#!/bin/bash

# ... use parameters to get db name and password
# build the mysqldump command and execute it...

command="mysqldump -alv -h127.0.0.3 --default-character-set=utf8 -u ${database} -p'${pw}' --extended-insert ${database} | gzip > ${path}"
echo "$command"
echo ""
$command

$ ./dbbak DBUSER DBNAME PASSWORD
mysqldump -alv -h127.0.0.3 --default-character-set=utf8 -u DBUSER -p'PASSWORD' --extended-insert DBNAME | gzip > /path/to/backup/backup.sql.gz

Warning: Using a password on the command line interface can be insecure.
-- Connecting to 127.0.0.3...
mysqldump: Got error: 1045: Access denied for user 'DBUSER'@'localhost' (using password: YES) when trying to connect

result=$(mysqldump -alv -h127.0.0.3 --default-character-set=utf8 -u ${database} -p'${pw}' --extended-insert ${database} | gzip > ${path})

...
++ mysqldump -alv -h127.0.0.3 --default-character-set=utf8 -u DBUSER '-p'''DBPASS'''' --extended-insert DBNAME

mysqldump --defaults-file=~/my_mysql.cnf db table > table.sql

[mysqldump]
user=user_name
password=my_password
host=my_host