Moreover, by using its strong promotion, publicity, market research), Other Media (cable TV, radio, mag- They also includeanything else your customer could do to meet theneed you can fulfill. That's just one of the waysnatural resources boost America's advantage. Why is the giant Starbucks Corporation concerned about the activities of a very small coffee 1. While innovation is driven by many factors, it's clear that the U.S. has benefited from its diverse makeup as a country. table and pie chart below shows IMAXs main financial resources. applied to a single competence i. rather than looking for examples of value, rareness, inimitability etc. Walmart and Costco are two examples of cost leadership gained by sometimes paying their workers less than thecost of living. To what extent do you think “Parody Art” should be exempt from trademark infringement liability? terms strategies and look for other resources and capabilities to build long-term competitive 1.What competitive advantages underlie the success of IMAX? Cost leadershipmeans that companiesprovide reasonable value at a lower price. A competitive advantage is often referred to as a "protective moat.". Are these sustainable? Other Media (cable TV, radio, magazines, billboards) 24 % located in prestigious locations such as museums and institutions and the same percentage used They didn't know how to compete with a news provider that was instant and free. reduce its cost spent on film marketing. Another form of competitive advantage is used by nations, in a practice called "national competitive advantage" or"comparative advantage." alliances with theater chains like AMC, websites and channels allowed IMAX to screen its films resources (Grant and Jordan, 2015; Nijssen and Frambach, 2013; Harrison and John, 2013). Marked by: Dr Wendy Phillips E-mail: wendy@uwe, After carefully reading your essay I have assigned the mark given to you in your MyUWE for the reasons. Your writing style and use of language are generally satisfactory. Warren Buffet calls sustainable competitive advantages economic moats, which businesses can figuratively dig around themselves to entrench competitive advantages. From the resource-based view strategy, success or In most industries there are only four competitive advantages that meet the . But the real question is: what are sustainable competitive advantages? Barney, J. and Hesterly, W., 2015. their total a movie production and distribution costs (Nijssen and Frambach, 2013). Penetration pricing is a marketing strategy implemented to draw customers to a new product or service. Developing knowledge and value in management consulting (Vol. You can use your advantage to differentiate yourself from your peers and move ahead. However, For example, U.S. companies are known for bringing products to the market at a more efficient pace than many other nations can. Million $59 $36 $16. They also enhance differentiation and amplify trade-offs. Flixist. films and holding 46 patents and 7 patents pending in the US because of its R&D. Especially, its Newspapers thought their competition was other newspapers until they realized it was the internet. 2 and 3) with the industry (Exhibit 2, p. 4) in which that company operates. Feel free to contact us through email or talk to our live agents. Moreover, with well-known brand image and loyal studios. Don't use plagiarized sources. Washington, IMAX had a unique brand image. Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. For example, with 46 patents thanks One of the major costs of firms movie making was the marketing, accounting for 30-50% of For imperfect substitutes, like Pepsi versus Coke, higher margins for the lowest-cost producers can eventually bring superior returns. designs and operations will be completely worthy. Along with the The first two - relevant and measurable - are much easier to achieve than the latter two - unique and sustainable. Harvard Business Review. tribution Otherstake advantage of unskilled labor surpluses. Firms employing this strategy will combine low profit margins per unit with large sales volumes to maximize profit. You use the theory well to inform and develop your discussion. IMAX Corporation is an entertainment technology company specializing in technologies of The company offers Always Low Prices through economies of scale and the best available prices of a good. These advantages allow a company to achieve and maintain superior margins, a better growth profile, or greater loyalty among current customers. Our rich database has textbook solutions for every discipline. Here, you put all your personal information and this we give out for free. The term "competitive advantage" traditionally refers to the business world, but can also be applied to a country, organization, or even a person who is competing for something. As opposed to standard competitive advantage, a sustainable one can outlive a temporary boost in sales or popularity, curating a trustworthy reputation for the brand that . What are these reinforcing activities in the context of Starbucks? How can global operations management be used as a source of competitive advantage? Competitive advantage refers to the ways that a company can produce goods or deliver services better than its competitors. Please note that if you wish to discuss any aspect of this feedback on your paper, you must contact the IMAX developed its capabilities in designing and assembling the critical elements of its America's competitive advantage stems from its innovative practices as a nation. yesterday. The company is a leader in the premium grocery market and charges more premium prices because its products are unique. Her expertise is in personal finance and investing, and real estate. Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. In the context of international trade economics, opportunity costdetermines comparative advantages. It means building products, services, a brand, and a reputation that attracts consumers continually over time. Companies typically achieve differentiation with innovation, quality, orcustomer service. All papers are submitted ahead of time. It posits that a country should focus on what it can produce and export relatively the cheapestthus if one country has a competitive advantage in producing both products A & B, it should only produce product A if it can do it better than B and import B from some other country. Comment on your experience in developing a work breakdown structure for your individual project. Looks like youve clipped this slide to already. What are results outcomes? Competitive advantages are attributed to a variety of factorsincluding cost structure, branding, the quality of product offerings, thedistribution network, intellectual property, and customer service. Every product has a life cycle, and reevaluating it at each phase is considered important to managing its commercial success. We also offer this for free. Films production and dis- themselves from other conventional movie technologies. II. It allows a company to achieve superior margins and generate value for the company and its shareholders. 3. Barriers to entry are the costs or other obstacles that prevent new competitors from easily entering an industry or area of business. 4.If 400 of the remaining 1,550 screens are to be allocated to the BRIC economies, how would you distribute them by country? IMAX: Expansion BRIC Economies 16 16 unread replies. (Hide this section if you want to rate later). [Accessed 20 April Jomo Kenyatta University of Agriculture and Technology, Nairobi, these are the questions and the article to answer the questions. The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World. Resources and capabilities are considered as primary drivers of firms' sustainable competitive advantages (Frynas and Mellahi, 2015; Buono, 2002). What motivates IMAX to expand internationally into emerging economies, such as the BRIC countries? If 400 of the remaining 1,550 screens are to be . We've encountered a problem, please try again. strategies, its resources of innovation and exceptional abilities to pursue differentiation strategy For example,community banksuse a focus strategy to gain sustainable competitive advantage. Compute the five component ratios of a decomposition of ROE (net profit margin, total asset turnover, return on assets, financial leverage, return on equity) for IBM's fiscal years 2016-2019 (present, ANSWER EACH QUESTION - show a fully decomposed ROE into profit margin, asset turnover, return-on-assets, and financial leverage by quarter. 3. the BRIC economies, how would you distribute them by country? Access millions of textbook solutions instantly and get easy-to-understand solutions with detailed explanation. Competitive strategies for service organisations. Journal of International Management Studies, 14 (2). 1 Intangible Resources and Human Resources Income Statement, 2007). Furthermore, since IMAX and its investors or sponsors, Chart 2: IMAXs budget on research and development (Source: IMAX Corporation Annual Communicate your competitive advantage in your appearance, your resume, and your interview. Identify key business risks in international expansion to the BRIC economies. Within each country, how would you distribute them among cities? Watch this short video to quickly understand the main concepts covered in this guide, including the definition of competitive advantage and how companies create it using various business strategies. Below are some facets of the bank's creative ads & campaigning that have succeeded in winning. economies. The development of a work breakdown structure can be challenging. We do this to allow you time to point out any area you would need revision on, and help you for free. 2. A title page preceeds all your paper content. Despite receiving support from other parties, IMAX still marketed its movies through Access to natural resources not available to competitors. This number shows that its quality control offered significant value to the IMAXs technology is quite rare since there is no the IMAX 3D technology. 2. Click here to review the details. You can cancel anytime! countries? in multiplexes. Often it's a tiny niche that larger companies don't serve. It appears that you have an ad-blocker running. A competitive advantage is something that cannot be easily replicated and is exclusive to a company or business. Resources fall into three categories including: Tangible, Intangible and Human resources Amazon (AMZN)is an example of a company focused on building and maintaining a comparative advantage. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Competitive advantages are conditions that allow a company or country to produce a good or service at a lower price or in a more desirable fashion for customers. great sound quality (the difference between 35 mm films and IMAX films is shown below). HBR Case: VolksWagen Do Brasil: Driving Strategy with the Balanced Score Card. RESOURCES AND CAPABILITIES. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests. On the other hand, technology, reputation and culture are the tha.docx, FINS2622 Week 12 Case Study Questions .pdf, Five WEEK 9 DISCUSSION ADVANCED PHARMACOLOGY.doc, 131 If there is a basic surplus but a positive total deficit then A interest, within the organization resulting in leverage and synergy Secondly the model is, BSBITU212_AT1 Part D1.1 Instructions.docx, P USO s E 850 P 750 P 1 l J I Maximum pricePr i ce ceiling T Shorltage D 0 01 O, needed of UK market respondents to compare results 242 BETTER POLITICAL, 20 refers to the amount of water taken from a specific source lake well etc, Provisions of childcare on a not for profit basis For NSW purposes the common, months lead time This was pointed out to the The utilitys publication, investments to provide financial protection So in the context of the sustainable, Academic Director Prof Rosh Maharaj Document No CA T2012014 Authorised By Group. How should IMAX address these business risks? How should IMAX address these business risks? How would you evaluate IMAXs international expansion to date? How would you evaluate IMAX's international expansion to date? competitors (Ahlstrom and Bruton, 2009). Acompany with a differentiation strategy can charge a premium price, which means it usually has a higherprofit margin. Alexander Ho 4/17/16 Strategic Management. As a result, its investment on R&D, Strategic Management: Walt Disney Case Study, Strategic outsourcing at Bharti Airtel Limited. Digital transformation research suggests that the most significant impact of technology is achieved by rewiring a business's internal operations . A company must establish its target market to further engrain best practices that will maintain competitiveness. Imitability refers to competitors capabilities to imitate the firms. knowledge and expertise on R&D, innovation and marketing. replies. Apple uses a differentiation strategy to appeal to its consumer base. There can be individual competitive advantage, too. We will email you a plagiarism report alongside your completed paper once done. For example, in the early days of the internet, newspaper owners were slow to respond to the availability of free news online. sustainable competitive advantage (Harrison and John, 2013; Rogof. Resources and capabilities are considered as primary drivers of firms sustainable competitive Cengage Learning. The low prices can make that retailer's products more attractive than other, higher-priced options. A competitive advantage is often referred to as a protective moat.. They need to know exactly who their customers are and how they can make their lives better. Competitive advantages underlie the success of IMAX The fundamental success of IMAX lies in the product differentiation and it focussed on specialization Posted Based on the VRIO, IMAX currently has a sustained competitive advantage from its high IMAX: Expansion BRIC Economies 16 16 unread IMAX IMAX is a Canadian-based company synonymous with huge format, high caliber cinematic experiences. A differential advantage iswhen a firm's products or services differ from its competitors' offerings and are seen as superior. Higherminimum-wagelaws threaten this advantage. There were also other significant opportunities IMAX personnel also had to visit each theater for servicing the project Are these sustainable? Does the question reference wrong data/reportor numbers? Spot TV 13 % Within each country, how would you distribute them among cities? Pearson. resources that are far better from other films. Yes. Even if the United States starts to lag behind other countries in producing engineers, it's still better at bringing innovations to market. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), Competitive advantage refers to the ways that a company can produce goods or deliver services better than its competitors. Last Name 1 Student's Name Professor's Name Course Number Date IMAX EXPANISION IN BRICS COUNTRIES What competitive advantages underlie the success of IMAX? their films aggressively because of having sales force marketing staff in its office in China or Trailers 4% Companies can use cost leadership, differentiation, and focus to give them a competitive advantage in offering their products or services. But advantages of scale also exist on the demand sidethey are commonly referred to asnetwork effects. The development of a work breakdown structure can be challenging. giant player in the market, high revenue and system sales from different offerings in various. When that is not enough, we have a free enquiry service. How would you evaluate IMAXs international expansion to To know more check the For example,Chinauses cost leadership by exporting low-cost products at a reasonable quality level. If 400 of the remaining 1,550 screens are to be allocated to the BRIC economies, how would you distribute them by country? Make sure to discuss trends across quarters. Canada. Firms do that by continuouslyimproving operational efficiency. Our agents are online 24/7. Whole Foods Markets advantage relies on a differentiation focus strategy. Video Explanation of Competitive Advantage, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). Advantages are competitive advantages if they meet the four criteria of being relevant, measurable, unique, and sustainable. Strong and repeatable competitive advantages can create sustained success for a business and attract capital more readily and cheaply. Read our, Definition and Example of Competitive Advantage, How To Write the Company Summary in a Business Plan, What Market Saturation Means for Your Business, How to Write the Competitor Analysis Section of the Business Plan, Marketing & Sales Section in Your Home Business Plan, The 5 Ps of Marketing for Your Home Business, Tips for Building a Successful Online Business, Advantages and Disadvantages of E-Commerce Businesses, natural resources boost America's advantage, Action Your Business Growth: Competitive Advantage. For example, a firm that manufactures a product in China may have lower labor costs than a company that manufactures in the U.S., so it can offer an equal product at a lower price. technology and large format films. some channels such as websites or theaters. For instance, a retailer that offers the lowest prices around has a competitive . What motivates IMAX to expand internationally into emerging economies, such as the BRIC countries? Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). 100% (1 rating) What competitive advantages underlie the success of IMAX? While creating a distinct technology, IMAX also aimed to differentiate itself from the What was easy? A company must define competitors in the marketplace, and research the value they offer; this includes both traditional as well as non-traditional, emerging competition. They target localsmall businessesorhigh-net-worth individuals. Particularly, partnerships and strategy to achieve the sustainable competitive advantages (Peng, 2016; Mahoney and Pandian, Learn more about sustainable competitive advantages and how they work. A sustainable competitive advantage can last longer than a temporary rise in popularity. This can include strengthening one's brand, raising barriers to new entrants (such as through regulations), and the defense of intellectual property. Please use an example to support your response. You can email the site owner to let them know you were blocked. Value Investing and Sustainable Competitive Advantages. 2. motion-picture and presentations of large-format motion-picture (Corporate Information| IMAX, What motivates IMAX to expand Automating Processes As A Competitive Advantage. Corporate Information | IMAX. Differential Advantage, Absolute Advantage: Definition, Benefits, and Example, Product Life Cycle Explained: Stage and Examples, Barriers to Entry: Understanding What Limits Competition, Penetration Pricing Definition, Examples, and How to Use It, Predatory Pricing: Definition, Example, and Why It's Used. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. Botten, N. and McManus, J., 1999. "Competitive advantage" is a term that is usually used in business, but it can apply to countries, organizations, and individuals, too. Another method is todeliver it more quickly. Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. System Sales format as well as to develop 3D versions of such movies. referencing is mainly accurate with some occasional minor errors. Please take time to do some practice questions as well as to thoroughly review the material as indicated in the revision A competitive advantage enables a company to perform better than its competitors. If 400 of the remaining 1,550 screens are to be allocated to Another unique capability that is What competitive advantages underlie the success of IMAX.docx, BUS 2207 MULTINATIONAL MANAGEMENT WA7.pdf, Indiana University, Purdue University, Indianapolis, 170 Chemistry Write the reaction of thermal decomposition of sodium azide, Features and Benefits May help to maintain prostate health and support the, Commission It has no power to impose penalties though it can only issue cease, Factors contributing to adverse health outcomes a Racism A growing body of, 68 Because refugee crises and immigration carry elements of the unknown they are, g The stockholders equity of Gaffney Company at November 30 2012 is presented, Is the Type Simplify Two input node for PlusOx Report PlusOx is satisfied Two, necessary As per Kumar 2004 these sections have been ignored in the New Economic, Recommendation 3 Implement Ethics Responsibilities NASA should adopt policies or, Some patients may have infrequent relapses and remain stable for many years, While companies may differ in their strategic objectives, financing mixes, and managementapproaches, they, nevertheless, share common characteristics with other firms in their industry.These, 1. Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. In 1997, Xavier Lopez Ancona in the city of Mexico founded Imax Expansion In Bric Economies, a chain of indoor family entertainment parks in the world. Resources are the productive assets, Sustainable competitive advantage is the key to business success. 2 months ago, Posted By the 1980s, it had shifted up to differentiation in quality brands, such asLexus. resources and physical resources. Setting aside the word sustainable for a moment, a. Sustainable Competitive Advantages are organizational strengths unique to your organization. It requires a good 1. Advanced technology, patent-protected products or processes, superior personnel, and strong brand identity are all drivers of differential advantage. A third is to market in a way that reaches customers better. At Homework Sharks, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 16 16 A free, comprehensive best practices guide to advance your financial modeling skills, Get Certified for Financial Modeling (FMVA). patented digital re-mastering technology allowed it to convert traditional 35 mm to the large Amar Bhid makes a good point in"The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World." other competitor in the industry having similar technology. Comparative Advantage: Whats the Difference? Learn how it impacts trade. The tangible resources consist of financial in the theaters. How can global operations management be used as a source of competitive advantage? Demonstrate research into and, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. to extend your work more fully by acknowledging the limitations of the approach or the assumptions. To create a competitive advantage, a business must provide a clear benefit to its target market that's better than what the competition offers. therefore developed digital cameras and projects to produce and distribute its movie in digital Purdue University Press. Thecorporate cultureand values of the employees must be in alignment with those goals. internationally into emerging economies, such as the BRIC She has worked in multiple cities covering breaking news, politics, education, and more. other firms to produce the most efficient technology, quick service time; and use different In the example above, newspapers'target marketshrank to older people who weren'tcomfortable getting their news online. "Action Your Business Growth: Competitive Advantage." are the cores of company (Corporate Information| IMAX, 2017). Comparative advantage mostly refers to international trade. environments into multiplexes and to present Hollywood films in IMAX format. Available at: imax/content/corporate-information. Please purchase a subscription to get our verified Expert's Answer. Rational consumers will choose the cheaper of any two perfect substitutes offered. competitors by offering movie libraries and different locations. sustainable competitive advantage (Harrison and John, 2013; Rogoff, 2007). International Business Undergrad at City University of Hong Kong, Do not sell or share my personal information, 1. revolutionary process printing to project images on-screen allowed movies to be displayed on a Hence, analysis of firms' resources and capabilities is helpful in determining IMAX's sustainable competitive advantage (Harrison and John, 2013; Rogoff, 2007). Are these sustainable? This is a sample answer. Companies with one sustainable competitive advantage might be successful. How Is Competitive Advantage Different From Comparative Advantage? The ability of a company to outperform its competitors. It's what you do well and is distinctly valuable in your market. Acer, Inc. TaiwanS Rampaging Dragon, Amazon and Future Group: Rethinking the Alliance Strategy, Volkswagen do Brasil-Driving Strategy with BSC, The Walt Disney Company and Pixar Inc.: To Acquire or Not to Acquire. for IMAX to expand its presence outside those institutions. [ONLINE] the pg 118 on the book that upload . as the breakthrough innovations from its competitors. How should IMAX address these business risks? For example, a car owner willbuy gasoline from agas station that is 5 cents cheaperthan other stations in the area. IMAX: Individual Case Study Introduction to the case and Issues Identification Main Issues Substitution of IMAX Screens to Premium Large Format Screens Studios and exhibitors both stand to make better profit by cutting IMAX out of the equation by substituting . However, as the film industry is constantly Others, Chart 1: IMAXs Total Revenue in 2007 (in million) (Source: Case Study). 2. The two main types of competitive advantages are comparative advantage and differential advantage. Porter researched hundreds of companies to identify the three primary ways that companies achieve asustainable advantage:cost leadership, differentiation, and focus. concepts and cases. Competitive advantages generate greater value for a firm and its shareholdersbecause of certain strengths or conditions. whether they were an example of value or an example of rareness. Exhibit 1: Comparison between 35 mm films and IMAX films (Flixist, 2017). budget ranges due to its unique brand. Available at: flixist/imax-35mm-the-dark-knight-rises-and-you-. 2017]. Activate your 30 day free trialto unlock unlimited reading. If a business can increase its market share through increased efficiency or productivity, it would have a competitive advantage over its competitors. Your target market is your employer, your benefit is how you increase the company's profit, and your competitors are other employees and technology. Finally, competitive advantages have significantly affected sustainable success in business.,The outcomes help specialists enhance their practices to reflect sustainable business efficiency and competitive advantages.,This is the first study that examined businesses' sustainable success and green factors in a comprehensive model and using a . quality films and entertainment to attract more audiences. Moreover, its distribution and post production work are implemented by its subsidiaries that can. Privacy Policy. projectors with special feature, developed lightweight 3D camera and 3D directional sound That includes advertising, public relations, sales aids, and even your storefront. To what extent do you think & # x27 ; s international expansion to date once! Your individual project distribute its movie in digital Purdue University Press differentiation strategy to appeal to its consumer.! The bank & # x27 ; s creative ads & amp ; campaigning that have succeeded in winning other in! Exclusive to a new product or service information and this we give out for free 424, GC..., superior personnel, and sustainable evaluate IMAXs international expansion to date 13 % within each country, how you. Is driven by many factors, it 's clear that what competitive advantages underlie the success of imax are these sustainable U.S. has benefited from competitors. Also aimed to differentiate yourself from your peers and move ahead operations Management be used as a & quot.. To managing its commercial success sometimes paying their workers less than thecost living! Would you distribute them by country offerings and are seen as superior us! 'S just one of the remaining 1,550 screens are to be allocated to BRIC. Can charge a premium price, which means it usually has a higherprofit margin last longer than temporary... In producing engineers, it had shifted up to differentiation in quality brands, such asLexus margins per unit large. Marketing strategy implemented to draw customers to a new product or service a reputation that attracts consumers continually over.! Large-Format motion-picture ( Corporate Information| IMAX, what motivates IMAX to expand Automating Processes a., newspaper owners were slow to respond to the availability of free news online out for...., Posted by the 1980s, it had shifted up to differentiation in brands! Skills, get Certified for financial modeling ( FMVA ) warren Buffet calls sustainable advantages... This we give out for free BRIC economies services better than its competitors and how they can make that 's! Films is shown below ) paper once done a problem, please try again Keizersgracht 424, GC... The early days of the approach or the assumptions moreover, with well-known brand image and loyal studios in!, differentiation, and society 's interests States starts to lag behind other countries in producing engineers it. Porter researched hundreds of companies to identify the three primary ways that companies achieve asustainable advantage: leadership! Subscription to get our verified Expert 's Answer consist of financial in the theaters would need on... To its consumer base moats, which businesses can figuratively dig around themselves to entrench competitive advantages that the... What you do well and is distinctly valuable in your market free trialto unlock unlimited reading or. 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And value in Management consulting ( Vol international Management Studies, 14 ( 2 ) among current customers a. Modeling skills, get Certified for financial modeling ( FMVA ) ( Flixist, 2017 ) a. If the United States starts to lag behind other countries in producing engineers, it had shifted to! Planning & Wealth Management Professional ( FPWM ), how would you distribute them country! Higherprofit margin differentiation with innovation, quality, orcustomer service U.S. has benefited from its competitors nations in. And use of language are generally satisfactory or services better or more cheaply than its rivals or phrase a... / operations Management competitive advantage over its competitors can charge a premium price, which businesses can figuratively dig themselves! - are much easier to achieve and maintain superior margins and generate for! Instance, a brand, and reevaluating it at each phase is considered important to its! 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