Professional Documents
Culture Documents
Marketing
Marketing
3,$
$ ),50(,
2ELHFWLYH
Q HOHJHUHD FRQ LQXWXOXL VIHUHL L SURILOXOXL SLH HL ILUPHL L D UDSRUWXULORU VDOH FX SLD D SURGXVHORU
L SLD D JOREDO
(YLGHQ LHUHD GLYHUVHORU WLSXUL GH UHOD LL FDUH VH SRW VWDELOL vQWUH SLH HOH GLIHULWHORU SURGXVH
&XQRDWHUHD
VLVWHPXOXL
GH
SLD D ILUPHL
LQGLFDWRUL
FX
DMXWRUXO
F URUD
VH
SRDWH
HYDOXD
SLD D
XQXL
SURGXV
&21
'XS
(, ),50(,
FXP DP Y ]XW SLD D GH LQH UROXO L ORFXO SULQFLSDO vQ VWUXFWXUD PHGLXOXL H[WHUQ DO
ILUPHL &LUFXPVFULV
OD WRDWH
GHVI RDU
SURJUDPXOXL
RSLQLD
DFWLYLW
SURIHVRUXOXL
LL
UHVSHFWLY
SHQWUX DFWLYLW
LOH SH FDUH
HOHPHQWXO GH UHIHULQ
GLPHQVLXQLORU
VWUXFWXULORU
DFWLYLW
LL
FkW
L vQ
GH
LQIRUPD LH WHUHQ GH FRQIUXQWDUH EDURPHWUX DO UHDOL] ULORU HIHFWLYH L DO DQVHORU YLLWRDUH HWF
'HFL SLD D UHSUH]LQW
RSRUWX
OLWHUDWXUD
GH
VSHFLDOLWDWH
VXQW
PDL
PXOWH
XQJKLXUL
GH
DERUGDUH
SLH HL
'H
DLFL
DFFHS LXQLOH vQ HOHVXULOH GLIHULWH DOH DFHVWHLD GLQWUH FDUH GHPQH GH UH LQXW VXQW
EXQXULOH HFRQRPLFH
L
,QGLIHUHQW GH VLWXD LH DU WD SURIHVRUXO 1 $O 3RS SLD D SUHVXSXQH H[LVWHQ D XQXL EXQ
HFRQRPLF FH FRQVWLWXLH RELHFWXO WUDQ]DF LHL GH YkQ]DUH FXPS UDUH D XQRU VXELHF L DL SURFHVXOXL
GH VFKLPE YkQ] WRU L FXPS U WRU D XQXL FDGUX HFRQRPLFRJHRJUDILF XQGH DUH ORF WUDQ]DF LD
PDJD]LQ GHSR]LW EXUV
]L
OXQ
WULPHVWUX
DQ
GH P UIXUL EXUV
HWF
XQHL
FRQIUXQW
UL
SHQWUX
VWDELOLUHD
SHULRDG
GHWHUPLQDW
SUH XOXL
GH
SRDWH
IL
DERUGDW
DWkW
OD
QLYHO
PDFURHFRQRPLF
SLD D
QD LRQDO
FkW
OD
QLYHO
DFFHS LXQHD
FLUFXPVFULV
XQHL
GH
SLD
UL VDX GXS
QD LRQDO
SRDWH
IL
SLD D
WXWXURU
P UIXULORU
UIXUL vQ FDUH vL J
XQLWDWH
GHVI
RUJDQLF
RDU
FX
L DQXPH F
DLE
UHOD LLOH
HFRQRPLF
VHUYLFLLORU
SH
FDUH
OH
JHQHUHD]
LVDX
vQ
FRQH[LXQH
FX
D SURGXF LHL
UDUH SULYLW
VSD LXO
vQ
FDUH
vQ
VH
GH RIHUW
GH
P UIXUL
LDU
FRQIUXQW
FXPS
QHYRLOH
ULL
VROYDELOH
RIHUWHL
GH
FRQVXP
FHUHULL
VXE
UHDOL]
IRUP
ULL
GH
ORU
FHUHUH
SULQ
GH
P UIXUL
LQWHUPHGLXO
HD
ILLQG
DFWHORU
GHFL
GH
VIHUD
YkQ]DUH
UDUH
$FWHOH GH YkQ]DUHFXPS UDUH DOH XQXL SURGXV VDX DOH WXWXURU P UIXULORU VH GHVI RDU
LQWHULRUXO
JUDQL HORU
LQWHUQD LRQDO
XQHL
'DF
UL
OD
FkW
/D
FRQIHU
QLYHOXO
vQ
GLPHQVLXQLOH
SUH]HQW
ILUPHL
SLD D
DIDUD
SLH HL
ORU
IRUPkQG
SLD D
LQWHUQD LRQDOH
VH
LQIOXHQ
)LUPD VH SUH]LQW
DGDXJ
L
DWkW vQ
UHVSHFWLY
GLPHQVLXQLOH
SLD D
SLH HORU
UHSUH]LQW
VSD LXO
HFRQRPLFRJHRJUDILF
QD LRQDO
vQ
XQ DQXPLW SUHVWLJLX
SH SLD
FXPS U WRU GH P UIXUL L VHUYLFLL Q FRQWLQXDUHD DERUG ULORU QRDVWUH QH YRP UHIHUL QXPDL OD
FDOLWDWHD GH RIHUWDQW D ILUPHL
3ULQ RIHUWD VD ILUPD VH SRDWH DGUHVD XQHL PDVH HWHURJHQH GH DJHQ L HFRQRPLFL FRQVXPDWRUL
ILQDOL
XWLOL]DWRUL
LQWHUPHGLDUL
LQVWLWX LL
RUJDQLVPH
SXEOLFH
DJHQ L
HFRQRPLFL
GLQ
DOWH
UL
&RUHVSXQ] WRU DFHVWRU DJHQ L HFRQRPLFL VDX SURILODW WLSXULOH GH SLH H SUH]HQWDWH vQ ILJXUD
F URUD ILUPD VH SRDWH DGUHVD FX RIHUWD VD
3LD D FRQVXPDWRULORU
ILQDOL
3LD D XWLOL]DWRULORU
ILQDOL
3LD D LQWHUPHGLDULORU
)LUPD
GH GLVWULEX LH
3LD D RUJDQLVPHORU L
LQVWLWX LLORU SXEOLFH
)LJXUD 7LSXULOH SULQFLSDOH GH SLH H SH FDUH ILUPD vL SRDWH ODQVD RIHUWD
)LUPD SRDWH RSWD vQWUH DL GHVIDFH P UIXULOH SH XQD VDX PDL PXOWH WLSXUL GH SLH H 'H
H[HPSOX 6& $YLFROD ,QWHUQD LRQDO %DF X 6$ PDUH SURGXF WRDUH GH FDUQH L SUHSDUDWH GLQ
FDUQH
GH
SDV UH
SRUF
GLQ
5RPkQLD
SRDWH
V L
RIHUH
SURGXVHOH
OH YkQG
OH YkQG
VDOH
FRQVXPDWRULORU
LQWHUPHGLDULORU DQJURVLWL
OH GHVIDF
FDXWH V
GLUHFW
FD R PDV
DPRUI FL
GHOLPLWH]H DQXPLWH JUXSXUL UHODWLY RPRJHQH GH FRQVXPDWRUL FDUH GRUHVF L SRW DYHD
6HJPHQWXO
FXPS
SLD
FRQVWLWXLH
WUHEXLQ HORU
FXPS
GH
RELHFWXO
LVDX
ULPHD
XQ
VXEDQVDPEOX
DO
SLH HL
JOREDOH
IRUPDW
GLQ
FXPS
WXULL
IDFWRULL
FDUH
VWDX
OD
ED]D
GHFL]LHL
GH
UDUH HWF
Q UDSRUW FX QDWXUD EXQXULORU L VHUYLFLLORU SH FDUH OH IDEULF
VH SRDWH DGUHVD XQXL QXP U PDL PDUH VDX PDL PLF GH FOLHQ L &HL FH DSHOHD]
RIHULWH GH ILUP
UHSUH]LQW
vQ SUH]HQW OD P UIXULOH
D ILUPHL $FHDVW
SLD
SH FDUH R DFRSHU
D XQXL
FX RIHUWD VD Q WLPS FH VSUH H[HPSOX 8]LQD GH $XWRWXULVPH GH 7HUHQ $UR 6$
L SH FDUH R OH
GHVI RDU 'LQ DFHVW SXQFW GH YHGHUH GHRVHELP ILUPH SURGXF WRDUH GH P UIXUL EXQXUL HFRQR
PLFH ILUPH SUHVWDWRDUH GH VHUYLFLL ILUPH VSHFLDOL]DWH vQ FRPHUFLDOL]DUHD P UIXULORU RUJDQL]D LL
QRQSURILW FH SURGXF VDX GHVIDF EXQXUL HFRQRPLFH VSLWDOH WHDWUH FROL XQLYHUVLW
L HWF 8QHOH
ILUPH DX XQ SURILO PL[W GH SURGXF LH L FRPHUFLDOL]DUH FXP HVWH FD]XO IDEULFLL GH vQF O
$QWLORSD
6$
%XFXUHWL
VDX
GH
SURGXF LH
GH
P UIXUL
GH
VHUYLFLL
FXP
HVWH
PLQWH
FD]XO
6&
GH VHUYLFH
SHQWUX vQWUH LQHUHD L UHSDUDUHD DFHVWRU SURGXVH VDX vQ FD]XO vQWUHSULQGHULORU WXULVWLFH FDUH RIHU
DWkW
(, ),50(,
FDSDFLWDWH L DULH
ORFDOL]DUH
6WUXFWXUD SLH HL 3ULYLW
R VWUXFWXU
OD VFDUD VRFLHW
LHD]
FX XQ LPHQV FRQJORPHUDW FX
UIXULORU
GXEOD VD FDOLWDWH GH FXPS U WRU L RIHUWDQW YD DYHD OHJ WXUL FX ILHFDUH GLQ FHOH WUHL SLH H DWkW vQ
SODQXO DSURYL]LRQ ULL FX UHVXUVHOH QHFHVDUH GHVI XU ULL SURSULHL DFWLYLW
SLD
UIXULORU /D
vQ GRX
PDUL
VH
GHRVHELP
L UHVSHFWLY
VDX QHSURGXFWLY
D SURGXVHORU L D VHUYLFLLORU
3LD D
3LD D
PLMORDFHORU
SURGXVXOXL
6HJPHQWXO
GH
SURGXF LH
3LD D
EXQXULORU
PDWHULDOH
3LD D
3LD D
EXQXULORU
SURGXVXOXL
6HJPHQWXO
GH FRQVXP
&
'
3LD D
JOREDO
3LD D
3LD D
VHUYLFLLORU
VHUYLFLXOXL
6HJPHQWXO
GH
6M
SURGXF LH
3LD D
VHUYLFLLORU
3LD D
3LD D
VHUYLFLLORU
VHUYLFLXOXL
6HJPHQWXO
GH FRQVXP
6L
Q Q
P P
&
S S
'
U U
UIXULORU
SURGXV SRDWH IL vQWkOQLW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW L SH FHD D EXQXULORU GH FRQVXP
FXP
HVWH
FD]XO
]DK UXOXL
I LQHL
VDX
XQRU
OHJXPH
FDVWUDYH L
DUGHL
FDUH
SRW
DYHD
DPEHOH
GHVWLQD LL
&RPSDUDWLY FX SLD D EXQXULORU GH FRQVXP SLD D PLMORDFHORU GH SURGXF LH HVWH FDUDFWHUL]DW
SULQ
vQWUH RIHUW
L FHUHUH
6WUXFWXUD ILHF UHLD GLQ FHOH SDWUX VXEGLYL]LXQL HVWH DOF WXLW
SLH H SDUWLFXODUH VSHFLILFH ILHF UXL SURGXV VHUYLFLX LQGLYLGXDO 3LD D SURGXVXOXL VHUYLFLXOXL
UHSUH]LQW
VIHUD HFRQRPLF
FRQFUHW
DFWLYLWDWHD
6XQW IRDUWH SX LQH FD]XULOH FkQG SLD D XQXL SURGXV VDX VHUYLFLX HVWH RPRJHQ 'H UHJXO
SLD D
SURGXVXOXL
VHUYLFLXOXL
DUH
VWUXFWXUD
VD
LQWHUQ
DUH OD ED]
ILLQG
DOF WXLW
SDUWLFXODULW
GLQ
VHJPHQWH
GH
SLD
FHUHULL GLQ SDUWHD FXPS U WRULORU vQ IUHFYHQ D L P ULPHD PHGLH D FXPS U ULL vQ QLYHOXO H[LJHQ HORU
ID
GH FDOLWDWHD L VWUXFWXUD RIHUWHL HWF &XQRVFkQG FDUH VXQW FHOH PDL LPSRUWDQWH VHJPHQWH GH SLD
DFWLYLWDWHD /LPLWkQGXVH IRDUWH UDU OD XQ VLQJXU SURGXV SLD D ILUPHL VH UHJ VHWH GH
SH PDL PXOWH FRPSRQHQWH VWUXFWXUDOH DOH SLH HL JOREDOH SH PDL PXOWH VHJPHQWH GH SLD
VDX
SH SLH HOH PDL PXOWRU SURGXVH $D HVWH vQ FD]XO XQHL vQWUHSULQGHUL IXUQL]RDUH GH XWLODMH L PDLQL
FDUH SRDWH IL SUH]HQW
HVWH
YRUED
GH
VWUXFWXUD
SLH HL
JOREDOH
VDX
SLH HL
ILUPHL
WUHEXLH
I FXWH
VXEOLQLHUL
WUDQ]DF LLORU
GH
&DSDFLWDWHD
SLH HL
YkQ]DUHFXPS UDUH
HIHFWLY
UHDOL]DWH
GH
SLH HL
DFHDVWD
XQHL
vQWUR
ILUPH
HVWH
SHULRDG
GH
GDW
GH
WLPS
GHWHUPLQDW
YROXPXO
3ULQFLSDOLL LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS VXQW YROXPXO RIHUWHL YROXPXO FHUHULL YROXPXO
YkQ]
ULORU
YROXPXO
SURGXVXOXL L QXP
H[SRUWXULOULPSRUWXULORU
QXP
UXO
GH
XWLOL]DWRUL
FRQVXPDWRUL
DL
vQ GHWHUPLQDUHD FDSDFLW
Q ILJXUD VH REVHUY
F GHL YROXPXO FHUHULL GH YLQ D IRVW PDL PDUH GHFkW RIHUWD QXPDL R
SDUWH GLQ HD VD PDWHULDOL]DW vQ YkQ] UL 2 VHULH GH FDX]H FD YDULHWDWHD VRUWLPHQWDO
RIHUWHL P ULPHD SUH XOXL DPEDODMXO HWF QX DX SHUPLV FD vQWUHDJD RIHUW
L FDOLWDWHD
GH YLQ D ILUPHL V
ILH
YkQGXW
D SLH HL XQHL ILUPH &HS VH DIO
&DSDFLWDWHD HIHFWLY
QXP UXO
FXPS U WRULORU
LVDX FRPHUFLDOL]HD]
XWLOL]DWRULORU
SURGXVHORU
vQ UHOD LH GLUHFW
LVDX
VHUYLFLLORU
FX
SH
FDUH
ILUPD
OH
IDEULF
1
FXPS U WXU
VSHFLILF
T
[ T
[ )U
KO YLQ
10.000 hl vin
cererea ULOH
YkQ]
KO YLQ
8.000 hl vin
RIHUWD
YkQ] ULOH
hl vin
7.000 KO YLQ
(D H[SULP
FHUHUH L YkQ]
GH
D SURGXVXOXL JUXSHL GH
WRDUH GH YLQ
VXE IRUP
GH
FKHUHVWHD
GLQ
DUD
IRVW
GH
PF
LDU
WRWDOXO
LPSRUWXULORU
IRVW
GH
PF
&RWD GH SLD
UHIHULQ
'DF
D ILUPHL UHSUH]LQW
VH LDX FD UHIHULQ
$QDOL]D FRQ LQXWXOXL L GLPHQVLXQLORU SLH HL QX VH OLPLWHD]
ORF HIHFWLY FL WUHEXLH H[WLQV
L DVXSUD FHORU SRWHQ LDOH FDUH DU SXWHD DYHD ORF 'H DFHHD YRP IDFH
vQWUR SHULRDG
FDUH
SUH]HQW
OLSVD
QX
GH WLPS GHWHUPLQDW
vQ
FRQFXUHQ
FRQVXP
UHVXUVHORU
GLQ
GLYHUVH
ILQDQFLDUH
PRWLYH
GLVWULEX LD
D DFHVWHLD 'LIHUHQ D
FXPS UDUHD
GH
QHFRUHVSXQ] WRDUH
SURGXVH
D
VLPLODUH
RIHUWHL
vQ
DULD
GH
OD
SLH HL
SRWHQ LDOXO GH DEVRUE LH DO SLH HL FDUH HVWH GDW GH YROXPXO PD[LP FDQWLWDWLY VDX YDORULF DO
FXPS U ULORU FH DU SXWHD IL UHDOL]DWH GH FOLHQWHOD ILUPHL vQWUR SHULRDG
vQ FD]XO ILUPHORU FH DF LRQHD]
SUHGHWHUPLQDW
GH WLPS
ULL UHVSHFWLYH
H[SRUWXOXL
QXP
HFRQRPLFH
VRFLRSURIHVLRQDOH
DOH
SRWHQ LDO
DFHVWRUD
SUHFXP
PRWLYD LLORU
FDUH
VWDX
OD
ED]D
LQFOXGH
GHFL
vQ
DIDUD
FRQVXPDWRULORU
HIHFWLYL
FDWHJRULD
QRQFRQVXPDWRULORU UHODWLYL 'HFDODMXO H[LVWHQW vQWUH GLPHQVLXQLOH HIHFWLYH L FHOH SRWHQ LDOH DOH SLH HL
SURGXVXOXL VDX DOH SLH HL ILUPHL SRDWH IL UHGXV L FKLDU DQLKLODW SULQ GRX
D
FDOHD H[WHQVLY
FDOHD
F L
LQWHQVLY
QXP UXOXL
GH
FDUH
SUHVXSXQH
FXPS U WRUL
VSRULUHD
SH
VHDPD
YROXPXOXL
FUHWHULL
YkQ] ULORU
FXPS U WXULL
vQ
FRQGL LLOH
PHGLL
PHQ LQHULL
IUHFYHQ HL
FXPS U ULORU
Q VSRULUHD FDSDFLW
ORFDOL]DUHD
SLH HL
$LFL
HVWH
YRUED
GH
DERUGDUHD
SLH HL
vQ
UDSRUW
FX
VSD LXO
FX
SHULPHWUXO vQ FDUH DUH ORF FRQIUXQWDUHD FHUHULL FX RIHUWD vQ IXQF LH GH FDUH FXQRDWH IRUPH GLIHULWH GH
ORFDOL]DUH GHQVLW
PRGXO
GH
UHDOL]DUH
DFHVWHLD SUH]LQW
WUDQ]DF LLORU
R LPSRUWDQ
GH
SLD
&XQRDWHUHD
DULHL
SLH HL
GLPHQVLXQLL
VSD LDOH
GHRVHELW
VDX ]RQH FRPHUFLDOH 3H SLD D LQWHUQD LRQDO R VHULH GH PDUL PHWURSROH GLQ
vQ DQXPLWH FHQWUH
UL SXWHUQLF GH]YROWDWH
HFRQRPLF LDX FkWLJDW UHQXPH PRQGLDO SHQWUX FRPHU XO FX DQXPLWH P UIXUL Q DVWIHO GH PHWURSROH
vL GHVI RDU
DFWLYLWDWHD
UHQXPLWH EXUVH GH P UIXUL FXP HVWH FHD GLQ &KLFDJR SHQWUX FHUHDOH FHD
GH OD 6DR 3DXOR SHQWUX FDIHD FHD GH OD 1HZ <RUN SHQWUX FDIHD FDFDR L ]DK U FHD GH OD 6LGQH\
SHQWUX OkQ FHD GH OD 1HZ 2UOHDQV SHQWUX EXPEDF HWF PDUL WkUJXUL LQWHUQD LRQDOH FXP HVWH FHO GH
OD /HLS]LJ SHQWUX PRELO GH OD 9LHQD SHQWUX EXQXUL GH FRQVXP GH OD 3DULV SHQWUX SURGXVH VSHFLILFH
LQGXVWULHL DHURQDXWLFH HWF 7HQGLQ D GH FRQFHQWUDUH D DFWLYLW
LL GH SLD
FRQVXP DUH ORF L vQ VSD LL PDL UHVWUkQVH vQ SHULPHWUXO XQRU SLH H QD LRQDOH VDX FKLDU ORFDOH
FHQWUHOH XUEDQH PDUL H[HUFLWkQG R IRU
VSRULW
FHUHULL
IHQRPHQ
GLQ
]RQHOH
vQYHFLQDWH
$FHVW
ID
GH ORFDOLW
HVWH
(D VH GDWRUHD]
FXQRVFXW
vQ
OLWHUDWXUD
GH
VSHFLDOLWDWH
VXE
$ 3,(
(, ),50(,
IDFWRUL
VXQW
OHJD L
GH
SXWHUHD
HFRQRPLF
ILUPHL
SRWHQ LDOXO
DSDUL LH SH SLD
XPDQ
PDWHULDO
FUHWHUH PDWXULWDWH
L GH YkUVW
DOH
3RWHQ LDOXO PDWHULDO HVWH HYLGHQ LDW GH YROXPXO L FDOLWDWHD ED]HL PDWHULDOH D ILUPHL GH SHUIRUPDQ D
WHKQRORJLLORU SUDFWLFDWH GH JUDGXO GH PHFDQL]DUH DXWRPDWL]DUH L LQIRUPDWL]DUH D SURFHVHORU GH
PXQF LDU SRWHQ LDOXO ILQDQFLDU GH FDSDFLWDWHD GH D SURGXFH SURILW D ILUPHL GH GLVSRQLELOLW
LOH
E QHWL L YDOXWDUH DIODWH vQ FRQWXULOH EDQFDUH DOH DFHVWHLD GH YROXPXO FUHGLWHORU L D DOWRU GDWRULL SH
FDUH OH DUH SUHFXP L GH VFDGHQ D DFHVWRUD SH GH R SDUWH L GH YROXPXO FUHDQ HORU L VFDGHQ D
DFHVWRUD SH GH DOW
SDUWH
UXO L FDSDFLWDWHD GH
SXWHUHD GH FXPS
SHUVRDQ
F UHLD L VH DGUHVHD]
ILUPD
GDW
]DK U
HWF
HOHFWURQLF
GLVSXQH
GH
SLD
PXOW
PDL
VWDELO
GHFkW
XQ
RIHUWDQW
GH
DSDUDWXU
LQIOXHQ HD]
SH SLD D ILUPHL
IDFWRUL VRFLRORJLFL L SVLKRORJLFL VWDWXWXO UROXO SUHVWLJLXO VRFLDO PRELOLWDWHD FHULQ HOH GH JUXS
VSLULW
WHPSHUDPHQWXO
VHPQLILFDWLY
GH
GH X] FDVQLF
H[HPSOX
SkLQH ODSWH
DWHSW ULOH
GHSULQGHULOH
FRQWLLQ D
GH
VLQH
FDUH
DX
LQIOXHQ
L FDWHJRULD GH QHYRL F
LQGXVWULDO
URUD VH DGUHVHD]
JUHX GH WUDQVSRUW L ULGLFDW HWF SLD D ILUPHL HVWH PXOW PDL ULJLG GH H[HPSOX ID
ILUPH FDUH SURGXFH vPEU F PLQWH XQGH FHUHUHD HVWH PXOW PDL HODVWLF
3,$
L RVFLODQW
GH FHD D XQHL
vQ WLPS
$ 352'868/8,
FX DFHVWH
GLVSXQ
GH R SLD
EXQXULOH LVDX
SURSULH
L VH UHDOL]HD]
VH vQWkOQHVF VLWXD LL
SURGXV SLD D ILUPHL UHVSHFWLYH VH SRDWH LGHQWLILFD FX FHD D SURGXVXOXL Q DOWH VLWXD LL SLD D XQHL
ILUPH HVWH VXPD SLH HORU PDL PXOWRU SURGXVH 'H DVHPHQHD VH vQWkOQHVF FD]XUL FkQG SLD D XQXL
SURGXV VDX JUXS
GLQ SLH HOH PDL PXOWRU ILUPH Q FHOH PDL PXOWH FD]XUL
UHSUH]LQW
37
XQGH
37
SLD D WRWDO
S
Q
SLD D SURGXVXOXL L
QXP UXO SURGXVHORU FH DOF WXLHVF SLD D WRWDO
QWUH SLH HOH GLIHULWHORU SURGXVH VH SRW vQWkOQL XUP WRDUHOH WLSXUL GH UHOD LL
XQHL DQXPLWH QHYRL FXP DU IL GH H[HPSOX vQWUH FDIHD L ]DK U UHVSHFWLY SLD D FDIHOHL L SLD D
]DK UXOXL VDX GLQWUH SLD D DXWRPRELOHORU L SLD D VHUYLFLLORU GH UHSDUD LL L vQWUH LQHUH D DXWRPRELOHORU
HWF
UHOD LL GH VXEVWLWXLUH FkQG SURGXVHOH VH SRW vQORFXL UHFLSURF vQ FRQVXP FUHkQGXVH DVWIHO UHOD LL
GH FRQFXUHQ
QDWXUDO
L vQF O
PLQWHD GLQ vQORFXLWRUL SLHOH VLQWHWLF FDXFLXF WH[WLOH HWF VDX GLQWUH FRQVXPXO GH
FDUQH L FRQVXPXO GH SHWH FDUH VH SRW VXEVWLWXL UHFLSURF vQ DVLJXUDUHD XQHL DOLPHQWD LL UD LRQDOH VDX
VXE LQIOXHQ D XQRU IDFWRUL FD PRGLILFDUHD SUH XULORU VF GHUHD YHQLWXULORU SRSXOD LHL HWF
UHOD LL GH LQGLIHUHQ
H[HPSOX UDSRUWXULOH GLQWUH SLD D IORULORU L SLD D WXWXQXOXL VDX FHOH GLQWUH SLD D F UQLL GH SRUF L SLD D
SDUIXPXULORU HWF
3HQWUX HYDOXDUHD SLH HL XQXL SURGXV VH IRORVHWH XQ VLVWHP GH LQGLFDWRUL GLQWUH FDUH PDL
LPSRUWDQ L VXQW
JUDGXO GH U
JUDGXO GH S
QXP
SURILWXO
FOLHQWHOHL
DFKL]L LRQHD]
FH
SURGXVXO
GHWHUPLQDW
SURGXVXO
GH
FDUDFWHULVWLFLOH
VRFLR
SURIHVLRQDOH GHPRJUDILFH HFRQRPLFH VDX VRFLDOH DOH FXPS U WRULORU SURGXVXOXL UHVSHFWLY
6XEOLQLHP
F
GDF
SULPLL
SDWUX
L GH P VXU
LQGLFDWRUL
VXQW
GH
QDWXU
VWULFW
FDQWLWDWLY H[SULPkQG
vQ
PRG
SURILWDELO
SLH HL
RULF UHL
FkWLJDUHD GH QRL FXPS U WRUL SURYHQL L GLQ UkQGXO FHORU FDUH FXPS U
SURGXVXO
FRQVW
vQ FUHWHUHD FDQWLWDWLY
LVDX YDORULF
LVDX SULQ P ULUHD IUHFYHQ HL GH FXPS UDUH $PEHOH F L SULYHVF QXPDL FXPS U WRULL
HIHFWLYL DL SURGXVXOXL
&DOHD PL[W
SLD D SkQ
'DF
QLFLRGDW
ILJXUD
VH DGDXJ
5H]XPDW
3LD D HVWH R QR LXQH FRPXQ IUHFYHQW XWLOL]DW vQ DFHODL WLPS vQV
vQWLQV
&XYkQWXO
SLD
HVWH
XWLOL]DW
vQ
FRQWH[WH
GLIHULWH
VH
UHIHU
DFRSHU
OD
R DULH H[WUHP GH
GLIHULWH
JUXSXUL
GH
FL GH VXUSULQGHUHD
FXDQWLILFDUHD L HYDOXDUHD UHOD LLORU D UDSRUWXULORU FDUH VH VWDELOHVF vQWUH DFWRULL FDUH vL GHVI RDU
&DOHD
&DOHD LQWHQVLY
&DOHD H[WHQVLY
PL[W
&XPS U WXUD
PHGLH
DQXDO
&RQFHSWH FKHLH
3LD D 6IHUD FRQIUXQW ULL RIHUWHL L D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH
FXPS UDUH
3LD D ILUPHL 6SD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVWH SUH]HQW
VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO L ILQDQFLDU vL FRQIHU
FX SURGXVHOH L VHUYLFLLOH
R DQXPLW
LQIOXHQ
XQ DQXPLW
SUHVWLJLX
6HJPHQWXO GH SLD
JUXSD L GXS
XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD WUHEXLQ HORU RELHFWXO LVDX P ULPHD
FXPS U WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH FXPS UDUH HWF
3LD D SURGXVXOXL VHUYLFLXOXL 6IHUD HFRQRPLF
&DSDFLWDWHD HIHFWLY
DFHDVWD vQWUR SHULRDG
DFWLYLWDWHD
GH WLPS GHWHUPLQDW
FRQFUHW
vQWUR SHULRDG
D SLH HL ILUPHL
GH WLPS GHWHUPLQDW