Don’t Should on Yourself!
November 30, 2010 by Marj Wyatt
Filed under Business Basics, Featured
A wise man with whom I worked during my earlier years once came up with a profound New Year’s resolution at our annual marketing support meeting. The entire group laughed out loud when he said his resolution was to never say “it should work” again.
There does seem to be a resurgence of people not thinking through the answers to questions that are asked. Responses like this are pointless:
“It should have been there by now.” or “That should have worked.”
Normally, a long explanation about how the process is supposed to work follows comments like these. All kidding aside, it almost seems like an assumption has been made that I wouldn’t have done something simple, like checking my spam folder or reading instructions. As the support person drones on about how their process works, I’m thinking, “If your system worked the way you’ve described it, I wouldn’t have picked up the phone to find out what was wrong.”
Communicating is such a critical component of business. Whether it is written or verbal, our phrasing has a lot to do with how the other side of the conversation receives our responses. We need to empathize with the caller and, above all, treat them professionally. Without our customers, we have no business. This applies to ALL business models … assuming the business is legitimate.
Even though this may sound cliché, there really is no such thing as a dumb question. Entrepreneurs who are operating a truly customer-facing business must learn how to respond appropriately to their customer’s questions. Here are some suggestions for improving your customer communications:
- Smile before picking up the phone.
- Establish set time frames during work days for taking calls to ensure minimal disruption..
- Draft agenda topics for scheduled meetings and allocate time limits to the topics. Distribute the agenda to all invitees in advance of the meeting. Be flexible to requests to alter or rearrange the agenda and time frames.
- Don’t make customers wait more than 24-hours for a response to their email or voicemail.
- Set “office hours” so your customers are respectful of your personal boundaries. Inform active customers of your vacation plans. If you have a dedicated business line, update your announcement to reflect any extended time away from your office so potential new business doesn’t think you are non-responsive.
- Ensure that you understand your customer’s problem statement before suggesting a solution. They’ve been immersed in it long enough to determine it is a problem. Sometimes you must back them up to the beginning so you can be of better assistance to them.
- Remain calm and be empathetic. Understand that your customer may have struggled for hours before calling you and that they could be tense as a result.
- Set expectations properly if your customer’s issue cannot be handled during the call.
- Publish an FAQ page on your website and refer people to it first. Whether you have a product or service, if you’ve been in business a while you know what questions are most frequent.
- If your product is digital, prepare documentation that assumes the least amount of knowledge while making it complete enough for advanced users.
Most of this blog’s readers are aware that I have a service business and that one of my services is WordPress Website Development. Many of my clients are unfamiliar with the software and part of my service fees include one-on-one training. I welcome client calls because I love teaching people things that will make them feel more self-sufficient and confident with the products and services they have purchased from me. Because I also enjoy the clients with whom I work as people, I have to monitor the gab time with some of them because we have so much fun just talking.
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The Proposal …
November 23, 2010 by Marj Wyatt
Filed under Business Basics, Small Business
In my business, potential clients sometimes ask for me to submit a detailed proposal that outlines deliverables and costs for milestones on a project. This usually follows a lengthy phone conversation. This is not an unreasonable request but preparing these proposals takes time that cannot be spent on other business activities and exposes details about my strategies and methods so my quandary is what level of commitment to ask of the prospect in exchange prior to delivering the document. Although it is part of doing business, nobody likes paperwork.
When I launched my business, I submitted detailed proposals without a second thought. However, I modified my approach after a potential client failed to acknowledge the receipt of the proposal and ignored my requests for follow-up and negotiation until he contacted me to share a listing he had placed on a freelance site which was a verbatim copy of everything I had written in my proposal. I was shocked. He seemed pleased about the fact that he had sourced the project at a lower rate than I had proposed. He has returned with new requests since then but I’ve declined.
My proposals now include a time limitation for pricing and a copyright notification that is intended to discourage prospects from using my content to shop their projects around. In spite of these measures, there still are people who promise to meet with me after the proposal is sent, fail to return calls or emails for a while, and send a cryptic email saying that they “going another direction” with their project after a couple of weeks. This is disappointing … and suspicious.
This isn’t a sour grapes post. I certainly don’t expect to win every contract but I honestly don’t know how to handle prospects who leverage my copyrighted content to shop around for better pricing. It is a bona fide conundrum.
These are the possible solutions that I’ve come up with:
- Withhold the delivery of all proposals until a mutually agreed to meeting time where we can walk through and discuss each point/price.
- Charge a flat fee for preparing and delivering detailed proposals and estimates that covers the cost of my time.
- Propose only an hourly rate for all projects in the future and track time, which is a big headache for me.
- Join the Circus and escape it all.
Well, the last one isn’t really an option but it is fun to muse about sometimes.
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Increase your Twitter followers by eleventy-billion in seconds
April 19, 2010 by Marj Wyatt
Filed under Business Basics, Featured
I didn’t create the page that I’m writing about today but I’ve been wanting to do someting similar for more than two years! Because my site is G-Rated, I can’t put a link to it but if you don’t mind a little free expression, colorful language, and want a good laugh, I encourage you to search for the site using the title of this post to find it.
Increase your Twitter followers by eleventy-billion in seconds uses all the tactics that experienced internet marketers have ever used, so far as I am aware. There is an animated roll down script on the corner of the page, a bodacious lead in claim, multiple rave reviews, and a purchase option. It even employs a tactic that I’ve noticed rising in trends and don’t much like. There is no price given on the landing page. But they admit they aren’t selling anything, which is part of the fun.
From an educational point of view, this is a great example of what NOT to do on your sales pages. From a social media perspective, it touches upon another source of my dismay, which is the automation of friend finding on social networks. I mean, if you have to automate relationships, what is the point to them?
Oh yeah … selling something!
Recently, Michael Fortin had a much more politically correct post on the same idea. Even a respected professional who has gained from product launch tactics sounds nauseated by them.
The internet product launch formula needs a tune-up, I believe. Maybe more internet marketers could try more honesty with a smidge of reality next time around. Why not leave out the “hot spices” from the recipe so everyone can digest the cuisine without getting heartburn?
I dislike citing problems without imagining possible solutions. While I can’t say that I’ve been party to a huge product launch … yet … I certainly hope to see a trending upwards of these things.
Forget the Bonuses
It doesn’t take a rocket scientist to determine that the worth of the bonuses is overstated if they are willing to give them away or sell them at 1/1000 of their supposed value. A brief time spent on the internet will tell you that these products are approaching obsolescence. Very few internet marketers have been up-front about the fact that they are clearing old product.
Stand Behind Your Product
This week, I listened to a webinar hosted by Frank Kern, who is working with Brendon Bouchard on a program called the Experts Academy. While I decided against opting into their membership, I found their offer to refund all purchases, regardless of how far in the future the request was made, quite fascinating.
This demonstrates two important things.
- They truly believe in their product
- They are genuinely concerned about customer satisfaction
Guarantees like that are the exception among internet marketers. Clickbank products abide by the 56-day refund rule. Sellers of software, that was misrepresented or has proven to be buggy or not working at all, have refused my requests for refunds less that 30-days after my purchase. Although it is irritating, it isn’t worth the dispute and negativity it would create in my life to pursue it any further.
Even with my desire to see product promoters offer extended refund policies, I do understand that the buyer of anything can’t just change their mind and claim something didn’t work for them. If they’ve never tried the product, there is no flaw and no basis for requesting a refund. If there is accountability coupled with lifetime guarantees, then it is fair for all parties involved.
Don’t Promote … Campaign
Something that Brendon Bouchard said during the webinar really made sense. Even though the idea of a new product is exciting to the developers and they want as many sales possible in the least amount of time, the persistent promotion emails are tedious.
I’ve said it before, and I’ll say it again. People don’t like being sold. They prefer to use their best judgment and make a decision on their own. Promotions are like putting the giant inflatable gorilla on the roof of a building. They attract attention but they look silly.
Build interest through a series of explanations about what the product overcomes or improves. Leave out the links in the notes once in a while. Request email inquiries and avail a mailbox that will be read and responded to. People like to ask questions and to get answers.
Real Testimonials Only, Please…
The FCC has endeavored to clamp down on false testimonials and paid reviews in the USA but who knows how that ruling is policed? Do they prey on known offenders or randomly pick them out? Either way, this ruling has as much “beef” in it as the anti-spam laws, based on the bulk email that I receive every day.
When I see a plethora of testimonials on a page with no dates or full names, I cannot help but wonder about the vintage and credibility of the testimonial. Since I am fully aware that many internet marketers give away copies of their products to their inner circle for trials before they are made available to the public at large, I feel that full disclosure would clear up any confusion. Therefore, segregating raves given by people who got a trial version at no cost seems like a good idea. It also would be wonderful if that round of reviews were updated within 3 – 6 months of the product launch.
Say Thank You!
Would it be too much to ask that the product owner take a little personal time to write a thank you email? We are human beings, doing business with human beings, and someone has believed that our product was worth spending some money on. Courtesy should not be automated.
While we’re at it, is it to much to ask that follow up emails inquire as to how we are doing rather than continuing to promote more products for sale?
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Ready … Set … Goals!
December 31, 2009 by Marj Wyatt
Filed under Business Basics, Life as an Internet Entrpreneur
As you’re taking down the tree and visiting relatives are checking the status of their flights back home, it is clear that another holiday season is winding down. Like it or not, another year has passed and it is time to think about how to make your next year the best one you’ve had, so far.
You work hard every day to build your business but, if you don’t feel your business is where it ought to be, it may be due to the fact that you’ve been so swept up with tactical matters that you haven’t really stopped to consider what it is that you really want. With that list in front of you, you are ready to set some goals.
Goal setting for your small business owners requires both imagination and foresight. Here are some great questions you can use to organize your thinking for a goal setting exercise:
- What do you want to change?
- Where will this change take your business?
- Why do you want to change now?
- What do you need to do to make the change?
- When do you want the change to take effect?
- How will this change improve your business?
- What happens after you’re there?
This sort of brainstorming can help you whether your goals are business or personal and envisioning goals in this way guides you to think strategically. Putting things in a list can actually help you find related goals, or goals that need to be done in sequence, so you can economize on the resources needed to accomplish them too.
Setting goals may seem like a daunting task but it is a necessary step in setting the course for advancing progress. As John F. Kennedy said:
“Effort and courage are not enough without purpose and direction.”
So think SMART when you think of goal setting.
S is for Specific
If your goals are specific, you have a much better chance of achieving them. So, for each of your items on the list, answer these questions:
Who: Who is involved?
What: What will be accomplished?
Where: Identify the location where work will take place.
When: Establish a time frame.
Which: Identify essential and constraining factors.
Why: Specific reasons and benefits of the accomplished goals.
M is for Measurable
Establish tangible criteria for measuring progress toward the goal’s attainment. Each milestone is a point of potential exhilaration that motivates you to continue. When verifying that you have set measurable criteria, ask yourself questions like:
How much?
How many?
How will I know when it is done?
A is for Attainable
This is where the priorities or the “why do it at all” questions help. If you have items on your list that really matter, you can find ways to accomplish them. Your dedication to accomplishing these goals will drive you to develop attitudes, abilities, skills, and the financial resources necessary to reach them.
If your goals seem far from reach, remember that you have the ability to make them attainable by growing and expanding to match them. Each time you do what you previously believed could not be accomplished, you are improving your self-image, which allows you to feel worthy of the rewards that reaching your goals can give.
R is for Realistic
Choose goals that are representative of substantial progress and include objectives toward which you are both willing and able to work. It isn’t necessarily true that your goals must be set low in order for them to be realistic. You are at the helm of your own ship, after all.
T is for Tangible
Your goals ought to be something you can experience with one of the five senses. If you must have an intangible goal, like one that is tied to self-improvement, relate it to a tangible one through offering yourself a reward that you can experience.
Remember that none of your goals are cast in stone. If you are persistently evaluating outcomes while working toward them, you may find adjacent goals that actually will bring greater improvements for your lifestyle or business. When this happens, go back to your list and adjust it accordingly.
While it is important to work toward things that you need, if these things are not what you want, you’re far less likely to accomplish your goals. Ultimately, you must WANT something in order to take ACTION to acquire it. This is where my favorite mindset philosophy comes in: DREAM – DO – HAVE.
Dare to DREAM so you will DO what is necessary to HAVE your dreams come true!
Thank you for your readership, always, and here’s wishing each of you a Happy and Prosperous New Year!
Stretching Your Mind Can Change Your Life
October 22, 2009 by Marj Wyatt
Filed under Business Basics, Featured
Personally, I find it enjoyable when something occurs that seems synchronous to events in present time. The other night, such an event occurred. While rifling through papers in my desk drawer, an old fortune from a fortune cookie surfaced. It read:
One’s mind, once stretched by a new idea, never regains its original dimensions.
Not only is this synchronous, it also is quite profound in its simple truth. Once we are introduced to a something new, and the idea takes root in our minds and inspires us, it is virtually impossible to operate as we did before we made our important discovery. Our eager minds pursue the idea and follow it through permutations and twists in the road. Through every turn, the core substance of the idea remains solid and the starting point to which you always will return, should you find a need to adjust your strategy.
Take Internet Marketing, for example. A few years ago, I decided that I would get income through online means. In pursuit of that vision, I began subscribing to newsletters and purchasing products that would teach me more about what people were doing online. Some of the methods that I evaluated are not ones that I use or would recommend but knowing what not to do is almost as important as knowing what to do, isn’t it? Due to my interest and attention, I am able to spot trends and, when it comes to opportunity offers, I have a pretty good system for separating the wheat from the chaff.
As I put my own business plan into motion, it became obvious that my time spent learning about internet marketing was extremely helpful to people who retained my services for Online Branding and wanted to get income online. Although my primary source of income is still from my consulting services, the fact that I am personally involved with my customers doesn’t imply that I am not an internet marketer. I source all of my business through Web 2.0 methods and enjoy working with people. And, the best part is that my business is totally portable!
My mind was stretched by this self-induced learning. When I approach a potential business liaison or client, it is nearly impossible for me to talk merely about traditional means of sourcing new business. When I set up ecommerce websites, for instance, I make recommendations beyond layout, technology, and graphics. My degree is in business and that knowledge, coupled with the education I’ve received through personal learning, are assets to any project that I undertake and I’ve heard this repeatedly from my customers.
All things being equal, anyone who has a business website is an internet marketer. Here is the caveat; The prettiest site in the world cannot manufacture new business and cash flow. If you haven’t done so already, it would serve you well to either learn about, or retain the services of someone who knows about techniques that will improve your website’s visibility through Web 2.0 techniques that drive targeted traffic, as well as performing the time-consuming SEO methods that will get it listed and ranked by search engines. If you are in business and have no website, you are missing an incredible opportunity. Personally, I feel that it is sheer folly to be in business without a website. It is statistically proven that people look online prior to making any purchase decision.
Even though this is not business related, our minds can also be stretched by ideas that present themselves in everyday life. The ingenuity of a child who is working out a difficult “engineering” problem related to the sand castle they are building at the beach is a good example. It is not an unimportant side note to remind you to take time to relax your mind so as to re-charge your creative juices. If we are fortunate, we retain our sense of awe about things that are remarkable and have nothing to do with making money, like watching swallows soaring high above us or witnessing the oceans that undulate through forces unseen. At times when you need to restore yourself, it is good to have easy access to those things that opened your mind as a child.
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What’s in a Name?
September 4, 2009 by Marj Wyatt
Filed under Business Basics, How to Market and Brand
Frequently we forget the importance of Brand Equity. As internet marketers, that brand is not a business opportunity or a company we may have chosen to represent. While those things may assist us to get income, they are tools we use. By carefully managing the online image that is our name, we build potential for a future we cannot envision today. Nothing is more important than protecting our online brand image.
It may seem a little obsessive, but I set up Google Alerts for my name years ago after learning that my Real Estate clients were Googling me. That also heightened my awareness of what they might learn about me. In that instance, they were interested to learn of my artistic pursuits but, frankly, it didn’t impress me that this was the most prominent data they could locate. Energy was diverted to changing that.
The same tactics that I used to erase my Real Estate career from page one of Google will work for you if you are just starting out online. Immediate results were achieved by interacting on forums and commenting on blogs. Ensure that your posts are relevant to the topic and add value and always include your name in a signature block.
As an Online Branding Consultant and WordPress Website Designer, I’m fully aware of branding strategies for companies. Using education, experience and business acumen, I’ve helped many people identify and implement their online branding strategies.
To assist those of you who have not studied business, it might be important to explain the four different types of branding strategies that are used.
Single brand identity is as it says a separate brand for each product. By way of example, if you have a company with several products, you would develop each product identity as a stand alone brand name. Hershey does this by having product groups, but each product name is name is much better known. Most of us know that M&Ms are a Hershey product but do we automatically relate the Hershey name to Twizzlers or Heath Bars? The resources required to manage multiple unique product brands must be considered if this is the strategy you are choosing for your business.
When a company uses its name for all their products, they have implemented an umbrella branding strategy. This is the approach that is employed in my business model for it allows flexibility and ease of brand management. More famous examples exist, however.
Sony, HP, Linksys, and GE, are household names for their product lines while the model numbers are obscure things we only look at when filling out a warranty card or contacting technical support.
Multi-brand categories are different brands for different product categories. In this scenario, the same company has different company names for their product groups. As a former Minnesotan, Pillsbury comes to mind. Through acquisition, they grew from milling flour to a large conglomerate owning several restaurants and store food brands. Mergers have returned the company to their core competency of baking products and they have since divested all their restaurant holdings.
Lastly, a company might choose to have a common name stem. This is useful for leveraging brand loyalty. Nestle has done this with Nescafe, Nesquick and Nestea.
What is a brand and why should you protect yours? The marketing mix should focus on consistency and quality. Even if your business is primarily affiliate marketing, Top Gun affiliate marketers like Ewen Chia and Michael Cheney have instant access to their loyal lists to get income whenever they want it due to the careful management of their names and the products they have chosen to endorse.
Your brand is your reputation and, if you manage it well, it will serve you for years to come.
How to Analyze Competition for Entrepreneurial Success
August 24, 2009 by Marj Wyatt
Filed under Business Basics, Featured
As a seasoned entrepreneur, it is clear that having knowledge of business basics provides a competitive edge. Regardless of the scope of your vision, if your intention is to use it to obtain financial freedom, having a solid plan is critical to your success. As a former colleague of mine once opined, a plan is something that you can use to measure your progress. Also, if you are seeking to secure investor funding, you must have a formal business plan to present for their consideration and it must include detailed market research.
Assuming that you believe that the money or time you are investing or plan to invest in your business is valuable, you will find it easy to appreciate the need to analyze your competition but you might be asking yourself how to go about it. Essentially, competitor analysis involves two basic activities:
- Obtaining information about important competitors
- Using that information to predict potential competitor responses
Casual knowledge about your potential competitiors is normally not enough. Using a systematic approach to gather a wide array of information permits you to make informed decisions about how to best position your new product or service or how well the business you are planning to join is positioned. The objectives and assumptions of competition are indicators about what they are doing and what they are capable of doing, which defines their strengths and weaknesses. As you uncover market risks from studying competitiors, remember that one person’s risk can become another person’s advantage.
There are many sources of public information for you to use while gathering your intelligence. If competition is organized and traded publicly, you can review documentation required for them to sell stocks. This includes shareholder reports, 10K reports, analyst interviews, management statements and press releases. Most of this information is available on sites like E*Trade. Another good resource is to scan press releases from PRweb, a site you might even use in the future.
If you understand the business objectives of your competition, you can more accurately predict their response to various competitive moves. As an example, a business focused on short-term financial goals will not be willing to invest financial resources in response to an apparent competitive attack.
You can determine what is important to your competition by learning more about their structure. An organizational overview will reveal a lot. The functions that report directly to the chief executives are those that will, most likely, be given priority. If your idea targets functions with lower priorities to your perceived competition, it is your advantage.
If you clearly understand the assumptions of your competition, you can predict their reaction to your interference. Imagine that the company has previously suffered a product failure which has caused their executives to determine there is no market for that product or service. This knowledge presents an opportunity to be explored. Little known companies like Honda have leveraged advantages just like this!
Evaluating your competition’s resources and capabilities provides insights into what competitors are capable of doing in response to a threat. You can delve further to determine how quickly they will be able to react too.
After gathering information about your competition’s objectives, assumptions, strategies, and capabilities, compile it into a response profile of possible moves they might make against your idea. Like pieces on a chess board, you can use these profiles to anticipate the possible moves on the board well in advance of the plays and have a plan of action that keeps you in the game.
We all are aware that that there is competition in any market. Whether your business idea is online or offline, it is critical to evaluate competition, as well as buyer behavior. In fact, some schools of thought suggest that one ought to evaluate consumer behavior prior to analyzing anything else, which makes sense.
Michael Porter, the man who imagined strategic analysis, was a business thought leader in the early 1980s but … well … his stuff was written in the early 1980s. As we all are aware, business has changed significantly since then, partially due to major advances in technology. A couple of theorists named Brandenburger and Nalebuff extended Porter’s work to include evaluation of consumer activity using something called the Six Forces Model in the mid 1990s, and their work involves game theory.
If your product is internet based, there are many tools that measure what people are searching for and some even offer statistics about consumer behavior but, without knowing what data was used to calculate it, the onus falls on you verify assumptions you have made about the market niche you want to reach. The next post will provide more details about this topic, so stay tuned!
If you are enjoying my articles or find them valuable, please leave a comment and let me know. You also might want to share them with your friends on your favorite bookmarking site or social network.
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Strategic Analysis – An Entrepreneur’s Best Friend
August 22, 2009 by Marj Wyatt
Filed under Business Basics, Featured
When you are disappointed by anything, what are your tactics for overcoming that feeling? Not so long ago, my grandson answered that random question in this way:
“Oh … I just look out the window and take some action.”
My curiosity was satisfied through further inquiry. The action that this astute 6-year old boy takes is to imagine that he has gotten what he wanted to have. Without thinking too hard, he knows how to do something that many people have paid money and invested many hours to learn. My grandson mentally rewrites the story so it ends in a way that he can feel happy. He shifts his mindset!
Whether this is intuition or instinct remains a curiosity but there is no doubt that my grandson’s method works. Envisioning a desired outcome enables you to see, hear, and feel it in such a way that it can become real. It is the basis of the popular Law of Attraction philosophy.
Envisioning what you want to go after is only the beginning, however. After you’ve imagined it, you need to perform some soul-searching that measures your personal readiness to operate in that niche, as well as performing due diligence about the future you have envisioned.
Two models are used for strategic analysis in business; PEST and SWOT.
A PEST analysis should always occur first. It measures a market, including competitors, against four external factors; Political, Economic, Social, and Technological. When conducting this phase of due diligence, it is critical to be crystal clear about the market aspect you are addressing so you can observe the external factors from any of the following standpoints:
- a company looking at its market
- a product looking at its market
- a brand in relation to its market
- a local business unit
- a strategic option, such as entering a new market
- a potential acquisition
- a potential partnership
- an investment opportunity
Within each of the aspects of a PEST analysis, there are several details that need to be evaluated. This analysis may seem more useful and relevant for larger propositions, but very small businesses can use it to locate significant issues that might otherwise be overlooked.
A SWOT Analysis evaluates the Strengths, Weaknesses, Opportunities, and Threats. This tool measures a proposition or idea, including competitors, and assists with understanding and decision-making for many business situations. Here are some examples of what a SWOT analysis can help you assess:
- a company (its market position, commercial viability, etc.)
- a sales distribution method
- a product or brand
- a business idea
- a strategic option, such as entering a new market or launching a new product
- an acquisition
- a potential partnership
- supplier changes
- outsourcing services, activities or resources
- an investment opportunity
Strategic Planning may not seem essential but, even if you are the only one at the party, careful evaluation of any business action prior to making an investment is prudent. In a small way and somewhat unconsciously, we perform these analyses every time we go to the grocery store so it makes perfect sense to do so when considering a business, doesn’t it?
At internet speed, the pressure to act quickly is always a factor when deciding whether or not to pursue something. Whether the decision involves $5 or $5,000, the result is the same if that business doesn’t pan out and there is no one to blame but yourself if you have taken no time to investigate it.
Using PEST and SWOT templates to evaluate your plans will force you to think through all the aspects of whatever you are investigating. The internet is a remarkable asset in this research but it should not be your only resource. And, if your research reveals that your idea is not all that you had originally envisioned, young children also teach us something else. When they are interested in what they’re doing, a fall rarely causes them to stop playing the game.



















