
竞争性谈判采购文件 Title29.ppt
36页Definitions•CompetitorsCompetitors– –firms operating in the same market, offering similar firms operating in the same market, offering similar products and targeting similar customersproducts and targeting similar customers•Competitive rivalryCompetitive rivalry– –the ongoing set of competitive actions and responses the ongoing set of competitive actions and responses occurring between competitors occurring between competitors – –competitive rivalry influences an individual firm’s competitive rivalry influences an individual firm’s ability to gain and sustain competitive advantagesability to gain and sustain competitive advantages1Definitions•Competitive behaviorCompetitive behavior– –the set of competitive actions and competitive the set of competitive actions and competitive responses the firm takes to build or defend its responses the firm takes to build or defend its competitive advantages and to improve its market competitive advantages and to improve its market positionposition•Competitive dynamicsCompetitive dynamics– –the total set of actions and responses taken by all firms the total set of actions and responses taken by all firms competing within a marketcompeting within a market2From Competitors to Competitive DynamicsCompetitorsCompetitors• •Through competitiveThrough competitivebehaviorbehavior• •Competitive actionsCompetitive actions• •Competitive responsesCompetitive responses• •To gain an advantageousTo gain an advantageousmarket positionmarket positionCompetitive DynamicsCompetitive Dynamics• •Competitive actions and responses taken by allCompetitive actions and responses taken by allfirms competing in a marketfirms competing in a marketCompetitiveCompetitiverivalryrivalryEngage inEngage inWhat results?What results?What results?What results?Why?Why?How?How?3Effect of Competitive Rivalry on a Firm’s Strategies •Success of a strategy is determined by:Success of a strategy is determined by:– –the firm’s initial competitive actions the firm’s initial competitive actions – –how well it anticipates competitors’ responses to them how well it anticipates competitors’ responses to them – –how well the firm anticipates and responds to its how well the firm anticipates and responds to its competitors’ initial actions competitors’ initial actions •Competitive rivalryCompetitive rivalry– –affects all types of strategies affects all types of strategies – –most dominant influence is on the firm’s business-level most dominant influence is on the firm’s business-level strategy or strategies.strategy or strategies. 4A Model of Competitive RivalryCompetitive AnalysisCompetitive Analysis• •Market commonalityMarket commonality• •Resource similarityResource similarityDrivers of CompetitiveDrivers of CompetitiveBehaviorBehavior• •AwarenessAwareness• •MotivationMotivation• •AbilityAbilityInterim RivalryInterim Rivalry• •Likelihood of AttackLikelihood of Attack• •First mover incentivesFirst mover incentives• •Organizational sizeOrganizational size• •QualityQuality• •Likelihood of ResponseLikelihood of Response• •Type of competitive actionType of competitive action• •ReputationReputation• •Market dependenceMarket dependenceOutcomesOutcomes• •Market positionMarket position• •Financial performanceFinancial performancefeedbackfeedback5Competitive Rivalry•Firms are mutually interdependent Firms are mutually interdependent – –one firm’s competitive actions have noticeable effects one firm’s competitive actions have noticeable effects on competitorson competitors– –one firm’s competitive actions elicit competitive one firm’s competitive actions elicit competitive responses from competitorsresponses from competitors– –competitors feel each other’s actions and responsescompetitors feel each other’s actions and responses•Marketplace success is a function of both Marketplace success is a function of both individual strategies and the consequences of their individual strategies and the consequences of their useuse6Competitor Analysis•Competitor analysisCompetitor analysis– –a technique firms use to understand their competitive a technique firms use to understand their competitive environment. Along with the general and industry environment. Along with the general and industry environments, the competitive environment comprises environments, the competitive environment comprises the firm’s external environmentthe firm’s external environment– –a technique used to help the firm a technique used to help the firm understandunderstand its its competitorscompetitors– –the first step to being able to the first step to being able to predictpredict competitors’ competitors’ behavior in the form of its competitive actions and behavior in the form of its competitive actions and responsesresponses7Market Commonality•Market Commonality is concerned withMarket Commonality is concerned with– –the number of markets with which a firm and a the number of markets with which a firm and a competitor are jointly involvedcompetitor are jointly involved– –the degree of importance of the individual markets to the degree of importance of the individual markets to each competitoreach competitor•Most industries’ markets are somewhat related in Most industries’ markets are somewhat related in terms ofterms of– –technologiestechnologies– –core competenciescore competencies•Multimarket competitionMultimarket competition– –Firms competing in several marketsFirms competing in several markets8Resource Similarity•Resource similarityResource similarity– –the extent to which the firm’s tangible and intangible the extent to which the firm’s tangible and intangible resources are comparable to a competitor’s in terms of resources are comparable to a competitor’s in terms of both type and amount both type and amount •Firms with similar types and amounts of resources Firms with similar types and amounts of resources are likely toare likely to– –have similar strengths and weaknesseshave similar strengths and weaknesses– –use similar strategiesuse similar strategies•Assessing resource similarity can be difficult if Assessing resource similarity can be difficult if critical resources are intangible rather than critical resources are intangible rather than tangibletangible 9A Framework of Competitor AnalysisMarketMarketCommonalityCommonalityHighHighLowLowLowLowHighHighResourceResourceSimilaritySimilarityThe shaded area represents The shaded area represents degree of market commonality degree of market commonality between two firmsbetween two firmsResource endowment BResource endowment BResource endowment AResource endowment AKEYKEYI III IIIIIIIIIVIV10Source: J. McGill 2005 Tech Knowledge & Alliances Among Competitors, Int’l Journal of Technology Management11Drivers of Competitive Actions and Responses:• •Awareness is the extent to which Awareness is the extent to which competitors recognize the degree of their competitors recognize the degree of their mutual interdependencemutual interdependence– –mutual interdependence results frommutual interdependence results from• •market commonalitymarket commonality• •resource similarityresource similarityAwarenessAwarenessAwarenessDrivers of competitive behaviorDrivers of competitive behavior12MotivationMotivationDrivers of Competitive Actions and Responses:• •Motivation concerns the firm’s incentiveMotivation concerns the firm’s incentive– –to take actionto take action– –or to respond to a competitor’s attackor to respond to a competitor’s attack– –and relates to perceived gains and lossesand relates to perceived gains and lossesAwarenessAwarenessDrivers of competitive behaviorDrivers of competitive behaviorMotivation13AbilityAbilityDrivers of Competitive Actions and Responses:• •Ability relatesAbility relates– –to each firm’s resourcesto each firm’s resources– –the flexibility these resources providethe flexibility these resources provide• •Without available resources the firm lacks Without available resources the firm lacks the abilitythe ability– –to attack a competitor to attack a competitor – –to respond to the competitor’s actionsto respond to the competitor’s actionsAwarenessAwarenessDrivers of competitive behaviorDrivers of competitive behaviorMotivationMotivationAbility14Drivers of Competitive Actions and Responses:• •A firm is more likely to attack the rival with A firm is more likely to attack the rival with whom it has low market commonality than whom it has low market commonality than the one with whom it competes in multiple the one with whom it competes in multiple marketsmarkets• •Because of the high stakes of competition Because of the high stakes of competition under the condition of market commonality, under the condition of market commonality, there is a high probability that the attacked there is a high probability that the attacked firm will respond to its competitor’s action firm will respond to its competitor’s action in an effort to protect its position in one or in an effort to protect its position in one or more marketsmore marketsMarketMarketcommonalitycommonalityDrivers of competitive behavior influenced byDrivers of competitive behavior influenced byMarket Commonality15ResourceResourcesimilaritysimilarityDrivers of Competitive Actions and Responses:• •The greater the resource imbalance between The greater the resource imbalance between the acting firm and competitors or potential the acting firm and competitors or potential responders, the greater will be the delay in responders, the greater will be the delay in response by the firm with a resource response by the firm with a resource disadvantagedisadvantage• •When facing competitors with greater When facing competitors with greater resources or more attractive market resources or more attractive market positions, firms should eventually respond, positions, firms should eventually respond, no matter how challenging the responseno matter how challenging the responseDrivers of competitive behavior influenced byDrivers of competitive behavior influenced byMarketMarketcommonalitycommonalityResource Similarity16Competitive Rivalry•Competitive actionCompetitive action– –a strategic or tactical action the firm takes to build or a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market defend its competitive advantages or improve its market positionposition•Competitive responseCompetitive response– –a strategic or tactical action the firm takes to counter a strategic or tactical action the firm takes to counter the effects of a competitor’s competitive actionthe effects of a competitor’s competitive action17Strategic and Tactical Actions•Strategic action or a strategic responseStrategic action or a strategic response– –a market-based move that involves a significant a market-based move that involves a significant commitment of organizational resources and is difficult commitment of organizational resources and is difficult to implement and reverseto implement and reverse•Tactical action or a tactical responseTactical action or a tactical response– –market-based move that is taken to fine-tune a strategy; market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to it involves fewer resources and is relatively easy to implement and reverseimplement and reverse18Factors Affecting Likelihood of Attack:• •First movers allocate funds forFirst movers allocate funds for– –product innovation and developmentproduct innovation and development– –aggressive advertisingaggressive advertising– –advanced research and developmentadvanced research and development• •First movers can gain First movers can gain – –the loyalty of customers who may the loyalty of customers who may become committed to the firm’s goods or become committed to the firm’s goods or servicesservices– –market share that can be difficult for market share that can be difficult for competitors to take during future competitors to take during future competitive rivalrycompetitive rivalryFirst moverFirst moverincentivesincentivesFirst Mover Incentives19SizeSizeFactors Affecting Likelihood of Attack:• •Small firms are more likelySmall firms are more likely– –to launch competitive actions to launch competitive actions – –to be quicker in doing soto be quicker in doing so• •Small firms are perceived asSmall firms are perceived as– –nimble and flexible competitors nimble and flexible competitors – –relying on speed and surprise to defend relying on speed and surprise to defend their competitive advantages or develop their competitive advantages or develop new ones while engaged in competitive new ones while engaged in competitive rivalryrivalry• •Small firms have the flexibility needed to Small firms have the flexibility needed to launch a greater variety of competitive launch a greater variety of competitive actionsactionsFirst moverFirst moverincentivesincentivesSize20Factors Affecting Likelihood of Attack:• •Large firms are likely to initiate more Large firms are likely to initiate more competitive actions as well as strategic competitive actions as well as strategic actions during a given time periodactions during a given time period• •Large organizations commonly have the Large organizations commonly have the slack resources required to launch a larger slack resources required to launch a larger number of total competitive actionsnumber of total competitive actionsFirst moverFirst moverincentivesincentivesSizeSizeSize“ “Think and act big and we’ll get smaller. Think and Think and act big and we’ll get smaller. Think and act small and we’ll get bigger.”act small and we’ll get bigger.”- - Herb Kelleher,Herb Kelleher, Former CEO, Southwest Airlines Former CEO, Southwest Airlines21QualityQualityFactors Affecting Likelihood of Attack:• •Quality exists when the firm’s goods or Quality exists when the firm’s goods or services meet or exceed customers’ services meet or exceed customers’ expectationsexpectationsFirst moverFirst moverincentivesincentivesSizeSizeQualityProduct quality dimensions includeProduct quality dimensions includePerformancePerformanceFeaturesFeaturesFlexibilityFlexibilityDurabilityDurabilityConformanceConformanceServiceabilityServiceabilityAestheticsAestheticsPerceived qualityPerceived quality22QualityQualityFactors Affecting Likelihood of Attack:• •Quality exists when the firm’s goods or Quality exists when the firm’s goods or services meet or exceed customers’ services meet or exceed customers’ expectationsexpectationsFirst moverFirst moverincentivesincentivesSizeSizeQualityService quality dimensions includeService quality dimensions includeTimelinessTimelinessCourtesyCourtesyConsistencyConsistencyConvenienceConvenienceCompletenessCompletenessAccuracyAccuracy23Factors Affecting Likelihood of Response•Firms study three factors to predict how a Firms study three factors to predict how a competitor is likely to respond to competitive competitor is likely to respond to competitive actionsactions– –type of competitive actiontype of competitive action– –reputationreputation– –market dependencemarket dependence24Factors Affecting Likelihood of Response:• •Strategic actions receive strategic responsesStrategic actions receive strategic responses• •Tactical responses are taken to counter the Tactical responses are taken to counter the effects of tactical actionseffects of tactical actions• •Strategic actions elicit fewer total Strategic actions elicit fewer total competitive responsescompetitive responses• •A competitor likely will respond quickly to a A competitor likely will respond quickly to a tactical actiontactical action• •The time needed to implement and assess a The time needed to implement and assess a strategic action delays competitors’ strategic action delays competitors’ responsesresponsesType ofType ofcompetitivecompetitiveactionactionType of Competitive Action25ReputationReputationFactors Affecting Likelihood of Response:• •An actor is the firm taking an action or An actor is the firm taking an action or responseresponse• •Reputation is the positive or negative Reputation is the positive or negative attribute ascribed by one rival to another attribute ascribed by one rival to another based on past competitive behaviorbased on past competitive behavior• •The firm studies responses that a competitor The firm studies responses that a competitor has taken previously when attacked to has taken previously when attacked to predict likely responsespredict likely responsesType ofType ofcompetitivecompetitiveactionactionReputation26MarketMarketdependencedependenceFactors Affecting Likelihood of Response:• •Market dependence isMarket dependence is– –the extent to which a firm’s revenues or the extent to which a firm’s revenues or profits are derived from a particular profits are derived from a particular marketmarket• •In general, firms can predict that competitors In general, firms can predict that competitors with high market dependence are likely to with high market dependence are likely to respond strongly to attacks threatening their respond strongly to attacks threatening their market positionmarket positionType ofType ofcompetitivecompetitiveactionactionReputationReputationMarket Dependence27Competition•Competitive DynamicsCompetitive Dynamics– –competitive dynamics concerns the ongoing actions and competitive dynamics concerns the ongoing actions and responses taking place among responses taking place among allall firms competing firms competing within a market for advantageous positionswithin a market for advantageous positions•Competitive RivalryCompetitive Rivalry– –building and sustaining competitive advantages are at building and sustaining competitive advantages are at the core of competitive rivalrythe core of competitive rivalry– –competitive advantages are the link to an advantageous competitive advantages are the link to an advantageous market positionmarket position28Strategic Conduct is Dynamic•A firm’s strategic conduct is dynamic in A firm’s strategic conduct is dynamic in naturenature•Actions and responses shape the Actions and responses shape the competitive positions of each firm’s competitive positions of each firm’s business level strategybusiness level strategyFirm BFirm BFirm Firm A A29Firm BFirm BFirm Firm A AStrategic Conduct is Dynamic•Actions taken by one firm elicits Actions taken by one firm elicits responses from competitorsresponses from competitors•Competitive responses lead to additional Competitive responses lead to additional actions from the firm that acted actions from the firm that acted originallyoriginallyActionsActionsResponseResponseNew ActionsNew ActionsNew ResponseNew Response30Competitive Dynamics:• •Slow-cycle marketsSlow-cycle markets– –the firm’s competitive advantages are the firm’s competitive advantages are shielded from imitation for long periods shielded from imitation for long periods of timeof time– –imitation is costlyimitation is costly• •Competitive advantages are sustainable in Competitive advantages are sustainable in slow-cycle marketsslow-cycle markets• •A proprietary, one-of-a-kind competitive A proprietary, one-of-a-kind competitive advantage leads to competitive success in a advantage leads to competitive success in a slow-cycle marketslow-cycle marketSlow-cycleSlow-cyclemarketsmarketsSlow-Cycle Markets31Gradual Erosion of a Sustainable Competitive AdvantageReturns from a Sustainable Returns from a Sustainable Competitive AdvantageCompetitive AdvantageTime (Years)Time (Years)0 0510LaunchLaunchExploitationExploitationCounterattackCounterattack32Fast-cycleFast-cyclemarketsmarketsCompetitive Dynamics:• •Fast-cycle marketsFast-cycle markets– –the firm’s competitive advantages aren’t the firm’s competitive advantages aren’t shielded from imitation shielded from imitation – –imitation happens quickly and somewhat imitation happens quickly and somewhat inexpensivelyinexpensively• •Competitive advantages aren’t sustainableCompetitive advantages aren’t sustainable• •Competitors use reverse engineering to Competitors use reverse engineering to quickly imitate or improve on the firm’s quickly imitate or improve on the firm’s productsproducts• •Non-proprietary technology is diffused Non-proprietary technology is diffused rapidlyrapidlySlow-cycleSlow-cyclemarketsmarketsFast-Cycle Markets33Obtaining Temporary Advantages to Create Sustained AdvantageReturns from a Series Returns from a Series of Replicable Actionsof Replicable ActionsTime (Years)Time (Years)0 05 51015LaunchLaunchExploitationExploitationCounterattackCounterattackFirm has already moved Firm has already moved to next advantageto next advantage34Competitive Dynamics:• •Standard-cycle markets Standard-cycle markets – –the firm’s competitive advantages may be the firm’s competitive advantages may be shielded from imitationshielded from imitation– –imitation is moderately costlyimitation is moderately costly• •Competitive advantages are partially Competitive advantages are partially sustainable if the firm is able to continuously sustainable if the firm is able to continuously upgrade the quality of its competitive upgrade the quality of its competitive advantagesadvantages• •FirmsFirms– –seek large market sharesseek large market shares– –gain customer loyalty through brand gain customer loyalty through brand namesnames– –carefully control operationscarefully control operationsSlow-cycleSlow-cyclemarketsmarketsFast-cycleFast-cyclemarketsmarketsStandard-cycleStandard-cyclemarketsmarketsStandard-Cycle Markets355D2A+x*u$qZnWkShPeMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oXlTiQfNbK8G5D2A-x*u$qZnVkShPdMaJ7F4C0z)w&s!pYmUjRfOcL9H6E3B+y(u%r#oWlTiQeNbJ8G5D1A-x*t$qYnVkSgPdMaI7F3C0z)v&s!pXmUjRfOcK9H6E2B+y(u%rZoWlThQeNbJ8G4D1A-w*t$qYnVjSgPdLaI7F3C0y)v&s#pXmUiRfNcK9H5E2B+x(u$rZoWkThQeMbJ8G4D1z-w*t!qYnVjSgOdLaI6F3C0y)v%s#pXlUiRfNcK8H5E2A+x(u$rZnWkThPeMbJ7G4C1z-w&t!qYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNcK8H5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8G5D2A-x*u$qZnVkShPdMaJ7F4C1z)w&s!pYmUjRgOcH5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&s!pYmUjRgOcL9H6E3B+y(v%r#oWlTiQeNbK8G5D1A-x*t$qZnVkSgPdMaI7F4C0z)v&s!pXmUjRfOcL9H6E2B+y(u%r#oWlThQeNbJ8G5D1A-w*t$qYnVkSgPdLaI7F3C0z)v&s#pXmUiRfOcK9H5E2B+x(u%rZoWkThQeMbJ8G4D1A-w*t!qYnVjSgPdLaI6F3C0y)v&s#pXlUiRfNcK9H5E2A+x(u$rZoWkThPeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5E2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oXlTiQeNbK8G5D2A-x*t$qZnVkShPdMaI7F4C0z)w&s!pXmUjRfOcL9H6E2B+y(u%r#oWlTiQeNbJ8G5D1A-x*t$qYnVkSgPdMaI7F3C0z)v&s!pXmUiRfOcK9H6E2B+x(u%rZoWlThQeMbJ8G4D1A-w*t!qYnVjSgPdLaI6F3C0y)v&s#pXmUiRfNcK9H5E2B+x(u$rZoWkThQeMbJ7G4D1z-w*t!qYmVjSgOdLaI6F3B0y)v%s#pXlUiQfNcK8H5E2A+x*u$rZnWkThPeMbJ7G4C1z-w&t!qYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNbK8H5D2A+x*u$qZnWkShPeMaJ70y)v%s#pXlUiQfNcK8H5E2A+x(u$rZnWkThPeMbJ7G4C1z-w&t!qYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNbK8H5D2A+x*u$qZnWkShPeMaJ7F4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8G5D2A-x*u$qZnVkShPdMaJ7F4C0z)w&s!pYmUjRfOcL9H6E3B+y(u%r#oWlTiQeNbK8G5D1A-x*t$qZnVkSgPdMaI7F4C0z)v&s!pXmUjRfOcK9H6E2B+y(u%rZoWlThQeNbJ8G4D1A-w*t$qYnVjSgPdLaI7F3C0y)v&s#pXmUiRfOcK9H5E2B+x(u%rZoWkThQeMbJ8G4D1z-w*t!qYnVjSgOdLaI6F3C0y)v%s#pXlUiRfNcK8H5E2A+x(u$rZnWkThPeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&s!pYmUjRgOcL9H6E3B+y(v%nWkShPeMaJ7G4C1z)w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&s!pYmUjRgOcL9H6E3B+y(v%r#oWlTiQeNbK8G5D2A-x*t$qZnVkShPdMaI7F4C0z)w&s!pXmUjRfOcL9H6E2B+y(u%r#oWlThQeNbJ8G5D1A-w*t$qYnVkSgPdLaI7F3C0z)v&s#pXmUiRfOcK9H6E2B+x(u%rZoWlThQeMbJ8G4D1A-w*t!qYnVjSgPdLaI6F3C0y)v&s#pXlUiRfNcK9H5E2A+x(u$rZoWkThPeMbJ7G4D1z-w*t!qYmVjSgOdLaI6F3B0y)v%s#pXlUiQfNcK8H5E2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A+x*u$qZnWkShLaI6F3B0y)v%s#pXlUiQfNcK8H5E2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNbK8H5D2A+x*u$qZnWkShPeMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oXlTiQeNbK8G5D2A-x*t$qZnVkShPdMaJ7F4C0z)w&s!pYmUjRfOcL9H6E3B+y(u%r#oWlTiQeNbJ8G5D1A-x*t$qYnVkSgPdMaI7F3C0z)v&s!pXmUiRfOcK9H6E2B+y(u%rZoWlThQeNbJ8G4D1A-w*t$qYnVjSgPdLaI7F3C0y)v&s#pXmUiRfNcK9H5E2B+x(u$rZoWkThQeMbJ7G4D1z-w*t!qYnVjSgOdLaI6F3C0y)v%s#pXlUiRfNcK8H5E2A+x(u$rZnWkThPeMbJ7G4C1z-w&t!qYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNbK8H5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8G5D2A-x*u$qZRgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8G5D2A-x*u$qZnVkShPdMaJ7F4C1z)w&s!pYmUjRgOcL9H6E3B+y(v%r#oWlTiQeNbK8G5D1A-x*t$qZnVkSgPdMaI7F4C0z)v&s!pXmUjRfOcK9H6E2B+y(u%r#oWlThQeNbJ8G5D1A-w*t$qYnVkSgPdLaI7F3C0z)v&s#pXmUiRfOcK9H5E2B+x(u%rZoWkThQeMbJ8G4D1z-w*t!qYnVjSgPdLaI6F3C0y)v&s#pXlUiRfNcK9H5E2A+x(u$rZoWkThPeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5D2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#pXlUiQfNcK8H5E2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oXlTiQeNbK8G5D2A-x*t$qZnVkShPdMaI7F4C0z)w&s!pXmUjRfOcL9H6E2B+y(u%r#oWlTiQeNbJ8G5D1A-x*t$qYnVkSgPdMaI7F3C0z)#oXlTiQeNbK8G5D2A-x*t$qZnVkShPdMaI7F4C0z)w&s!pXmUjRfOcL9H6E3B+y(u%r#oWlTiQeNbJ8G5D1A-x*t$qYnVkSgPdMaI7F3C0z)v&s!pXmUiRfOcK9H6E2B+x(u%rZoWlThQeMbJ8G4D1A-w*t$qYnVjSgPdLaI7F3C0y)v&s#pXmUiRfNcK9H5E2B+x(u$rZoWkThQeMbJ7G4D1z-w*t!qYmVjSgOdLaI6F3B0y)v%s#pXlUiRfNcK8H5E2A*t$qYnVjSgPdLaI7F3C0y)v&s#pXmUiRfNcK9H5E2B+x(u$rZoWkThQeMbJ7G4D1z-w*t!qYmVjSgOdLaI6F3C0y)v%s#pXlUiRfNcK8H5E2A+x(u$rZnWkThPeMbJ7G4C1z-w&t!qYmVjRgOdL9I6F3B0y(v%s#oXlUiQfNbK8H5D2A+x*u$rZnWkShPeMaJ7G4C1z)w&t!pYmVjRgOcL9I6E3B0y(v%r#oXlTiQfNbK8G5D2A-x*u$qZnVkShPdMaJ7F4C0z)w&s!pYmUjRfOcL9H6E3B+y(v%r#oWlTiQeNbK8G5D1A-x*t$qZnVkSgPdMaI7F4C0z)v&s!pXmUjRfOcK9H6E2B+y(u%rZoWlThQeNbJ8G4D1A-w*tmUjRgOcL9H6E3B+y(v%r#oWlTiQeNbK8G5D1A-x*t$qZnVkSgPdMaI7F4C0z)v&s!pXmUjRfOcK9H6E2B+y(u%r#oWlThQeNbJ8G5D1A-w*t$qYnVkSgPdLaI7F3C0z)v&s#pXmUiRfOcK9H5E2B+x(u%rZoWkThQeMbJ8G4D1z-w*t!qYnVjSgOdLaI6F3C0y)v&s#pXlUiRfNcK9H5E2A+x(u$rZoWkThPeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5D2A+x*u$rZnWkThPeMaJ7G4C1v&s#pXlUiRfNcK9H5E2A+x(u$rZoWkThPeMbJ7G4D1z-w&t!qYmVjSgOdL9I6F3B0y)v%s#oXlUiQfNcK8H5E2A+x*u$rZnWkThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A-x*u$qZnWkShPdMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oThPeMaJ7G4C1z-w&t!pYmVjRgOdL9I6E3B0y(v%s#oXlTiQfNbK8H5D2A-x*u$qZnWkShPeMaJ7F4C1z)w&t!pYmUjRgOcL9I6E3B+y(v%r#oXlTiQeNbK8G5D2A-x*t$qZnVkShPdMaI7F4C0z)w&s!pXmUjRfOcL9H6E3B+y(u%r#oWlT36。
