Hasbro+Paper

Introduction Three brothers, Henry, Hilal, and Hassenfeld, created Hassenfeld Brothers in 1923 as a textile company. Over the next twenty years, the business produced school supplies and doctor and nurse kits. George Lerner sold a toy called Mr. Potato Head to Hassenfeld brothers in 1952, giving them their first toy product. In the 1960s, they produced their first toy into the market which was the G.I. Joe, which was aimed towards the boys market because playing with an action figure was better then playing with dolls. In 1968, they shortened their name to Hasbro Industries.

Hasbro made a big boom into the toy market in the 1980s. They made a big hit in the toy market by producing My Little Pony. In 1984, Hasbro bought Milton Bradley Company, which brought boards games into Hasbro’s market mix. The board games that came with Milton at this time were the following: Game of Life, Yahtzee, Candy Land, and Twister. The creation of the Transformer toy added to the success of Hasbro during this time. They also purchased Playskool in 1986. Another big addition was made to Hasbro in 1991 with the purchase of Parker Brothers which at that time, had the best selling board game, Monopoly, added into Hasbro Industries.

Hasbro Industries, whose headquarters are located in Pawtucket, Rhode Island, is the parent company of several subsidiaries. A few of the commonly known subsidiaries the Hasbro owns are listed as follows: Kenner, Avalon Hill, Playskool, Parker Brothers, Milton Bradley, and Tonka. Hasbro has toys and games focused on different demographics. The toys we would know of more are the following: Cabbage Patch Kids, Lincoln Logs, NERF, Pokémon, Star Wars, Transformers, Play-Doh, Mr. Potato Head, and Easy-Bake Oven. Hasbro is the number one producer of board games, and their better known games are as follows: Battleship, Candy Land, Clue, The Game of Life, Monopoly, Risk, Trivial Pursuit, and Scrabble. In the past couple years, Hasbro has been using some of its more known toys and making films about these. The toy line movies created so far have been Transformers and G.I. Joe.

Hasbro’s mission and vision statement is as follows, “The heart of Hasbro’s business is making great games, toys, lifestyle, and entertainment products that are enjoyed by people of all ages worldwide. Hasbro intends to be the number-one company in the toy and game industry; the leading provider of play; and the number-one marketer, pioneer and partner in all channels and all customers (//Corporate Information, 2009).//”

There are some key issues that Hasbro, Inc., needs to address in order to keep its success. Hasbro’s key issue dealing with the external portion of the corporation is how to improve their competitiveness and market share with Mattel, who is the top holder of the market in the toy and gaming industry. Another issue that Hasbro faces with its business strategy is that the majority of their business is seasonal, with them depending on the holiday season for a majority of their sales. An issue that Hasbro currently faces is the being able to competitive in a struggling economy for non-essential items. Hasbro’s internal issues it to be able to stay innovative in a competitive industry.

External Analysis From third quarter results in 2009, Mattel recorded higher revenues than Hasbro, at $1.79 billion and $1.28 billion respectively. From looking at pure numbers alone, it seems Mattel has won the battle in selling toys, however, Mattel’s revenues have decreased 8% from last year while Hasbro’s revenues have decreased only 2% (THE MOTLEY FOOL.COM). Besides the two main players discussed, Hasbro and Mattel, companies in the toys and games industry include: Leapfrog Enterprises, JAKKS Pacific, Inc., and LEGO. Firms in the toys and games industry produce a wide variety of products for consumers. The variety includes: action figures, collectibles, board games, electronic games, dolls, plush toys and educational toys.

To compete effectively in this industry, a firm must be innovative, and have the ability to be in touch with what children and parents desire. Since every company experiences toys and games that do not meet expectations, the firms in this industry have relied on licensed characters from television shows, movies, and books in order to exploit their greatest chance at success. Examples of these popular characters are: Star Wars, Sponge Bob, Transformers, and Harry Potter ([]).

Demographic changes have influenced this industry because the age range of products has expanded. Parents are eager to start their child's learning process at an early age. Educational toys are being produced by the companies in the toys and games industry to introduce social development, learning of language and math skills and even a second language at an early age. The educational toys segment of the industry is flower amidst all the weeds in the garden; it is growing and is advancing near 3 billion dollars in annual sales (http://hbswk.hbs.edu/archive/4035.html). Since educational products for the infants and preschools are increasing in demand, all the big players in this industry are creating product lines - Mattel has Fisher Price and Hasbro has PlaySkool. LeapFrog is a unique company that came through the cracks to be one of the largest companies in the toys and games industry, behind Mattel and Hasbro. According to Harvard Business School, LeapFrog may have even created the craze for the educational product segment with the development of their LeapPad system which they term a smart toy.(Harvard Business School). Since learning is such a significant part in everyday life, parents are infatuated with the initiative of developing their child's learning skills and abilities as early as possible. Why not begin the learning stage at the earliest age possible, especially when the educational toys are attractive and fun for children.

Technology has played a large role in the toys and games industry because electronic toys are becoming more and more popular. Video games, internet gaming, and computer games are not considered a part of the toys and games industry and their large scale expansion and popularity have influenced this industry negatively. To fight off this negative impact, Hasbro has created "Family Game Night" which aims to bring families together for good old fashioned fun. "Hasbro challenges American families to pause from hectic schedules and take part in an evening of game play to reconnect and reenergize relationships" (Hasbro.com). Technological changes also have positively influenced the industry. Technological updates are revamping the toys we all know and love to create a new buzz about our favorite traditional games. Examples of such toys and games are: Monopoly Electronic Banking, Clue, Nerf game for the Wii, Scrabble, Risk mobile game and a number of Transformers toys.

Porter’s Five Forces Model is a helpful tool when analyzing the external environment in a given industry and can help managers with formulating strategies. The first force, risk of entry by potential competitors, is relatively low in the toys and games industry because the industry is consolidated. The main players in the toys and games industry are: Mattel, Hasbro, JAKKS, and Leapfrog. These companies experience cost reductions due to economies of scale because they are able to purchase raw materials in bulk, and spread fixed costs over a large volume of products. Companies in the toys and game industry experience brand loyalty because their target market, children, love their characters; while they may not recognize the actual brand, children recognize products like Barbie, Transformers, Monopoly, which makes it difficult for companies to enter into the market. However, in very rare instances, a company may be able to enter into this market by taking advantage of an opportunity within the industry by exploiting it and fulfilling customers' needs. In particular, I am referring to LeapFrog which stunned the toys and games industry by developing educational products which acted as a catalyst for that segment of the industry. Overall, the risk of entry by potential competitors is low, on the other hand, in uncommon instances; the industry can be entered and modified when companies are not fulfilling customers' needs.

The second force, rivalry among established companies is high due to the fact that the competitive structure of the toys and games industry is consolidated. When an industry is consolidated, it means the industry is large and dominated by only a small number of companies. Demand within an industry is another factor in concluding to the rivalry among established companies. When demand is high, market share can be spread out among all companies, but when industry demand is low, companies must compete and struggle for market share.

The Bargaining Power of Buyers in the toys and games industry is low. The large retail stores like Toys R Us, Wal-Mart, Meijer, and Target are the buyers in this industry, not end consumers. The bargaining power of buyers is low because there are so many different channels of distribution for companies in the industry. For example, if Meijer refuses to carry a product due to the fact that Hasbro is charging a high price, Hasbro has the ability to keep the same price and charge it to every other retailer who desires the product. After all, end consumers (children and parents) demand specific products and if Meijer is not willing to carry them, end consumers have a variety of other retail stores to purchase from.

Since suppliers to the companies in the toys and games industry do not have a vital component, they do not have much bargaining power. The major materials used in products created by firms in the toys and games industry are plastic and paper. Since these materials can be obtained easily, one may think Hasbro would not feel pressure from suppliers, but the mere fact that Hasbro depends heavily on these materials means any price increase will be strongly felt by the company's bottom line.

The threat for substitute products in this industry is strong and apparent. Toys and games are goods used for entertainment purposes and the amount of different ways people entertain themselves is abundant! Instead of buying Barbie dolls, Scene It, Uno, and Marvel action figures, consumers may choose forms of entertainment such as playing outdoors, playing sports, going to the movie theatre, and completing jigsaw puzzles. Due to the fact that there are so many outlets and varieties of entertainment, besides toys and games, the threat for substitutes in this industry is high.

Internal Analysis
 * History & Products**

Hasbro was started in Providence, Rhode Island in 1923 by Henry, Hilal, and Herman Hassenfeld. The three brothers originally worked with textile remnants and soon began to manufacture pencil-box covers and pencil cases, eventually becoming Hassenfeld Brothers Incorporated in 1926. Henry Hassenfeld took over the company. In 1935, it was his decision for the company to begin manufacturing pencils, and it continued in that market for 45 years. In the late 1930s, Hassenfeld Brothers began to manufacture toys. It seemed to be a natural compliment of its school supplies. The first toys were doctors’ kits and modeling clay and by 1942 the company had focused on toys. The company started to produce plastics due to World War II. Henry Hassenfeld became CEO in 1943, after the death of Hilal, and Henry’s son, Merrill, was named as President. After the war, the company created a make-up kit for young girls and in 1952 introduced Mr. Potato Head. It was important as it was the first toy advertised on television. Hassenfeld Brothers became licensed to sell Disney characters in 1954, and by 1960 was on of the largest toy companies in the nation. Henry Hassenfeld passed away in 1960, allowing Merrill to take over the company. Henry’s other son, Harold, took control of the pencil-making unit. In 1961 the company expanded to form Hassenfeld Brothers (Canada) Ltd. In 1963, G.I. Joe was created based on a television show idea, and the first action figure appeared on shelves in 1964. In 1968 the company changed its named to Hasbro Industries and went public, with a small stock offering. However, most of the stock was still held by the Hassenfeld family. It also acquired Playskool Manufacturing, noted for its preschool toys.

The last years of the 1960s were hard, with a strike, problems with suppliers, and a $1 million loss. Another disappointment was the 1970 creation of Romper Room nursery schools, based on the popular TV show. The venture lasted only five years after facing many problems. One other famous problem that company dealt with in the 1970s was the Javelin Darts set, which the government declared unsafe. Merrill Hassenfeld was named CEO in 1974, and his son, Stephen D. Hassenfeld was named as President, continuing the family ownership tradition. In 1977, the company was licensed for Peanuts cartoons products, but still had a $2.5 million loss. Merrill passed away in 1979. In 1980, after management issues, Hasbro’s pencil manufacturing became Empire Pencil, one of the nation’s largest pencil manufacturers, with Harold Hassenfeld leaving Hasbro. Stephen Hassenfeld then was named CEO and chairman of the board. His first duties were dealing with the tough economic status and poor company performance. Due to high oil prices which increased the cost of plastic, the company had been discontinued G.I. Joe in 1975, only to return in 1982 with a new look and mission. In 1984, Transformers were introduced, along with an animated TV show. The company also decided to focus on conservative, classic products with low costs and longer sales periods.

The company acquired a manufacturer of infant products and Knickerbocker Toy Company, who made Raggedy Ann and Raggedy Andy, in 1983. Soon after, Hasbro was the sixth best selling toy manufacturer. Revenues were $225.4 million, with profits totaling $15.2 million. In 1984, Hasbro acquired Milton Bradley, the company responsible for several board games, including the Game of Life, Monopoly, Concentration, Twister, and the Playskool brand. The company was now Hasbro Bradley Incorporated. With this merger, Hasbro became the largest toy company in the world by the middle of the decade, beating out Mattel. However, although the company made many attempts, it was never able to create a doll that would compete with Mattel’s popular Barbie. Also in 1984, the company faced a failed hostile takeover attempt from a British company. After the takeover attempt, Stephen Hassenfeld stepped down as President, allowing his brother, Alan, to take over that role. They acquired Coleco Industries in 1989, owner of Cabbage Patch Kids, Scrabble, and Parcheesi.

In 1991, company President Alan Hassenfeld became chairman and CEO, after the 1989 death of Stephen. Alan focused on acquisition and international sales. The company acquired Tonka Corp and Parker Brothers. The company also expanded overseas, with operations in Greece, Hungary, Mexico, and Southeast Asia. By 1995, Hasbro had more than $1.28 billion in international sales, and almost 45 percent of total sales with international. The company faced losses in the domestic markets, though, with failed launches tied to movies and TV shows, and faced reorganization in 1994. In 1995, after staying out of the virtual game industry for years, the company released its first interactive game. Also in 1995, the company turned down a merger proposal with Mattel.

In 1998, Hasbro acquired Avalon Hill and Tiger Electronics. In 1999, it acquired Wizards of the Coast, owners of Magic: the Gathering, and Dungeons and Dragons. In 2003, Alfred Verrecchia was named President and CEO. In 2008, Hasbro acquired Cranium, Inc. Several of Hasbro’s game offerings have been named one of the 50 most influential games. Also in 2008, Brian Goldner, the COO since 2006, was named as the President and CEO of Hasbro and Verrecchia became the Chairman of the Board (“Forbes.com”).


 * Management & Culture**

Although created as a private company, Hasbro is now publicly owned. While a private company, Hassenfeld Brothers was primarily ran by family members and close employees. In fact, the first eight employees were family, and many of the family members made decisions regarding new products and ideas throughout the company’s history.

Throughout the company’s history, innovation and professionalism have been prevalent parts of its culture. Due to the quickly changing and highly competitive toy industry, innovation is an important quality in design and production. Therefore, the company strongly encourages creativity in its employees and work environment. It also focuses on community involvement, and has partnerships with several different charities and foundations, including the Hasbrol Children’s Foundation and the Hasbro Charitable Trust (“Hasbro.com”).

The company’s strategy involves continual innovation and differentiation to make the brand the industry leader. Innovation is, again, the most important aspect of the business. By developing new products or building on the brand recognition and customer loyalty to develop new variations of classic products, the company can increase its growth and demand. Through differentiation of products, Hasbro can target a wide audience and multiple consumer groups, from very young children to mature adults. Part of the company’s success is the ability to create new products, to grow the brands and continue to appeal to a wide audience.


 * Which functional areas within the firm are particularly strong and which are particularly weak? Why?**
 * Competitive Advantages**

One of the firm’s competitive advantages is its alliances and licensing agreements. Some partners are Marvel and Electronic Arts (“Hasbro.com”). Together, the companies help create games, action figures, and other joint projects that help promote and compliment each other. These agreements have helped the company weather the poor economy and may push sales above expectations in the future. They allow Hasbro to hold exclusive rights to producing certain products and product lines, most of which are extremely popular and profitable. These partnerships and agreements can be sustainable and can represent growth for the company and stability during rough economic years.

Brand recognition and brand loyalty are two important assets to the company’s success. Because consumers know and associate the Hasbro name and its brands and products with quality, fun entertainment, they will have more confidence in the company and its future products. The company can use this to increase revenue in the future.

Another competitive advantage could come in the form of the company’s vision and leadership. On the website, Hasbro states its mission statement. It reads, “ The heart of Hasbro’s business is making great games, toys, lifestyle and entertainment products that are enjoyed by people of all ages worldwide. Hasbro intends to be the number-one company in the toy and game industry; the leading provider of play; and the number-one marketer, pioneer and partner in all channels and all customers”. The CEO, Brian Goldner, is working towards innovation and reinvention for the growth of the company, to encourage the creation of new, fresh, fun toys and games.


 * Company Health**

Throughout the 2009 business year, Hasbro has been a strong competitor in the toy market and continues to lead the market. Many of its competitors have faced large losses in the slow economy and reduced consumer spending. However, because of several lines, including Transformers 2, Wolverine, and G.I. Joe, Hasbro has a strong hold on the market. It has faced problems in the highly competitive industry. In 2007, the earnings per share was $2.05 and is expected to be less by the end of 2009 (Sushinsky). It is expected to increase in the next few years, however, and sales are expected to increase to over $4 billion. Also, the company was able to reduce its debt by 23% and increase net earnings by over $100,000 over the past few years. The company has is financially sound due to these factors.


 * Non-financial Performance**

Hasbro is interested in the safety and well-being of the children who enjoy their products. Social responsibility is prevalent throughout the organization, starting with the CEO who acts as the lead of the company’s social responsibility committee. The Corporate Code of Conduct states that “Hasbro has a long-standing commitment to conducting business in a manner which complies with the highest legal and ethical standards. Compliance and ethical behavior are core values of the Company, and are reinforced by regular communications from the Chief Executive Officer and other senior officials.” The company issues a Guide to Corporate Conduct and has a strong training program designed to help employees understand all issues.

Business-Level Strategy Hasbro has chosen to position themselves as an innovator in the toys and games industry. As an innovator, Hasbro has established a differentiation business model built around specific functional strategies that have allowed them to remain competitive in the market. Hasbro does implement some forms of efficiency in their operations that would allow them to offer cheaper prices to customers, but it is not their main focus, as many of their direct competitors also have the same ability.

In fact, Hasbro owns only two production factories; one in Massachusetts and one in Ireland. Both are instructed to create the board games and puzzles offered by Hasbro. All of their other products are manufactured by third-party vendors and preferred factories. By outsourcing some of the production, Hasbro has lowered costs of production. Although they do not disclose who these vendors are because of competition, their competitors are able to imitate Hasbro’s low costs by implementing similar relationships with third-party vendors. Therefore, it is difficult to argue that Hasbro has established a business model built around being a cost leader. Instead, they devote most of their attention to coming up with fresh and innovative ideas for their products and their systems.

The business functions of Hasbro help fulfill the strategic objectives set by business and corporate-level general managers. They range in degree of importance, but each one contributes to the overall strategy of the company as a whole in one way or another. Some key areas at the functional level are Human Resources, Purchasing, Product Development, and Customer Service. (Corporate Information, 2009)

Within the Human Resources department, three pillars of strategy are used. Hasbro is dedicated to hiring and building great people, great teamwork, and great leadership. Are of the principles are built around the company’s corporate values of integrity, diversity, community, innovation, entrepreneurial spirit, competitiveness, and fun. The department spends most of its time and effort focusing on the following salient strategies: Talent Management and Development, Diversity and Inclusion, Competitive Total Rewards, Employee and Labor Relations, “Wellness” and Well Workplace Programs, and Employee Security. (Hasbro’s Socially Responsible Workplace, 2009)

Purchasing is another major business-level function of Hasbro. The company enters into several third-party agreements for the production of raw materials such as plastic, paper, cardboard and various chemicals. Hasbro’s heavy reliance on these agreements also means that they are reliable for any volatile fluctuations in prices. Negotiations are a major part of the purchasing process as the company continually seeks the most cost effective strategy. A majority of the third-party agreements are established with companies outside of the U.S. For example, Hasbro’s reports state, “the countries of the Far East, and particularly the People’s Republic of China, constitute the largest manufacturing center of toys in the world and the substantial majority of our toy products are manufactured in China.” (2008 Annual Report, 2008) The company does operate two of its own facilities, as previously mentioned, in East Longmeadow, Massachusetts and Waterford, Ireland.

Perhaps Hasbro’s most important business-level strategy is their focus on product development and current product improvement. For example, in their 2008 Annual Report, Hasbro stated that, “Our focus on core brands, supported by continued investments in marketing and product development, drove full year revenue growth of 5% with solids gains in the Boys, Girls, Preschool and Tween categories. Behind strong brands and new innovation, our board games grew as well.” (2008 Annual Report, 2008) In the same year, Hasbro released nearly 30 new products throughout various product lines. Strategic alliances have also played an important role in the development of new products and licenses. Partnerships like the one established with Universal Pictures will prove to be valuable as they work together to develop four new movies by the year 2014, including screenplays in production for MONOPOLY, STRETCH ARMSTRONG, and CANDY LAND. (2008 Annual Report, 2008)

Among their unique and highly regarded business-level strategies, Customer Service ranks very highly within the company, not only as a strategy, but also as part of their overall culture. In fact, the company’s home webpage, www.hasbro.com, contains a link leading directly to Customer Service. The link includes sections such as Recall Information, Product Safety, Replacement Parts, Instructions and FAQs. (Hasbro, 2009) Of those sections, Recall Information and Product Safety are obviously the two of most importance to the company and their customers.

The Product Recall webpage lists all of the products that have been recalled by the company with a brief explanation. The product recalls listed date as far back as 1993 and can be viewed by any person. (Product Recall Information, 2009) Contained within the Product Safety webpage, Hasbro informs potential and current customers that the company, proudly, has not been affected by the recent lead paint recalls. According to Hasbro officials, “When you shop for toys, you can be confident that Hasbro brands have gone through…stringent safety procedures. More than 6,000 Hasbro employees worldwide share a continued commitment to make the best toys and games possible for all of our children.” (Product Safety, 2009)

Every strategy created and implemented, even at the business-level, is considered global in scope. Hasbro prides itself on knowing that it competes in a global environment with the current valuable strategies it implements. (2008 Annual Report, 2008) The company recognizes that its core business is maintained through the promotion of new and current products, but that revenues can be increased through effective use of entertainment as well. “While the company believes it has achieved a more sustainable revenue base by developing and maintaining its core brands and avoiding reliance on licensed entertainment properties, it continues to opportunistically enter into or leverage existing strategic licenses which complement its brands and key strengths.” (2008 Annual Report, 2008) Top management at Hasbro does recognize the risks associated with factors such as economic downturns, harsh competition, low barriers to entry, and international affairs thereby allowing them to alter and effectively establish and implement the chosen business-level strategies. Corporate-Level Strategy Hasbro, Inc. is one of today’s largest competitors within the gaming and toy industry. With child play and family leisure being their main goal, the company is currently involved in an array of businesses ranging from traditional board and card games, to DVD games and electronic handheld games, trading card games and role-playing games. Being an innovator, Hasbro, Inc. has also found a variety of ways to cater to both the male and female genders over the years. Action figures, vehicles, toy sets, and board games have been created to attract the boys, while hands on electronics, plush toys, dolls, and creative products have been created for the girls. (Hasbro, 2009)

Within the gaming and toy industry, Hasbro, Inc. has been able to create a wide range of products that are both compliments and substitutes for one another. The games have been geared for infants, toddlers, preschoolers, tweens, teens, grown-ups and families of all ages, and have been created in a variety of different ways. This growing corporation has entered into the business of card games, puzzles, board games, action figures, apparel, party supplies, sports, and video games, which in turn open a variety of activities for all members of the family that can be substituted and/or complimented for one another. (Hasbro, 2009)

For example, on a Saturday morning, while mom is cleaning the house a younger child may have the opportunity to sit down and watch his favorite G.I. Joe cartoon Real American Hero 01, followed by a mid-morning snack out of a G.I. Joe eating bowl, and a nap at noon in his G.I. Joe decorated room. By mid-afternoon mom is finally done cleaning and asks the young boy if he would be interested in playing Do You Know Your G.I. Joe, an online game of both strategy and memory that will help him grow and learn as an individual. Once dad is home from work, and dinner has been served the family then heads outdoors to play a quick round of G.I. Joe Rise of the Cobra Nanotech Water Blaster, a fun water “gun” summer game.

Based on the variety of products offered by Hasbro, Inc. you can see how many different businesses that the company has entered into and how important it is for them to have substitutes and compliment products in order to continue to succeed through the years. Catering to the most popular culture, Hasbro, Inc. has manufactured approximately 176 brands, and 16 different categories of products. (Hasbro, 2009) They have learned the importance of offering a number of different products, and added great value to their company through these various markets.

Through third party developers and licensing strategies, Hasbro, Inc. has been able to utilize all necessary resources when creating new products. The company also specialized in taking over others upon failure which helped to increase their subsidiary line, products available for market, and overall competitive standpoint within the gaming industry. (Funding Website)

Entering into their first market, primarily as a producer of pencils and pencils boxes, Habsbro, Inc. had net sales at that time of approximately $500,000 per year. Given the availability of resources during the 1930’s, the company then moved into the toy making industry, followed by the acquisition of several other companies throughout the following years. (Economic Expert) Supporting various methods of entry, Hasbro, Inc. has been mainly focused on licensing, the method of entry that involves foreign licensees purchasing the rights to produce the company’s products in their own country for a negotiated fee that is decided upon by the father company being Hasbro, Inc. Although this method of entry has proven to be very profitable for Hasbro, the company has encountered some issues that they have had to address in order to remain profitable. Because licensing takes place in various countries, the parent company often has a difficult time monitoring the manufacturing and other strategic business methods that take place within those different areas. It is difficult for them obtain relationships with all companies participating within the sales of the products in order to maintain a strategic alliance that allows the companies to function on the same page, with the same goals, ideas, and procedures. (Funding Website)

Hasbro, Inc. as mentioned above has also participated in many different company acquisitions that have in turn opened many windows of opportunity for their corporation. When companies within their same market are faced with bankruptcy or another means of failure, Hasbro has been known to purchase those companies at a fairly competitive rate, allowing them to grow and expand the products and service that they can offer to their current clients. With such a wide range of products available for sale, Hasbro, Inc. has done a great job of utilizing their resources in order to become as successful as the Hassenfield Brothers once dreamed of.

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