Business Strategy Report: Automotive PLC, Jaguar Land Rover Analysis

This report provides a comprehensive analysis of the business strategy of Automotive PLC, focusing on its subsidiary, Jaguar Land Rover. It begins with an introduction to business strategy and its application within the automotive industry. Task 1 examines the macro environment using PESTLE analysis, considering political, economic, social, technological, legal, and environmental factors impacting the company. Task 2 delves into the internal environment, assessing Jaguar Land Rover's strengths and weaknesses in areas such as human resources and marketing efforts. Task 3 applies Porter's Five Forces model to evaluate the competitive forces within the automotive market. Finally, Task 4 explores strategic planning, applying various theories, concepts, and models to devise strategic recommendations for the organization. The report concludes with a summary of findings and a list of references.

Business Strategy

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Apply appropriate frameworks to analyse the macro environment for a given organisation.
................................................................................................................................................4
TASK 2............................................................................................................................................9
P2 Using appropriate frameworks analyse the internal environment and capabilities of a given
organisation............................................................................................................................9
TASK 3..........................................................................................................................................13
P3 Apply Porter’s five forces model and to evaluate the competitive forces of a given market
sector for an organization.....................................................................................................13
TASK 4..........................................................................................................................................16
P4 Apply a range of theories, concepts and models, interpret and devise strategic planning for
a given organisation..............................................................................................................16
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................22

INTRODUCTION
Business strategy is an chain of activities or set of decisions that helps entrepreneurs in
achieving goals and objectives. It is a master plan that use by management to gain competitive
advantage in marketplace, by carrying out operations, satisfy consumers and achieving desirable
goals and objectives. Business strategy is an long term sketch of desired image, way or path to
achieve an definite goal. This report is based on Automotive PLC which is an holding company
of Jaguar land rover limited, that is an multinational automotive company. Its headquarter
situated in United company and its subsidiary of Indian automotive Tata motors. This report is
based on impact or influence of macro environment and their impact on organisational
development and enhancement. It also includes internal environment with its key strengths and
weaknesses with major competitors in market of an organisation that should be accessed by
various concepts or theories. Further it elaborates about theories and practices in understand the
strategic direction in context of organisation.
TASK 1
P1 Apply appropriate frameworks to analyse the macro environment for a given organisation.
To access viability of an business, they have to come across from different factors that
give important insights and knowledge to reach at desirable goals and objectives (Alsudiri, Al-
Karaghouli and Eldabi, 2013.). Jaguar land rover which is an British multinational automotive
company, to build an strategic plan organisation have to access their mission, vision and
objectives that plays major role in organisational growth and enhancement.
Mission:
Jaguar land rover is one of world's leading producers of premium auto mobiles. It focus
on innovation and design give delighted experience so that people can love for their life
anticipating and satisfy their needs and expectations (Bharadwaj and et.al ., 2013.). Quality and
excellence are their key attributes and taking care are their important aspect.
Vision:
“The passion and commitment to masses is key force of their success”. They are
dedicated towards their consumers by satisfying their needs and wants in proper way.
Objectives:

There main objective is environmental innovation which is part of their vision also for
better future. To comply with vision organisation have to harmony with their natural and social
environment.
To analysis various aspects organisation have to analyse different factors in which internal and
external environment and in that aspect main purpose of external environment either
opportunities and threats for organisation (Blackburn, Hart and Wainwright, 2013.). In external
environment analysis consist of General and Task environment.
General environment:
In general environment consist of forces that are beyond influence of organisation and it
has no control over activities.
Task environment:
In task environment consist of forces that are exist within the organisation's operating
environment and can be control at some extent.
General environment:
In general environment consist of Factors such as political, social, economic,
sociological, technological and legal with environmental factors that are as follows:
Jaguar is the world class manufacturer of custom based car bodies which uses high quality
machines and devices.
Political factors:
Political stability is an important factor that give major strength while operating at
multinational level and attract a large consumer base (Chang, 2016.). In case jaguar want to
expand in other country at that time increase or decrease in tax level directly impacts on their
profit ratio that also impacts on their decision making power and stability. Changing policies
with new government and their regulations that impacts on their profitability level. The launch of
fuel consumption taxes or environmental taxes that helps in bring fuel efficient car company and
enhance manufacturing level and sales also.
Positive:
In case of jaguar land rover it is an multinational company that has contacts from other
countries and they can easily adopt any kind of political changes.
Negative:

In another hand while deal in different countries they have to change in their working
patterns and styles that impacts on their business.
Economic factors:
Economic factors are an important factor that change according to government spending
that also alters methods of payment in production or in case of development (Grover and Kohli,
2013.). Day by day reduction in government investment in auto mobile industry or less
borrowing and its lending rules and regulations affect the development of jaguar. Enhancement
in infrastructure and their development helps transport links with higher production level and
distribution network that avail by Jaguar. In case rise in inflation rates, simultaneously they have
to increase profit and prices also.
Positive:
That organisation is an financial sound company and also contributes in another countries
economy so other nations also co operate them.
Negative:
While deal in different nations their economic instability and taxation rates impacts on
their business in adverse manner.
Social factors:
The societal factors consist of changing trends and interest of people that directly affect
business and their proceedings. In case of Jaguar they are well aware about values and beliefs fo
people while deal in different nations (Iacob, Quartel and Jonkers, 2012,). Such as in Jaguar
they coordinate in proper manner with Christian workers because they are not prefer to work on
Sunday and Muslim workers on other hand take relaxation at day time. So they properly evaluate
and take actions according to taste and preferences of their manpower. Company comply with
ethical and social values that directly impacts on demand side of their production and distribution
network.
Positive:
It expertise in build product and services according to consumer taste and preferences so
it helps in build an distinctive image in marketplace.
Negative:
Produce kinds of products and services by observing taste and preferences of consumer
simultaneously should be hazardous aspect.

Technological factors:
Jaguar is well known in national and international market for their innovation and
delighted experience that give to their consumer base (Köseoglu and et.al ., 2013.). It produces
their product in aluminium technology that inspires other world in adaptation of light weight
with efficient cars. It introduce cars with e performance model in which they use intelligent
system for optimize efficiency level. It also uses technologies for removing errors at time of
driving and provide safe journey.
Positive:
Jaguar operates in different nations and it has to adopt various tools and techniques which
helps in enhance competitiveness in market.
Negative:
Adaptation of various kinds of techniques are very much difficult for them to cope up
with changes in that dynamic world.
Legal factors:
In legal factors consist of trade laws and employment rights to bring out successful
business projects. Jaguar and many other companies get registered to get protect itself with the
help of patents and copyright to avoid fake products with similar names (Li and Tan, 2013). It
sets costing and pricing that set by car manufacturer such as Jaguar that helps in giving fair
competition to world. It builds a panel in which distinctive laws and regulations should be
discussed and after that implement into marketplace.
Positive:
When kind of legal norms and conditions are followed by an organisation, it improves
their productivity level with motivation level of employees.
Negative:
On other hand while applying various laws and regulations organisation occurs huge cost
and investment to comply with them.
Environmental factors:
Environment is one of important factor and people get more aware about it day by day.
Jaguar give emphasis on environmental legislation and build products that are eco friendly in
nature and focus on minimize emission and wastage at time of manufacturing. It uses advanced
diesel engines that give power to uplift and bring power.

Positive:
In environment analysis organisation focus on give environmental friendly products and
services that helps in enhance brand value of organisation.
Negative:
Provide eco friendly products and services takes huge cost for organisation and requires
through research and development.
Task environment:
In task environment consist of various factors such as competition, customers and
resource availability etc..
Competition:
The competition level in automotive industry are high comparatively from other
industries. For jaguar land rover their main competitors are Mercedes-Benz, Audi, Lexus and
BMW group, Volkswagen and Toyota with General motors are their fierce rivals (.Oestreicher-
Singer and Zalmanson, 2013).
Customers:
The market base of Jaguar land rover are younger customer base which frequently wants
innovation in products and services. It introduce XE sports sedan by targeting dual for both
youth and women. So there market base are people who are wants innovation at rapid pace with
always prefers style statements.
Resource availability:
Jaguar use most eco friendly resources and build an competitive product for consumers.
Its cars body build with aluminium body, environmental friendly paint and bio fabric seats and
futuristic plastic interiors that differ it from other major competitors.
To lead with changes and comply with these difficulties organisation go with the differentiation
strategy in which they provide their products and services differ from their competitors (Parnell,
and et.al ., 2012.).

TASK 2
P2 Using appropriate frameworks analyse the internal environment and capabilities of a given
organisation.
Internal environment comprised with many elements within an organisation in which
includes current employees, management and corporate culture that elaborates about personnel
behaviour. Some factors affect to the whole organisation and sometimes it affect to the manager
only (Peng, 2017. ). In internal environment consist of strength, weaknesses which depends on
many factors such as Management capabilities, marketing efforts, information technology,
finance, research and development and at human resource.
Human resource:
At Jaguar land rover their primary asset is their people. It has more than 43,000
employees that helps in grow, by recruiting start with Nitra, Solvakia that are major source in
manufacturing products and services (Reich and Benbasat, 2013.). It invest a lot in employee
training and development by giving them lifelong learning which affiliated with Jaguar land
rover academy equip their employees by transferring skills and capabilities that helps in drive
forward for product plans by giving zero emissions and electrified vehicles. That academy plays
very major role to communities that helps in shaping education from jaguar primary school
challenge to Phd qualifications. They manage workforce diversity and exclusivity and majorly
focus on attracting large no. of women in engineering and manufacturing through “Young
women in the know” that are a good initiative for female students aged from 15 to 18. they are
also liable for recruiting people from Armed forces and ex service man and it is also co partnered
with inspirational invictus games that helps to remain always motivate to employees. They also
developing innovative ways to find out innovators of tomorrow so that potential opportunities
should be gain.
Positive:
As described above human resource is one of important aspect for them and they take
care all needs and want so that productivity should be enhanced.
Negative:
it deals at multinational level so they have appoint people from various regions so that
problem of cultural diversity should be occur in that scenario.
Marketing efforts:

Jaguar land rover spends lot of efforts to reach at large no. of consumer base, it uses
major restructures for its marketing, sales and public relations functions to meet changing needs
and wants of consumers. It works under leadership of Felix Brautigam, that is board member of
Jaguar land rover that helps in build core functions in which customer experience, marketing of
products and services and planning (Scholes, 2015. ). It focus on product PR and defines about
that publicity is one of important source to reach at large no. of people. They communicate with
varied target audience so that their product can reach at end user. These kinds of communication
method helps to organisation in enhancing and promoting their brand value with safeguarding
and maintaining their valuable reputation.
Positive:
It focus on delivering and using various promotional tools and techniques simultaneously
that helps in reach at large no. of consumer base.
Negative:
On other hand using kinds of marketing tools and techniques increase their operating cost
and manage different sources are very difficult for them.
Information technology:
Technology is one of important attribute for that it continuously devising and building
new car and their technologies (Schrader, Freimann and Seuring, 2012). It launches new
features such as intelligent seat fold technology and terrain progress control device that helps to
land rover drivers to reap benefits out of them and comply with existing challenges. It recently
launches transparent bonnet which can be seen directly in front of vehicle that can be proved
easier and safer.
Positive:
Information technology is one of important aspect that helps in build an distinctive image
in front of marketers and give delighted experience to consumers.
Negative
Adopting too much innovation and changes create hurdles in front of employees because
they feel uncomfortable to adopt kinds of changes.
Research and development:
Jaguar mainly focus on research and development by investing huge money on key areas
such as finding out changing taste and preferences of consumers. It pulling into automation

technology by opening a new centre of new research and developing in UK. The another major
centre in Ireland that majorly focus on driving research and development of their software
electric and self driving vehicles ( Smith, 2013.). By accessing needs and wants of consumers
organisation announce all models under jaguar and land rover brands offer electric versions that
offers and range of hybrid, after plug in power electronics in up coming years. So the research
and development are one of most important factor that helps in organisational growth and
enhancement.
Positive:
The one of most important factor that it helps in enhance consumer needs and wants to
enlarge business opportunities and build an distinctive brand image.
Negative
On other hand research and development takes too much cost and time with takes huge
investment that hinders self interest of organisation.
Hence, they are enough capable in enlarge business opportunities and growth for that they give
training and development to their employees so that they can give their best in organisational
development and enhancement.
Capital resources:
In capital resources consist of tools, equipments, buildings and machinery and many
more. In Jaguar land rover to build effective products and services invest their money at right
direction and adopt best techniques.
Positive:
By investing at right place money and resources organisation can beat their competitors
in effective way.
Negative:
While adopting advance tools and techniques organisation fail to give proper training and
development to them because it raise operating cost.
Organisational structure:
Organisational structure is a system that outlines various activities that directed towards
to attain organisational goals and objectives. In Jaguar land rover they follow horizontal
organisational structure.

Positive:
By following a prescribed structure employees remain motivated to give their best.
Negative:
On other hand by obeying an structure arises conflicts and misunderstanding and takes
huge time.
Infrastructure:
Infrastructure refers to fundamental facilities to deliver right kind of products and
services to ultimate consumers. In Jaguar land rover they have a systematic structure and
become an established brand name in market.
Positive:
Infrastructure gives qualitative production of products and services that helps in enhance
brand loyalty.
Negative:
On other hand it enhance operating cost of an organisation with needs huge investment to
manage it.
SWOT analysis:
Strength
The most important strength of Jaguar land
rover that it is an popular brand name in
luxurious auto mobile sector and spends huge
money in research and development.
Opportunities
In that aspect major opportunity that they use
advance technology in which hybrid in future
and emphasise on manufacturing in an specific
areas.
Weaknesses
The weaknesses of it that it has huge range of
products but it is still less from their
competitors and design of that organisation
sometimes criticised.
Threats
Jaguar have lot of competitors such as Audi,
Porsche and Mercedes-Benz that hinders their
self interest and changing government policies
hinders their self interest.
VRIO Model:

Resources Value Rare Imitation Organisation Competitive
advantage
Alignment of
various
activities with
jaguar
corporate
strategy
Yes No Every firm
builds its own
strategy.
Organisation
can extract
maximum
potential out
of it.
Require lot of
efforts to
acquire
desirable
outcomes.
Pricing
strategies
Yes No Pricing
strategy
constantly
imitated by
another
industry.
Jaguar have its
own pricing
analytics
engine.
That kind of
competitive
advantage
temporary for
organisation.
Keeping
record of
project and
their execution
In an industry
in which
frequent
overrun of
cost exist.
It apply in
segment in
which
consumers of
jaguar
operates.
In that
scenario
competitors
are not able to
imitate it.
Organisation
successfully
grab
opportunities.
It is helpful in
gaining
competitive
advantage.
TASK 3
P3 Apply Porter’s five forces model and to evaluate the competitive forces of a given market
sector for an organization.
Competitor analysis in marketing and in strategic management that helps in assessment of
strengths and weaknesses of existing and emerging competitors (Verbeke, 2013.). It helps in
giving offensive and defensive strategic tools to identify opportunities and threats. There are
various kinds of tools to gain competitive advantage and accessing them in proper way that are
as follows:

Porter's five force model:
Porter's five force model helps in identify or evaluate five competitive forces that give
shape to industry and also helps in identify strengths and weaknesses. In porter's five forces in
which includes that are as follows:
Threat of new entrants
Bargaining power of buyers:
The main and powerful buyers that forces to flip down prices, demanding better quality
products and services all are result of higher competition in marketplace. Buyers get powerful if
they get negotiate by leveraging to industry participants.
There are some factors that illustrate about bargaining power of buyers:
No. of consumers:
The bargaining power of buyers are low as they are mentioned in switching cost that are
major barrier while enter into new market (Grover and Kohli, 2013.). In that case no forward
integration for buyers.
Brand image:
The Jaguar land rover have strong brand image so buyers attach emotionally with their
products and services because they are manufacturer of premium luxury cars.
Bargaining power of suppliers:
Bargaining power of suppliers is one of important forces in industry analysis that states
about bargaining power of buyers that pressurize on suppliers that increase price, lower their
quality and reducing availability of products and services (Wang and Verma, 2012.). In case of
jaguar Land rover they have less no. of suppliers so the bargaining power of suppliers are less in
that case.
Threat of substitutes:
In threat of substitution includes same or similar product and services offered by an
organisation as it similar to other industry (Wheelen and et.al ., 2017). The threat of substitute in
which level of risk should be evaluated that an organisation can replacement by their substitutes.
Price brand:
In context of Jaguar land rover their threat of switch to another product is low the reason
Is they have strong brand image in marketplace that distinctive from other major competitors.
Buyers willingness:

The another main factor that is willingness of consumers to buy their products and
services because they provide highly efficient and with good quality that are eco friendly in
luxury with premium cars.
Threat of entry:
New entrants consider in industry for new capacity and willingness to gain new market
share that brings pressure on pricing, costs and rate of investment that are important attributes in
enhancing of competition. It particularly when new entrants diversify in other markets for
leveraging existing capabilities and flow of cash to increase competition level.
In barriers of entry in context of Land rover that are as follows:
Economies of scale:
In economies of scale when jaguar launch XH they require high investment for build new
cars that are environmental friendly and develop for a specific target market (Verbeke, 2013.).
So in that case new entrant is high as other can imitate that concept.
Knowledge and technology:
For an organisation technological up gradation are very much important to lead in
market, in context of jaguar land rover they are enough competitive in market. Organisation have
to adopt technology as per the market demand and supply attributes.
Competitive rivalry:
Competitive rivalry that states about extent to which competition exist among firms or
industries. Fierce rivalry hampers profit share and leads towards cutting in pricing, enhancement
in advertisement expenditure and expenditure on spending in service or product improvements
(Wang and Verma, 2012.)..
From the following attributes competitive rivalry of Jaguar land rover can be understand.
No. of competitors:
In auto mobile industry large no. of competitors are exist such as in luxury cars such as
BMW and Mercedes and many more.
Exit barriers:
Sometimes for an organisation to enter into new market are very much difficult due to
the lots of barriers in organisation. In context of jaguar land rover they conduct through research
before entering into market. So that they by conducting research and development can gain large
market share and easily expand into market.

Product quality:
Jaguar to build an maintain highly premium and luxurious cars company invest huge
money by bring continuously improvement to enhance their quality.
After analysing each and every aspect organisation have to evaluate weaknesses that face
by an organisation and by taking necessary steps it can easily eradicate them (Schrader,
Freimann and Seuring, 2012). In that case the appropriate strategy that use by them to reach at
desirable goals and objectives. They use cost leadership in which they have to provide products
and services at moderate cost in comparison to other than their fierce competitors. It is one of
most effective way to resolve all major concerns that face by Jaguar in that competitive world. It
helps to reach at large no. of consumers and build an strong brand image by offering high
quality.
TASK 4
P4 Apply a range of theories, concepts and models, interpret and devise strategic planning for a
given organisation.
Strategic planning is an organisational management and controlling activity that helps in
set priorities and emphasis on energy and resources, occupying operations by ensuring that
employees and stakeholders give their best in towards achieving goals and objectives. To prepare
strategic plan organisation have to adopt these models that are as follows:
Porter's generic strategies:
In porter's generic strategy in which many components consist in it that are as follows:
Cost leadership strategy:
Porter's generic strategy is the best way to gain competitive advantage and it is best way
to takes away from competitors. It can be possible by reducing cost by adopting industry average
price. Land rover SUV pricing varies according to markets, demography and location, they use
original part of engines by using penetration of pricing and coming with innovation so that they
maintain higher price.
Differentiation strategy:
In differentiation involves making and bringing products and services that different from
other organisations that attract consumers (Alsudiri, Al-Karaghouli and Eldabi, 2013.). In case

of Jaguar land rover adopts intelligent seat fold technology with aluminium body of vehicles
with efficient engines are attracting factors that differ from their competitors.
Focus strategy:
In focus structure concentrate on a significant niche market and by accessing needs and
wants of consumers develop specified products and services. They majorly build products for
profile in which individuals who are over 40 years in age and high in net worth. They every
product segment market differ from other in terms of styling that helps in reaching targeted
audience.
From the above discussion it has been summarised that Jaguar have to adopt cost leadership
strategy by giving best pricing and features differ from their fierce competitors.
Bowman's extended model:
Bowman' strategic model denotes about strategic positioning that product should be
position in market to gain competitive advantage.
Jaguar is one of most innovative organisation that builds products and services as per the needs
and demands of consumers so that effective results should be accomplished in proper way. With
the help of various models they can be able to determine various factors that are helpful in
expand in market in proper way. It avails only two product lines instead of six which previously
used by it. Evaluation of that product line denotes about that totally focus on strategy of differ
their product from their competitors that can be possible by technological innovation and by
adopting new product line. It spends huge money on research and development after that it has
low investment in R&D comparatively to their competitors. Hence it has limited with low
savings of cost in their product and activities. It has low presence in emerging market
comparatively to their competitors that is an great opportunity for them to attract priced products.
On other hand land rover has presence in market compared with jaguar. It has products such as
Free lander and discovery for medium class people.

Strategic management planning:
Mission Their main mission and focus on innovation
and design that distinctive from their
competitors and helps in create brand value.
objectives Their main objective is environmental
innovation by giving best values to consumers
and stakeholders to enhance market share.
Resources Jaguar main resource is their human resource,
innovation ideas and concepts that distinctive
from their major competitors.
Priorities Main priorities is their consumers which are
high and middle class consumers and want
distinctive products.
Portfolio BCG matrix:
BCG matrix is an corporate planning tool or technique that are useful to build an firms
brand portfolio and helps to know position of organisation in competitive marketplace. There are
majorly four important areas or quadrants in it that are as follows:
Dogs:
In that case dogs keep low market share in comparison to the competitors and operates in
slow growing market. They are not worth to invest because they does not generate at low or
negative cash returns. In case of Jaguar land rover they are not come in that category because
they have large market share.
Cash cows:

Cash cows are the most profitable and provide lot of profits and cash to organisation as
much as possible. That cash cows invest money to gain support to gain profit at maximum level.
In case of Jaguar land rover they gain high market share by gaining high profit ratio.
Stars:
Stars operate in high growth market by maintaining high market share. Stars work as an
both generator and users of cash. They are primarily units that should invest money. In that case
Jaguar land rover come in category in stars category by gaining high market by high market
share.
Question mark:
Question marks are the brands which require closer considerations, they have low market
share with fast growing markets that consume large amount of cash and incur losses.
SMART strategies with example:
To implement cost leadership strategy in business within 6 months in order to enhance business
sale 25% more.
To Expand business activities at global level within 1 year in order to enhance market share 20%
more.
To achieve these objectives organisation have to put their talented and potential manpower in
areas in which they need potentially and spend more amount in relevant areas so that
organisation can gain competitive advantages.
Objectives Action plan Resources Who When
Apply cost
leadership
To apply cost
leadership
organisation use
proper utilize
their resources,
use advance tools
and techniques so
that cost should
be cut.
To reach that
objectives
organisation have
to need some
resources that are
manpower,
machinery and
strategy to beat
their competitors.
To reach at
desirable
objectives
organisation have
to take
suggestions from
every level and
management have
to coordinate with
That strategy
have to apply
when competitors
change their own
strategy and
consumers
demand it.

every employee.
Expand business To expand
business requires
organisation have
to convince their
employees so that
they can
contribute in
organisational
development and
choose
appropriate entry
strategies.
To expand
business
organisation need
to talented staff
members,
accessing needs
and wants of
consumers with
advance
technology.
To expand in
foreign market
management and
staff members
with participation
of government
and economic
contribution are
largely
contributes in
expanding market
share.
Market should be
expand after
checking viability
of a project and
condition of an
organisation that
it is enough
capable to expand
in market.
Talent acquisition To acquire talent
organisation have
to select best
candidates
according to
specific needs and
wants of an
organisation.
To acquire best
talent
organisation have
to select right
kind of source to
choose talented
staff members.
In talent
acquisition the
role and
importance of
Human resource
manager are vital
to find out
talented
personnel.
Talent acquisition
require when an
organisation need
to expand its
business and gain
competitive
advantage.
Technological
advancement
To get advance
technology
organisation have
to collect
information right
kind of tools and
techniques for an
organisation.
To select best
tools and
techniques
organisation have
to collect finance,
knowledge and
information.
In that role of
personnel and
higher authorities
are crucial.
It require at time
of strength of
competitors rises
day by day.

CONCLUSION
From the above report it has been concluded that business strategies are very important
for an organisation to resolve various concerns and give an definite path to reach at desirable
goals and objectives. To get success in market organisation have to access different factors such
as strengths, capabilities and competitors that give viability of an organisation and helps in grow
in future. Building an distinctive brand image and loyalty for consumers are very important for
an organisation to gain long term growth and sustainability. Smart objectives and strategies are
very important to gain goals and objectives to retain in lead in market.

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