Specifies the complete path, including file name, to the file to which the service master key will be exported. This may be a local path or a UNC path to a network location.
PASSWORD ='password'
Is the password used to encrypt the service master key in the backup file. This password is subject to complexity checks. For more information, see Password Policy.
The service master key should be backed up and stored in a secure, off-site location. Creating this backup should be one of the first administrative actions performed on the server.