42405 - PRINCIPLES OF MARKETING: PRICING STRATEGY

Course Overview

Principles of Marketing: Pricing Strategy offers the student an overview of the information required to identify the role pricing
plays in the marketing mix, to select appropriate objectives for pricing strategies, and to choose common methods to
determine pricing. In addition, the program details the issues to consider when establishing a pricing strategy, the legal
constraints that can affect pricing decisions, and the steps of the pricing process.

Learn To

Identify the objectives your pricing strategy might achieve.

Apply the correct terminology when developing a pricing strategy.
Choose options to establish different prices for different buyers.
Identify pricing strategies.
Sequence the steps of the pricing process.
Apply the appropriate steps of the pricing process.
Audience

Managers, supervisors, and executives who can influence the marketing and strategic goals of their organization. It is
recommended that individuals take the first four courses in the series or have equivalent knowledge.

Program Level

Basic

Deployment Options

Self-Study
Accreditation

CPE credits: 2.5 CPE

CEU credits: 0.30 CEUs

Language Options

German, Thai, French, US English

Total Learning Time

2 to 4 hours
Objectives

Unit 1: Defining the Role of Pricing

Identify the role pricing plays in the marketing mix.
Identify the objectives your pricing strategy might achieve.
Identify the appropriate life cycle stage and pricing strategy for a given product.
Select the legal constraints that can affect your pricing decisions.
Simulation Overview:
In this simulation, you will meet with Bruce Madison and Elizabeth Williams to brainstorm about next year's pricing
strategies for two video camera products. The purpose of the meeting is to develop initial recommendations to present to
the Vice President of Marketing, Brian Smith. You will need to use your knowledge of pricing strategies and objectives to
create recommendations.

Unit 2: Determining Price

Choose the options to establish different prices for different buyers.
Utilize pricing policies to create a flexible pricing system.
Identify pricing strategies.
Select the common methods for determining pricing.
Use the appropriate pricing formula in a given situation.
Simulation Overview:
In this simulation, you will meet with Paul White, Director of Sales, and Ronald Spear, Product Manager, to discuss a
price for the Icon HSX-450, a top-of-the-line audio receiver. You will need to use your knowledge of pricing policies,
strategies, and methods to develop a price recommendation to give to senior management.

Unit 3: Establishing a Pricing Strategy

Select common issues to consider when establishing a pricing strategy.
Sequence the steps of the pricing process.
Apply the appropriate steps of the pricing process.
Simulation Overview:
In this simulation, you will meet with John Cunningham and Robin Carlson, two members of the Audio Products
Marketing Department, to discuss a pricing strategy for the HTX-5 speaker system. The HTX-5 has only one main
competitor, the Vici Sonic System. Icon salespeople have heard rumors from their customers that Vici is considering
dropping the price on the Sonic System. During this meeting, you will need to address common issues and follow the
appropriate steps for establishing the pricing process.

PRICING IN WIKIPEDIA
 Pricing is one of the four p's of the marketing mix. The other three aspects are
product management, promotion, and place. It is also a key variable in
microeconomic price allocation theory.
Pricing is the manual or automatic process of applying prices to purchase and sales
orders, based on factors such as: a fixed amount, quantity break, promotion or sales
campaign, specific vendor quote, price prevailing on entry, shipment or invoice date,
combination of multiple orders or lines, and many others. Automated systems
require more setup and maintenance but may prevent pricing errors.
Contents
[hide]

 1 Questions involved in pricing

 2 What a price should do

 3 Definitions

 4 See also

[edit] Questions involved in pricing

Pricing involves asking questions like:

 How much to charge for a product or service? This question is a typical starting
point for discussions about pricing, however, a better question for a vendor to ask
is - How much do customers value the products, services, and other intangibles
that the vendor provides.
 What are the pricing objectives?
 Do we use profit maximization pricing?
 How to set the price?: (cost-plus pricing, demand based or value-based pricing,
rate of return pricing, or competitor indexing)
 Should there be a single price or multiple pricing?
 Should prices change in various geographical areas, referred to as zone pricing?
 Should there be quantity discounts?
 What prices are competitors charging?
 Do you use a price skimming strategy or a penetration pricing strategy?
 What image do you want the price to convey?
 Do you use psychological pricing?
 How important are customer price sensitivity (e.g. "sticker shock") and elasticity
issues?
 Can real-time pricing be used?
 Is price discrimination or yield management appropriate?
 Are there legal restrictions on retail price maintenance, price collusion, or price
discrimination?
 Do price points already exist for the product category?
 How flexible can we be in pricing? : The more competitive the industry, the less
flexibility we have.
 The price floor is determined by production factors like costs (often only
variable costs are taken into account), economies of scale, marginal cost, and
degree of operating leverage
 The price ceiling is determined by demand factors like price elasticity and
price points
 Are there transfer pricing considerations?
 What is the chance of getting involved in a price war?
 How visible should the price be? - Should the price be neutral? (ie.: not an
important differentiating factor), should it be highly visible? (to help promote a low
priced economy product, or to reinforce the prestige image of a quality product),
or should it be hidden? (so as to allow marketers to generate interest in the
product unhindered by price considerations).
 Are there joint product pricing considerations?
 What are the non-price costs of purchasing the product? (eg.: travel time to the
store, wait time in the store, dissagreeable elements associated with the product
purchase - dentist -> pain, fishmarket -> smells)
 What sort of payments should be accepted? (cash, cheque, credit card, barter)

[edit] What a price should do

A well chosen price should do three things :

 achieve the financial goals of the firm (eg.: profitability)

 fit the realities of the marketplace (will customers buy at that price?)
 support a product's positioning and be consistent with the other variables in the
marketing mix
 price is influenced by the type of distribution channel used, the type of
promotions used, and the quality of the product
 price will usually need to be relatively high if manufacturing is expensive,
distribution is exclusive, and the product is supported by extensive
advertising and promotional campaigns
 a low price can be a viable substitute for product quality, effective
promotions, or an energetic selling effort by distributors

From the marketers point of view, an efficient price is a price that is very close to
the maximum that customers are prepared to pay. In economic terms, it is a price
that shifts most of the consumer surplus to the producer.

[edit] Definitions
The effective price is the price the company receives after accounting for
discounts, promotions, and other incentives.
Price lining is the use of a limited number of prices for all your product offerings.
This is a tradition started in the old five and dime stores in which everything cost
either 5 or 10 cents. Its underlying rationale is that these amounts are seen as
suitable price points for a whole range of products by prospective customers. It has
the advantage of ease of administering, but the disadvantage of inflexibility,
particularly in times of inflation or unstable prices.
A loss leader is a product that has a price set below the operating margin. This
results in a loss to the enterprise on that particular item, but this is done in the hope
that it will draw customers into the store and that some of those customers will buy
other, higher margin items.
Promotional pricing refers to an instance where pricing is the key element of the
marketing mix.
The price/quality relationship refers to the perception by most consumers that a
relatively high price is a sign of good quality. The belief in this relationship is most
important with complex products that are hard to test, and experiential products that
cannot be tested until used (such as most services). The greater the uncertainty
surrounding a product, the more consumers depend on the price/quality hypothesis
and the more of a premium they are prepared to pay. The classic example of this is
the pricing of the snack cake Twinkies, which were perceived as low quality when
the price was lowered. Note, however, that excessive reliance on the price/quantity
relationship by consumers may lead to the raising of prices on all products and
services, even those of low quality, which in turn causes the price/quality relationship
to no longer apply.
Premium pricing (also called prestige pricing) is the strategy of pricing at, or near,
the high end of the possible price range. People will buy a premium priced product
because:

1. They believe the high price is an indication of good quality;

2. They believe it to be a sign of self worth - "They are worth it" - It authenticates
their success and status - It is a signal to others that they are a member of an
exclusive group; and
3. They require flawless performance in this application - The cost of product
malfunction is too high to buy anything but the best - example : heart
pacemaker

The term Goldilocks pricing is commonly used to describe the practice of providing
a "gold-plated" version of a product at a premium price in order to make the next-
lower priced option look more reasonably priced; for example, encouraging
customers to see business-class airline seats as good value for money by offering
an even higher priced first-class option.[citation needed] Similarly, third-class railway
carriages in Victorian England are said to have been built without windows, not so
much to punish third-class customers (for which there was no economic incentive),
as to motivate those who could afford second-class seats to pay for them instead of
taking the cheaper option.[citation needed] This is also known as a potential result of price
discrimination.
The name derives from the Goldilocks story, in which Goldilocks chose neither the
hottest nor the coldest porridge, but instead the one that was "just right". More
technically, this form of pricing exploits the general cognitive bias of aversion to
extremes.
Demand-based pricing is any pricing method that uses consumer demand - based
on perceived value - as the central element. These include : price skimming, price
discrimination and yield management, price points, psychological pricing, bundle
pricing, penetration pricing, price lining, value-based pricing, geo and premium
pricing.

PRICING STRATEGY; PRICING STRATEGIES

4/24/2007 12:34:04 AM

Without question, this is an incredible and powerful marketing tool.

I regard this as a true breakthrough that will forever change the
competitive landscape both on and off the Internet.
Alex Mandossian, Managing Director Heritage House Worldwide,
Inc.

Pricing Strategy; Pricing Strategies Software is a solution to a

nagging problem all businesses are plagued with ... how to
properly price your product for optimal return. It is incredibly fast,
ingenious and accurate. Craig Hane - TWI, Inc.

Knowing the exact right price you should charge means the
difference between financial losses, mediocre sales, or huge
increases in revenue. Internet Research data shows that charging
the wrong price online can easily drop total revenues by 50%, or
more, and cause e-commerce failures.

Pricing Strategy; Pricing Strategies defined:

The reason why so many products fail or produce such poor returns
online and offline is because business owners, corporations and
marketers do not know the exact right price to charge before a
launch, after a launch, or what to change the price to years later
when there are many new competitors and the competition is stiff.

Harness the strategic power of picking the exact price right

now. With Pricing Strategy; Pricing Strategies Software, you will be
able to determine the exact right prices that generate the most
revenues, or the greatest number of customers.

How many sales do you think you have lost because Internet and
offline shoppers
have price expectations that are dramatically different than what
you are charging?

How do you find out the exact price Internet prospects were willing
to pay just before they decided to click past you to another site
that met their expectations?

What net-shoppers expect to pay for your product or service when

buying online is one of the most critical success issues facing
ebusinesses and entrepreneurs.

Internet pricing research shows that net-shoppers generally expect

at least a 10% to 20% discount for buying your product or service
on the Internet. Expected discounts for information products are
even higher, ranging from 10% to 100% of the conventional offline
retail price depending on the topic and type of
information. Additionally, research shows that charging the wrong
price online can easily drop total revenues by 50% or more, and
cause e-commerce failures.

Down deep you know that a perfect website with perfect copy, and
the wrong price will produce dismal sales. Just think about how
price intensively you shop on the Internet. Isn't finding the best
price one of your main objectives when surfing? Isn't finding the
best price one of the main benefits net-shoppers are looking for? If
you are ignoring their price expectations, they are ignoring your
product or service offering.

Dramatic profit increases are achieved by those who use Pricing

Strategy; Pricing Strategies Software.

A national direct marketing company and publisher recently

achieved a 43.6% increase in profits by optimizing his price to his
target market. As this case history points out, the old conventional
price testing method he was using robbed him of tens of thousands
of dollars.

In 1998, he did a conventional three-way price test and based on

his results, was sure he had the winning price. His conventional
price strategies test yielded the following results:

Prices tested conventionally: $29 $59 $100

Sales generated: $1,160 $767 $400
Number of orders: 40 13 4
Gross Profit after
Cost of Goods of $16: $520 $559 $336

One year later, a price test using Pricing Strategy; Pricing

Strategies Software showed that the exact best price (accurate to
within one dollar) was none of the above. The actual price that
generated the highest revenue was $30 more ($89) and a
surprised client generated 43.6% more gross profit than at the old
$59 price as seen below:

His old price: Pricing Strategy; Pricing Strategies Software Price:

Before & After Prices: $59 $89

Sales generated: $767 $979
Number of orders: 13 11
Gross Profit after
Cost of Goods of $16: $559 $803
A profit increase of $244, or 43.6%.

Getting a sale Online or Offline is about pricing strategies... setting

the exact, right price that matches your market's willingness and
ability to spend.

Let's face it, most people you know are dismally disappointed with
Internet revenues. Most honest website owners will privately tell
you that the net has simply been a deep black hole that they have
been dumping their money into.

Even Amazon.com with all their deep discounts, has not made a
dime. If you were trying to support your family with Amazon�s
profits, you would be living in a cold dark alley. They can afford to
run at a loss in order to capture the market after all they can use
venture capital and investor's money; you can�t.

Learning the exact right price to charge that matches your

market's willingness to spend will be the most important offline
and online strategy that you will ever implement.

Pricing Strategy; Pricing Strategies Software is not just an exact

pricing strategy process that tells you your increase or decrease in
revenues for every dollar your price changes, but it is also an easy
to use pricing strategy software application and process and comes
with an incredible two tape audio set.

The first tape is a seminar-on-tape and workbook on: "Strategic

Online, and Offline Pricing: How To Determine The Exact Price That
Will Generate The Most Buyers or Revenue."

Your second tape comes with documentation and walks you

through how to Use Pricing Strategy; Pricing Strategies Software
and think like a strategic pricing expert.

With Pricing Strategy; Pricing Strategies Software, not only will you
be able to price accurately, but

1. Offline, you will be able to test faster and at a fraction of the

cost.
2. Price testing using the Pricing Strategy; Pricing Strategies
Software process will cost you 88% to 90% less than conventional
methods.
3. You will be able to pin-point exactly what will happen to your
total sales volume at
each different price you might charge within $1 increments if you
desire.
4. If you want to conduct your price test using the Internet, you
can do it for free,and have your answers and complete pricing
study results in 48 hours.
5. You can use it with your favorite brand of computer: Macintosh
or PC Versions
of Pricing Strategy; Pricing Strategies Software are available.
(Requires Microsoft Excel)

Three pricing strategy questions you should ask yourself, and know
the answers to:

Question #1: How much revenue have I lost on my existing

products, services, and new product launches during the past year
because my pricing was totally wrong, or not optimized for
maximum revenue generation?

Question #2: How much is the investment to have my own copy of

Pricing Strategy; Pricing Strategies Software? In all likely-hood,
you will receive a multiple return on your investment the very first
time you use it.

Question #3: What is my downside risk if I buy a copy of Pricing

Strategy; Pricing Strategies Software? Answer � Zero. Pricing
Strategy; Pricing Strategies Software comes with a 100% money
back guarantee for a whole year. If you are even mildly
dissatisfied with your breakthrough results, simply call our special
�no questions asked� number at 1-405-842-0163. You will
receive a full refund.

Another super-powerful benefit when you use Pricing Strategy;

Pricing Strategies Software

You will learn, by using one special rating-question, who will buy
your product or service after you finish your price test. Simply
remail these specially coded prospects with your offer and �your
exact right price� ... and you will make enough sales to pay for
your entire test and maybe even have leftover profits!

As many of you know, we have generated 2 billion dollars in Joint

Venture Sales and Product Revenues in the last 13 years. Having
been involved in these successes, I can emphatically say that
Pricing Strategy; Pricing Strategies Software has been one of the
single most important tools behind our successes. For one of our
joint ventures, it was the single, most important driving reason
why they went from near bankruptcy to number 1 in their market
niche.

I truly believe that Pricing Strategy; Pricing Strategies Software can

empower you more than anything you�ve ever done, and as you
will learn in our audio tape course (that comes with Pricing
Strategy; Pricing Strategies Software) it can be the basis for
developing competitive strategies that will demolish the
competition.

See the attached brochure about Pricing Strategy; Pricing

Strategies Software so you can see how powerful and easy it is to
use first hand.

Wishing you every success,

Tim Cohn
President
Advanced Marketing Consultants, Inc.

Imagine what would happen if you knew the exact right price to
charge for a product or service ... and by knowing this information
you could choose the one price that would generate thousands of
dollars of increased revenues, or have the ability to choose the one
price that would generate less revenue but thousands of additional
customers.

This incredible price modelling process will pin point what happens
to your sales volume in relationship to the different prices you
could charge, and it will also allow you to project buying interest
for different markets or lists that you test.

It is called Pricing Strategy; Pricing Strategies Software, and it's an-

easy-to use process that only requires sending out as few as 500
test questionnaires to your prospects offline and sometimes as few
as 100 online. The questionnaire has only 5 questions that
prospects are asked, and once you enter the answers from only 40
to 60 people into the Pricing Strategy; Pricing Strategies Software
spreadsheet ... it automatically generates and prints all the
strategic pricing information and charts needed to make dramatic
profit increasing changes.

The first chart produced by Pricing Strategy; Pricing Strategies

Software tells you the critical high-low resistance price range.
Prices higher or lower than the range result in significant drops in
gross revenues.
The chart (to the right) shows the min-max range for a software
product. At less than $1,900 prospects doubted its quality, and at
over $2,900 they considered it too expensive.

An introductory pricing strategy was adopted at $2,000 to gain

initial users. The price was then moved up to $2,900 during the
campaign. This resulted in $870,000 in sales during a nine month
period and number one position in the market niche.

The Secret To Doubling Your Sales Revenue or Number of

Customers

The second critical chart generated by Pricing Strategy; Pricing

Strategies Software will show you the gross revenue differential
that occurs due to every increase in price. The price curve below
for a "How-To-Manual" shows that at $29.99, maximum revenues
of

$1,500 (A) will be generated. At $35.99, just $6.00 more (B), gross
revenues experience a drop to $820. Knowing that total revenue
will drop 55% when charging $35.99 empowers you to maximize
gross profits for all your products or services.

The price drop differential of 55%, extended over a large campaign

would mean earning only $82,000 instead of a possible $150,000.

Lack of precise pricing information from one's market is one of the

key reasons why business owner's fail to make adequate profits.
Maximizing profits allows you to generate healthy cash flows
resulting in the capability to self fund future corporate growth.

Along with this chart, Pricing Strategy; Pricing Strategies Software

generates the chart (to the left) which tells you the exact price
points for the previous chart, and the percentage of prospects still
willing to buy at each price point. Column 3 indicates that
percentage for every price point you selected.

Your final chart tells you the buying and non-buying interest of
your market, selected market niches, or new lists that you want to
test.

This information will allow you to make "go, no-go" decisions

before you ever invest a dime in developing a product, and know
for sure exactly what the buying interest level is as a percent of
the total prospect market.

Knowing this valuable information for your product or service can

make an enormous difference in your gross profits.

Pricing Strategy; Pricing Strategies Software is probably the single

most important marketing tool on the market today. With it, you
can see exactly what price will dramatically increase your profits
and customers.

And, Pricing Strategy; Pricing Strategies Software comes as a

complete package with a 1 hour Audio-Tape-Seminar and Workbook
entitled: "The Strategic Online & Offline Pricing Seminar". This
tape will not only teach you pricing, but also how to strategically
change prices as a product or service moves through its maturity
curve.

Tape two with its manual, will show you how quick and easy it is to
use Pricing Strategy; Pricing Strategies Software. More importantly,
we discuss how to use your charts to become a strategic pricing
expert. We also discuss high power marketing strategies that are
possible as a result of the information on your price charts.

STRATEGIC PRICING

Creating a Pricing Strategy for Increased Profits 

Are you searching for ways to improve your profit margin? Is it time to increase prices? How do you 
avoid or minimize a price squeeze? Attend this executive level course to develop or improve your 
organization's pricing strategy.

You'll learn to assess your pricing opportunities; utilize tools to measure value; understand the 
implications of product and market life cycles; and determine when and how to increase price or 
stem price erosion. In two days, you will have new ideas and tools that you can immediately apply 
to your business.
Major topics covered include:

Understanding how costs, competition, and customer values influence the price you choose

Determining how customer values drive segmentation decisions, which in turn affect the benefits 
they seek and the price they are willing to pay

Using tools to conduct break­even analysis, measuring price elasticity, and evaluating 
features/price trade­offs through relationship analysis

Identifying lifecycles to establish prices for current and future market conditions

Deciding when and how to raise prices

Addressing price erosion situations

Strategic Pricing will help you determine the appropriate price to capture the value you 
provide to your customers.
You and other executives will be immersed in a learning environment that integrates fast­paced 
lectures, intensive group discussion, and application workshops to solve real business issues. You 
will leave with tools you can immediately use to improve your company's performance.

This course is well­suited for team learning and decision making. Bring your core management 
team to complete your strategic pricing plan and gain a shared understanding of the strategic 
implications of your pricing options.

Strategic Pricing: The Importance of a Value­Based Approach

Linking pricing to strategy and the significance of segmentation

The 3C's of pricing—customer value, competitors' prices, and your costs

Creating a framework to evaluate where to set price: based on customer value, costs, the 
differential advantage (competitors), and the company’s strategic objectives
Improving Pricing Decisions: Why You Must Relate Benefits and Customer Value to Price

Measuring customer value—tools that rely on managerial judgment and formal market research

Distinguishing between attributes, benefits, and values for effective pricing

Segmenting based on customer dimension—the foundation for effective pricing
Using Tools to Measure Value

Conducting a perceived value analysis

Evaluating the perceived value map to develop strategic pricing options

Measuring price elasticity

Conducting a break­even analysis

Performing trade­off analysis

Conducting a pricing study with market research tools
Pricing Through the Product or Service Life Cycle

Determining your position on the product or technology life cycle

Pricing new technologies and new product introductions

Pricing during competitive turbulence

Pricing for mature markets
Increasing Prices

Assessing your leadership in the market

Understanding the link between pricing, strategy, and segmentation

Determining pricing latitude relative to elasticity

Evaluating other pricing influences
Stemming Price Erosion: How to Evaluate a Pricing Problem

Evaluating your differentiation

Assessing the impact of branding and loyalty

Identifying switching costs

Determining if you have a pricing problem
Integrating Strategic Pricing Into Your Corporate Environment

Creating a culture for effective pricing

Linking pricing to your corporate objectives
Pricing Workshop
The application workshop helps you to: measure customer values, segment based on these 
values, determine the best price, and assess price sensitivity. Participants will determine:

What customers value versus the features and benefits we provide

How customers perceive value

How our offer compares with those of competitors

What strategic pricing options they may consider

PRICING BY MARKETING TEACHER

There are many ways to price a product.

Let's have a look at some of them and try
to understand the best policy/strategy in
various situations. See also eMarketing
Price.
Premium Pricing.
Use a high price where there is a
uniqueness about the product or service.
This approach is used where a a
substantial competitive advantage exists.
Such high prices are charge for luxuries
such as Cunard Cruises, Savoy Hotel
rooms, and Concorde flights.
Penetration Pricing.
The price charged for products and
services is set artificially low in order to
gain market share. Once this is achieved,
the price is increased. This approach was
used by France Telecom in order to
Economy Pricing.
This is a no frills low price. The cost of
marketing and manufacture are kept at a
minimum. Supermarkets often have
economy brands for soups, spaghetti, etc.
Price Skimming.
Charge a high price because you have a
substantial competitive advantage.
However, the advantage is not
sustainable. The high price tends to
attract new competitors into the market,
and the price inevitably falls due to
increased supply. Manufacturers of digital
watches used a skimming approach in the
1970s. Once other manufacturers were
tempted into the market and the watches
were produced at a lower unit cost, other
marketing strategies and pricing
approaches are implemented.
Premium pricing, penetration pricing,
economy pricing, and price skimming are
the four main pricing policies/strategies.
They form the bases for the exercise.
However there are other important
approaches to pricing.
Psychological Pricing.
This approach is used when the marketer
wants the consumer to respond on an
emotional, rather than rational basis. For
example 'price point perspective' 99 cents
not one dollar.
Product Line Pricing.
Where there is a range of product or
services the pricing reflect the benefits of
parts of the range. For example car
washes. Basic wash could be $2, wash and
wax $4, and the whole package $6.
Optional Product Pricing.
Companies will attempt to increase the
amount customer spend once they start to
buy. Optional 'extras' increase the overall
price of the product or service. For
example airlines will charge for optional
extras such as guaranteeing a window
seat or reserving a row of seats next to
each other.
Captive Product Pricing
Where products have complements,
companies will charge a premium price
where the consumer is captured. For
example a razor manufacturer will charge
a low price and recoup its margin (and
more) from the sale of the only design of
blades which fit the razor.
Product Bundle Pricing.
Here sellers combine several products in
the same package. This also serves to
move old stock. Videos and CDs are often
sold using the bundle approach.
Promotional Pricing.
Pricing to promote a product is a very
common application. There are many
examples of promotional pricing including
approaches such as BOGOF (Buy One Get
One Free).
Geographical Pricing.
Geographical pricing is evident where
there are variations in price in different
parts of the world. For example rarity
value, or where shipping costs increase
price.
Value Pricing.
This approach is used where external
factors such as recession or increased
competition force companies to provide
'value' products and services to retain
sales e.g. value meals at McDonalds.