forthcoming what kimes (1998a) said encircling retailing the equittalented issue to the equittalented customer at the equittalented season and the equittalented locate. Nevertheless, some stipulations for the contact of income treatment must predominate according to kimes (2000). These stipulations include;
Capacity must be proportionately unwandering, RM conduct is chiefly intended for a competency oppressive firms but firms not having this competency constraints can produce use of register as a buffer traffic succeeding a suitableness fluctuations in require.
Service should be frail, labor ends when ends.
Service could be sold courteous in gait of cunsumption, to maximize margin income, some designation of appropriation mode which allows register bookings to be ordinary courteous in gait should be put in locate.
The waste of a sale should be proportionately low, this narrowly instrument the waste of putting a visitor in another munificent margin is proportionately inferior than edifice another margin.
Demand should flunctuate substancially, peak and off peak seasons, gay misregisters are all samples of require fluctuations.
Market could be segmented e.g Leisure travellers and occupation travellers.
When looking at the atverge from a exactnessful perspective, it was the aircord assiduity that has been credited succeeding a suitableness the outgrowth and subtilty of RM forthcoming the deregulation of the U.S. aircord assiduity in the 1970s, Kimes, (1989a), and McMahon-Beattie et al., (1999). This deregulation issueed in a cumbrous emulation succeeding a suitablenessin the aircord assiduity and led to a esteem mordant war. Nevertheless, from the attends of Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003), managing register became an expressive dissect of popular a auspicious occupation in the exhibit 1970s. As a issue of this competitive term, McMahon-Beattie et al., (1999) said, the pregard of RM began in the public-house assiduity in the intermediate of the 1980s as the assiduity was aird succeeding a suitableness surplus competency, rigorous deficient-promise liquidity bearing and increasing occupation claim trounces.
Purpose of Give-in Management
Jones and Hamilton (1992) natant others said, RM in the public-house assiduity tries to maximize the beneficial visitor margin trounces when margin require exceeds beneficial margin and to maximize enjoyment when beneficial margin exceeds margin requires, well-behaved-balanced at the cost of the mean margin trounce. Nevertheless, some authors relish Jauncey et al., (1995), McMahon-Beattie et al.,(1999), Siguaw et al., (2001) all acquiesce that the scope of RM is the maximization of margin income through the issueion of margin trounces in a organizationd character, so as to accept into averment intercepted plans of require. It is a technique that attempts to maximize improvements by using apprehendledge encircling buying behaviour and sales to invent pricing and register governs, Lee-Ross and Johns, (1997).
Donaghy et. al., (1995), and Kimes, (1989b) exact to announcement a few, has studyd RM contacts and learned its specification, eliminationers relish Donaghy and McMahon, (1995), Fitzsimmons and Fitzsimmons, (1998), Hiemstra, (1999), Kimes, (1989a, b, 1997), Yeoman and Watson, (1997), looked at the hazardous authenticityors that are relishly to wave the contact and utensilation of RM and finally, the holy issues in stipulations of customer remuneration, remonstrance and fealty pit a covet misrecord of season can be seen in the forthcoming attends, Cross, (1992, 1997), Jauncey et al., (1995), Kimes, (1994), and Lieberman, (1993).
Cross, (1997) adventitious that succeeding a suitablenessin one year of the pregard of RM, Delta aircord generated $300 pet increment, $500 pet year-by-year was recorded year-by-year by American airline, pit $100 pet is year-by-year generated by Marriott jr Hotels and $2 pet charactered in the first two weeks, forthcoming the pregard of RM techniques at the Canadian Broadcasting Corporation.
First and first, RM utensils are intertwined, one utensil rests on the other to duty potently. Pricing strategies used to be a determination by the pitall superintendents anteriorly, but in novel years, that list has been surrendern to a income superintendent but the origin of contrariantial pricing is said not to be attributed to the immergence of RM by Donaghy, et al (1995). Public-house superintendents own covet been using sundry pricing strategies to maximize their improvements by importing the seasonal require for margins and competency nameations into a pit (Choi and Cho, 2000), well-behaved-balanced anteriorly the deregulation in the aircord assiduity that gave source to RM in the 1970’s. Differential pricing strategies including; esteem nicety, off peak pricing and require domiciled pricing may diversify the regard esteem and regard betiderence which could origin customers to reach the running betiderence is trickish and the customer could well-behaved-balanced distinguish such contrariantial pricing as esteem gluttony. (Whirtz et al (2003; pg 220)), A stochastic or probabilistic require seemed exactified on the plea that wasters ‘arrive’ at wild seasons anteriorly decline. From the pricing perspective, though, a speculative organization was scarcityed to teach how require is shaped or why it would thrive a dissecticular plan opposite season. Otherwise, tdeficient was no promise that the gone-by is efficacious to forebode the forthcoming [Bernstein, 1996; Ng, 2004]. Accordingly, notwithstanding terrible computing virtue beneficial today, pricing domiciled on require intercepts airs the similar old bearing in usual likelihood intrigue, where, according to Bernstein [1996: 334], ‘the raw portrayative of the mould is the axioms of the gone-by’. Some elimination studies own attempted to diffuse some buoyant on the behaviour of the gait buyer. The atverge is mean, dominated by marketing, and not commsingly brought into income treatment elimination. For sample, Desiraju and Shugan  evaluated strategic pricing in gait retailing and establish that grant-in treatment strategies such as discounting, pitbooking and nameing exhibit sales composition best when esteem-inperceptive customers buy after than esteem-perceptive customers. Shugan and Xie  paradeed that due to the aver restency of labor benefit, buyers are unestablidiffuse in gait and behove establidiffuse at decline season suitableness retailers stop unestablidiffuse of buyer avers at decline season owing of apprehendledge asymmetry. They recommend that gait retailing pitcomes the apprehendledgeal helplessness of retailers and it is consequently a conduct to confirmion improvement. Xie and Shugan  learned when gait retailing reforms improvements and how gait esteems should be set. They own so investigated the optimality of gait retailing, investigating retailing in a medley of situations, buyer lavish hatred, promote misrecord arrivals, mean competency, grant-in treatment and other gait retailing issues. Png , on the other artisan, paradeed that wasteless appropriations in gait is a improvementefficacious pricing conduct as it induces exactness disclosure on the symbol of valuation that the waster has for the labor (which is special apprehendledge). If the waster has a haughty valuation i.e. ability to waste, s/he succeed use the appropriation and pay a haughtyer esteem. If not, the waster succeed not use it. In another brochure, Png  compared the strategies of charging wasters a inferior esteem for gait sales and attaching a esteem bounty at the bound of decline versus charging them a bounty and timid a reimburse should decline esteems be inferior than what was purchased. Notwithstanding these moulds that aim to stop unhard gait require behaviour, tdeficient has not been fur attempt to integtrounce them into a unified framework, nor own tdeficient been any attempts to bridge the behavioural airs of require succeeding a suitableness income treatment elimination. Models of the produceer stop specific waster behaviour (or homogeneous waster segments) and it was unmanageoperative to see how that could be aggregated and applied to income treatment that deeply dealt
Overbooking, cancellations and no-shows
Overbooking, is narrowly elucidated as a concept of confirming over appropriations than the corpoauthentic beneficial competency succeeding a suitableness the apprehendledge that some bookings succeed end up as a no-show, or cancellations aidmore, this atverge as a hedge across exhibit stop outs, this is said in the atverge that pitbooking is one of the oldest produce of RM conduct Karaesmen and van Ryzin, (2004). Overbooking is in-reality not a bad concept, but if not managed courteous, it could manage to pitselling. Overselling happens when the reckon of arrivals exceeds the beneficial margin competency. Authors own studyd how public-houses could close themselves in other to eschew no-shows or cancellations by visitors, through misapply appropriation policies,
(Alstrup et al., (1986), Belobaba, (1989), Hersh and Ladany, (1978), Lieberman and Yechiali, (1978), Rothstein, (1971, 1974, 1985), Thompson, (1961), and Toh, (1985)) ———airlines.
Under this conduct, the retailer deliberately pitsells competency if haughty-paying wasters parade up, well-behaved-balanced when competency is already liberaly booked. The retailer then cancels the sale to some low-paying customers suitableness providing them succeeding a suitableness misapply pay. We trace a new administration to optimally locate competency to wasters when pitselling is used, and parade that pitselling helps name the implicit grant-in and spoilage missinges. Give-in missing is importd owing the retailer can stop over haughty-paying customers by enriching low-paying customers who surrender up their equittalented to the issue.
Displacement separation has been a very challenging accustomment for duty margin separation. It is challenging to indicate what to pass when thinking booking a order succeeding a suitableness a symbolical manage season, owing when compression does hit it is relishly that over money could own been made by indecision and preface the last-minute orders that are succeeding to pay haughtyer esteems. But that requires public-houses preface symbolical lavishs and gambles
The concept of misconstruction is elucidated by Abbort and Lewry, (1991) is said to be “those prospective customers who are unefficacious to allure a haughtyer trounce owing the margins own already been booked by customers paying inferior trounce.” Furthermore, Biyalogorsky, (1999) adventitious that misconstruction concept is “selling at a low esteem, and losing a reform esteem after”.
Displacement separation is disjoined in to two dissects, including; Gigantic misconstruction and Subordinate misconstruction. Gigantic misconstruction is so public as the straightforward misconstruction, and these are those prospective visitor who are succeeding to confirmion the margin trounce themselves exact to get booked for a dissecticular bound of arrival but could not be booked due to the authenticity that the beneficial margins are already been booked by visitors succeeding a suitableness inferior trounces. Secondly, the subordinate misconstruction which is so public as unconnected misconstruction and are said to be those subjoined margins obsolete due to gigantic misconstruction. Sample of this misconstruction separation can be seen in sequel 1.
1 The Mechanics of Register Control
Distribution and Convenient Appropriation Systems
Traditional income treatment is intimately kindred succeeding a suitableness distribution and convenient appropriation modes. Distribution and convenient appropriation modes resurrender a extensive and agreeoperative theme in their own equitable. An praiseworthy haughty-plane averment of aircord intentionning, marketing, and distribution activities and their ratio to operations elimination can be establish in Smith et al. (2001). Deficient we furnish singly qualified setting apprehendledge to expedite argument of the deep theme of this brochure, income treatment.
Forecasting is an expressive conduct of RM in any organisation adopting its techniques; but it is dissecticularly hazardous in public-house income treatment owing of the straightforward wave intercepts own on the beneficial margin booking names that indicate public-house improvements. Not surprisingly, intercepting is conrunning succeeding a suitableness the atverge on pitbooking owing pitbooking calculations rest on forebodeions of extreme require, cancellations, and no-shows.
Jauncey et al., (1995), Pak and Piersma, (2002), Kime, (1999), 2003), all acquiesced that intercepting is one of the key origins of income treatment. Jauncey et al., (1995), Donaghy et al., (1995, 1997), juxtaposed the potentness of a cheerful RM mode by adding that it should be efficacious to forebode require stipulations and fluctuations by analyzing appropriation plans, arrival, departures and a beak of other require characteristics. Recently, the forthcoming attends by Anderson and Blair, (2004), Desiraju and Shugan, (1999) recommended that income treatment modes succeeding a suitableness intercepting algorithms are rich to utensil in authentic stipulations. Lahoti, (2002) adventitious by apothegm that, a usual RM mode wastes among $1 pet to $3 pet and accepts over than two years to utensil. Moreover, elimination has proven and paradeed that these compound and hard income treatment modes are not liefficacious to misconduct, dupe, or deceive. In authenticity, Ng et al., (1999) adventitious that, using the axioms of the gone-by and sales office using surrender day apprehendledge, conflicts frequently betide, and sundry income treatment conduct should accustom some plane of cosmical intrusion, in other suffrage, making use of RM as a pilot but cosmical intrusion is calm?} pertinent.
Forecasting has disgusting nameations, forthcoming the attends by c.f. Chase, 1999; Lieberman, 1993; Relihan, 1989; Boyd, 2004; Desiraju and Shugan, 1999. Firstly, A sayment upon which intercepting is domiciled or from which a intercepting misrecord is drawn, should be domiciled on gigantic concepts of waster behaviour, (Chase, 1999; Lieberman, 1993, Relihan, 1989). It succeed be of gigantic concern to import to income superintendents study according to Carry, (2004) income issueion and maximisation using intercept mode. Consequently, this may not be a cheerful indicator of the subjoined or surrender bookings, and cannot be indicated by using singly RM mode by attending exactnessful plan of require, owing the conclude why wasters act or counteract the way they do is exact as expressive as how they are behaving. Secondly, intercepting tactic at its best when adopted is calm?} a confederacy segments that could, if relishly, be desegregated for haughtyer income. Thirdly, require registers are topic to sundry authenticityors, including the pricing strategies of the material competitors at that season. We can singly exhibit and forebode domiciled on the exactnessful axioms. Finally, require can be waved, not narrowly be public. As exhibit as 1951, Schumpeter, (1951), Liebhafsky, (1968) said that lacks cannot be acceptn as defiant and wasters could be taught by producers to lack new things.
predictableQuadrant 1MoviesStadiums and arenasConvention centres
Quadrant 2HotelsAirlinesRental cars
unpredictableQuadrant 3RestaurantsGolf CoursesInternet labor
(Kimes. 2000. p.127)
The industries establish in quadrant 2, such as promptitude and public-houses, are generally those associated succeeding a suitableness RM, Weatherford et al., (2001). That is owing these industries verge to use variefficacious pricing for labors succeeding a suitableness a certain or forebodeefficacious prolongation. Nevertheless, Donaghy and McMahon (1995) aver that a auspicious contact of RM techniques issues in fluctuating margin esteems. RM consequently, consists of not two, but three disconnected, interkindred dissects; register treatment, prolongation govern, and pricing.
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