$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

CAPI TOLUL 6
352),78/ù,5(17$%,/,7$7($$&7,9,7 ,,

3ULQFLSDOXO RELHFWLY GH QDWXU  VWUDWHJLF  DO XQHL HQWLW L PLFURHFRQRPLFH vO

constituie realizarea unor randamente superioare ale capitalului investit de

F WUH DF LRQDUL $WLQJHUHD DFHVWXL RELHFWLY HVWH VLQRQLP  FX GHVI úXUDUHD XQHL

DFWLYLW L JHQHUDWRDUH GH SURILW DYkQG vQ YHGHUH F  DFHVWD FRQVWLWXLH ED]D

DORF ULLGHGLYLGHQGHSHQWUXDF LRQDULLILUPHLUHVSHFWLYH

'H DVHPHQHD SURILWXO UHSUH]LQW  XQ LQGLFDWRU IXQGDPHQWDO XWLOL]DW vQ DQDOL]D

cu caracter ecRQRPLF úL ILQDQFLDU D DFWLYLW LL ILUPHL úL LQIOXHQ HD]  vQ PRG

LQGLUHFWFXUVXOSHSLD DODF LXQLORUUHVSHFWLYHLVRFLHW LFRPHUFLDOH2E LQHUHD

XQXL UH]XOWDW IDYRUDELO vQ XUPDGHVI úXU ULL DFWLYLW LL GH F WUH ILUP  UHSUH]LQW 

VROX LDFXUHQW QHFHVDU DVLJXU ULLHFKLOLEUXOXLILQDQFLDU

5H]XOWDWXO XQHL DFWLYLW L VH GHWHUPLQ  SULQ FRPSDUDUHD HIRUWXULORU DQJDMDWH vQ

UHDOL]DUHDHLFXHIHFWHOHRE LQXWH'DF QHUHIHULPODGHWHUPLQDUHDUH]XOWDWXOXL

vQFkPSHFRQRPLFDFHVWDVHRE LQHSULQFRPSDUDUHDFKHOWXLHOL lor cu veniturile

VRFLHW LLFRPHUFLDOHUHVSHFWLYH

6.1 $QDOL]DVWUXFWXUDO úLGLQDPLF DSURILWXOXL

$QDOL]D VWUXFWXUDO  VH SRDWH UHDOL]D SH ED]D VROGXULORU LQWHUPHGLDUH GH

JHVWLXQH6ROGXULOHLQWHUPHGLDUHGHJHVWLXQHUHSUH]LQW XQVLVWHPGHLQGLFDWRUL

LPSRUWDQ LvQSURFHVXOGHDQDOL] HFRQRPLF úLILQDQFLDU DILUPHL

&HOPDL LPSRUWDQWLQGLFDWRUFDUH HVWH SXVvQHYLGHQ GHF WUH7DEORXO 6,*

este excedentul brut din exploatare  0 ULPHD DFHVWXL LQGLFDWRU

LQIOXHQ HD]  GLUHFW capacitatea de autofinan DUH a firmei, respectiv

SRWHQ LDOXODFHVWHLDGHDVXV LQHSULQVXUVHSURSULLDFWLYLWDWHDGHVI úXUDW 

C.A.F. = Excedentul brut din exploatare

+ Alte venituri monetare
- Alte cheltuieli monetare
 3URILWXOúLUHQWDELOLWDWHDDFWLYLW LL

Cu alte cuvinte nu sunt luate în considerare elePHQWHOHGHYHQLWXULúLUHVSHFWLY

GH FKHOWXLHOL FDUH QX LPSOLF  WUDQVIHUXUL HIHFWLYH VXE IRUP  PRQHWDU  FXP DU

ILFKHOWXLHOLOHFXDPRUWL]DUHDúLSURYL]LRDQHOHYHQLWXULOHGLQSURYL]LRDQH

Sold intermediar de
Element de venituri Element de cheltuieli
gestiune
9kQ] ULGHP UIXUL &RVWXOP UIXULORUYkQGXWH 0DUMDFRPHUFLDO

3URGXF LDYkQGXW

3URGXF LDVWRFDW
3URGXF LDH[HUFL LXOXL
3URGXF LDLPRELOL]DW

&RQVXPXUL GH SURYHQLHQ 

GH OD WHU L PDWHULL SULPH

3URGXF LDH[HUFL LXOXL materiale, semifabricate,

9DORDUHDDG XJDW
0 UMDFRPHUFLDO XWLOLW L OXFU UL úL VHUYLFLL

SUHVWDWHGHF WUHWHU LHWF

Cheltuieli cu personalul Excedent brut din

9DORDUHDDG XJDW
&KHOWXLHOL FX LPSR]LWH úL exploatare ( sau
6XEYHQ LLGHH[SORDWDUH
taxe legate de exploatare deficit)
$PRUWL] ULúLSURYL]LRDQH
Excedent brut din
Alte cheltuieli de
exploatare 5H]XOWDWXOH[SORDW ULL
exploatare
Rezultatul din exploatare Rezultatul curent al
Cheltuieli financiare
Venituri financiare H[HUFL LXOXL

9HQLWXULH[FHS LRQDOH Rezultatul

Cheltuieli exceS LRQDOH
exceptionale
Rezultatul curent Rezultatul brut al
5H]XOWDWXOH[FHS LRQDO H[HUFL LXOXL

Rezultatul net al
5H]XOWDWXOEUXWDOH[HUFL LXOXL Impozit pe profit
H[HUFL LXOXL

6.2 $QDOL]DIDFWRULDO DSURILWXOXL

Pentru analiza de tip fact RULDO D UH]XOWDWXOXL DIHUHQW YkQ] ULORU SRDWH IL OXDW vQ

FRQVLGHUDUHXUP WRUXOPRGHO

P = Σqvpv - Σqvc,

în care:
qv –FDQWLWDWHYkQGXW
pv –SUH GHYkQ]DUHXQLWDU

c – cost unitar
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

0HWRGRORJLD GH FXDQWLILFDUH úL L]RODUH D IDFWRULORU GHWHUPLQDQ L vQ GLQDPL ca

LQGLFDWRUXOXLVXVPHQ LRQDWHVWHFHDDVXEVWLWX LLORUvQODQ IDFWRULLGHLQIOXHQ 

ILLQG UHSUH]HQWD L GH F WUH FDQWLWDWHD FRPHUFLDOL]DW  VWUXFWXUD YkQ] ULORU

FRVWXOXQLWDUúLUHVSHFWLYSUH XOGHYkQ]DUH

Exemplu
Spre exemplificarea metodologiei de DQDOL]  IDFWRULDO  D SURILWXOXL DIHUHQW

YkQ] ULORUSUHVXSXQHPXUP WRDUHOHLQIRUPD LLILQDQFLDUH

I ndicatori U.M. 1998 ( 0) 1999 ( 1)

Cifra de afaceri – H[SULPDW  OD mii lei 2.147.500 2.899.000
nivelul costurilor
Cifra de afaceri – H[SULPDW  OD mii lei 2.510.000 3.473.000
nivelul pre XULORUGHYkQ]DUH
1LYHOXO YkQ] ULORU GLQ 

exprimat în:
- costuri unitare din 1998 mii lei X 2.200.000
- SUH XULGHYkQ]DUHGLQ mii lei X 2.915.000

1LYHOXOSURILWXOXLDIHUHQWYkQ] ULORUvQFHLGRLDQLOXD LvQFRQV iderare a fost de:

P0 = Σqvi0 pvi0 - Σqvi0 ci0 = 2.510.000 mii lei – 2.147.500 mii lei =
= + 362.500 mii lei
P1 = Σqvi1 pvi1 - Σqvi1 ci1 = 3.473.000 mii lei – 2.899.000 mii lei =
= + 574.000 mii lei

,QGLFHOHGHYDULD LHDFDQWLW LLYkQGXWHDDYXWYDO oarea de:

I qv = Σqvi1 pvi0/ Σqvi0 pvi0 = 2.915.000/ 2.899.000 = 1.0055

9DULD LDLQGLFDWRUXOXLDQDOL]DWDIRVWGHFLGH

∆ P = P1 - P0 = 574.000 mii lei – 362.500 mii lei = + 211.500 mii lei

,QIOXHQ HOHIDFWRULORU

1. LQIOXHQ FDQWLW LLFRPHUFLDOL]DWH

∆ P (Qv) = Iqv x P0 - P0 = 1.0055 x 362.500 – 362.500 =

= 364.494 mii lei – 362.500 mii lei = + 1.994 mii lei
 3URILWXOúLUHQWDELOLWDWHDDFWLYLW LL

2. LQIOXHQ DVWUXFWXULLYkQ] ULORU

∆ P (gi) = ( Σqvi1 pvi0 - Σqvi1 ci0) - Iqv x P0 =

= (2.915.000 – 2.200.000) – 364.494 = + 350.506 mii lei

3. LQIOXHQ D costului unitar al produselor comercializate:

∆ P (ci) = ( Σqvi1 pvi0 - Σqvi1 ci1) - ( Σqvi1 pvi0 - Σqvi1 ci0) =
= 16.000 mii lei - 715.000 mii lei = - 699.000 mii lei

4. LQIOXHQ DSUH XOXLGHYkQ]DUHSHSURGXVH

∆ P (pvi) = ( Σqvi1 pvi1 - Σqvi1 ci1) - ( Σqvi1 pvi0 - Σqvi1 ci1) =

= P1 - ( Σqvi1 pvi0 - Σqvi1 ci1) = 574.000 mii lei – 16.000 mii lei =
= + 558.000 mii lei

6H FRQVWDW  SULQ XUPDUH F  – vQ FRQGL LLOH vQ FDUH FDQWLWDWHD FRPHUFLDOL]DW  D

DYXW R LQIOXHQ  SX LQ VHPQLILFDWLY  FUHúWHUHD SURILWXOXL vQ  ID  GH 

s-DRE LQXWFDHIHFWDOPDMRU ULLSUH XULORUGHYkQ]DUHDSURGXVHORUSUHFXPúLD

PRGLILF ULORUVWUXFWXUDOHvQVHQVXOFUHúWHULLSRQGHULLvQYkQ] ULDSURGXVHORUFX

PDUMH GH SURILW ULGLFDWH FHL GRL IDFWRUL PHQ LRQD L UHXúLQG V  DQLKLOH]H

inIOXHQ DQHIDYRUDELO LQGXV GHFUHúWHUHDFRVWXOXLXQLWDUDOSURGXVHORUILUPHL

6.3 Sistemul ratelor de rentabilitate

6LVWHPXO GH UDWH UHSUH]LQW  XQ LQVWUXPHQW HILFLHQW XWLOL]DW vQ DQDOL]D

UHQWDELOLW LL DFWLYLW LL GHVI úXUDWH 5DWHOH VH GHWHUPLQ  FD XQ raport fie între
XQ LQGLFDWRU GH HIHFW UH]XOWDW úL XQXO GH HIRUW UHVXUV  ILH vQWUH GRL

LQGLFDWRUL GH HIHFW ILLQG H[SULPDWH vQ SURFHQWH 6XEOLQLHP vQV  R OLPLW 

LPSRUWDQW DWLQV SULQXWLOL]DUHDORUúLDQXPHLPSRVLELOLWDWHDGHOLPLW ULLP ULPLL

absolut H D DFWLYLW LL FLIUD GH DIDFHUL DFWLYH HWF 'H DFHHD VH LPSXQH

XWLOL]DUHD UDWHORU vQ FRQMXQF LH FX DQDOL]D ED]DW  SH P ULPLOH DEVROXWH DOH

LQGLFDWRULORUOXD LvQFRQVLGHUDUH
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

A - 5DWDUHQWDELOLW LLHFRQRPLFH

B – 5DWDUHQWDELOLW LLILQDQFLDUH

C– 5DWHGHUHQWDELOLWDWHDOHDF LRQDULORU

D – 5DWDUHQWDELOLW LLFRPHUFLDOH

A - 5DWDUHQWDELOLW LLHFRQRPLFH

6HGHWHUPLQ FDUDSRUWvQWUHSURILWXOQHWRE LQXWGHF WUHFRPSDQLHúLYDORDUHD

DFWLYHORU WRWDOH XWLOL]DWH 3RDWH IL DQDOL]DW  vQ GLQDPLF  VDX SULQ comparare cu
YDORULOH LQGLFDWRUXOXL vQ FD]XO ILUPHORU FRQFXUHQWH FX DFHODúL GRPHQLX GH

activitate).

Pnet
Rrecon = × 100
Active totale

3ULQ IRORVLUHD WRWDOXOXL DFWLYHORU OD QXPLWRU DFHDVW  UDW  DUDW  HILFLHQ D

XWLOL] ULL FDSLWDOXOXL WRWDO GLVSRQLELO FX DOWH FXYLQWH I U  D OXD vQ FRQVLGHUDUH

VWUXFWXUD GH ILQDQ DUH SRQGHUHD vQWUH VXUVHOH GH QDWXU  SURSULH úL FHOH

LPSUXPXWDWH VDX DWUDVH 3UH]LQW  LPSRUWDQ  FX SUHF GHUH SHQWUX XWLOL]DWRULL

LQWHUQLDLLQIRUPD LHLPDQDJHPHQWXOILUPHLúLPDLSX LQSHQWUX cei externi.

B - 5DWDUHQWDELOLW LLILQDQFLDUH

6HGHWHUPLQ FDUDSRUWvQWUHSURILWXOQHWRE LQXWGHF WUHFRPSDQLHúLYDORDUHD

FDSLWDOXOXL SURSULX 3RDWH IL DQDOL]DW  vQ GLQDPLF  VDX SULQ FRPSDUDUH FX

valorile indicatorului în cazul firmelor concurente FX DFHODúL GRPHQLX GH

activitate).

Pnet
Rrfin = × 100
Cap. propriu

([SULP  HILFLHQ DFXFDUH DXIRVWIRORVLWHVXUVHOHGHQDWXU SURSULHILLQG ED]D

SHQWUX GHWHUPLQDUHD UDWHORU GH UHPXQHUDUH D FDSLWDOXOXL DSRUWDW GH F WUH

DF LRQDULLILUPHL
 3URILWXOúLUHQWDELOLWDWHDDFWLYLW LL

C – Rate de r HQWDELOLWDWHDOHDF LRQDULORU

C1 – 5DWD³SURILWSHDF LXQH´

Pnet
PA = u 100
1XP UDF LXQLHPLVH

$YkQGvQYHGHUHF GLYLGHQGHOHFRQVWLWXLHRDORFDUHDSURILWXOXLQHWGHJDMDWGH

activLWDWHD GHVI úXUDW  GH F WUH FRPSDQLH DFHDVW  UDW G  R LPDJLQH GHVSUH

YDORDUHDPD[LP DUHPXQHU ULLFDSLWDOXOXLUDSRUWDWGHDF LRQDULDW

C2 – 5DWD³GLYLGHQGSHDF LXQH´

Fond total dividende

DA = u 100
1XP UDF LXQLHPLVH

$UDW  FkúWLJXO UHDOL]DW GH F WUH DF LRQDULL ILUPHL FX DOWH FXYLQWH UHPXQHUDUHD

LQYHVWL LHL D SODVDPHQWXOXL ILQDQFLDU SH FDUH DFHúWLD DX UHDOL]DW -o prin
FXPS UDUHDGHDF LXQLDOHUHVSHFWLYHLVRFLHW LFRPHUFLDOH

C3 – 5DWD³SUH SHSURILWSHDF LXQH´

&XUVXOEXUVLHUDODF LXQLL
PPA = u 100
3URILWXOQHWSHDF LXQH

$UDW FkWGHUHSHGHVHSRDWHUHFXSHUD³LQYHVWL LD´vQDF LXQLOHILUPHLvQFD]XOvQ

FDUH WRW SURILWXO QHW DU IL GLVWULEXLW DF LRQDULORU VXE IRUPD GLYLGHQGHORU &X FkW

YDORDUHDDFHVWHLUDWHHVWHPDLUHGXV FXDWkWVHPQLILF RVWDUHPDLEXQ 

D – 5DWDUHQWDELOLW LLFRPHUFLDOH

6H GHWHUPLQ  SULQ UDSRUWDUHD SURILWXOXL DIHUHQW YkQ] ULORU UHDOL]DWH GH F WUH

ILUP  ODYDORDUHDDFHVWRUD,PSRUWDQ DDFHVWHLUDWHUH]LG  vQIDSWXOF SXQHvQ

HYLGHQ HILFLHQ DIXQF LHLFRPHUFLDOHDILUPHL

3URILWDIHUHQWYkQ] ULORU
Rrcom = u 100
Cifra de afaceri
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

$QDOL]D DFHVWHL UDWH SRDWH OXD vQ FRQVLGHUDUH úL PRGHOXO IDFWRULDO FHL WUHL

IDFWRULGHLQIOXHQ vQDFHVWFD]ILLQG

- VWUXFWXUDYkQ] ULORUSHSURGXVHVDXVHUYLFLL

- costul unitar al produselor;

- SUH XOGHFRPHUFLDOL]DU e.

Analiza ratelor de rentabilitate cu ajutorul modelului DuPont

0RGHOXO 'X3RQW XWLOL]HD]  SHQWUX DQDOL]D HYROX LHL UDWHORU GH UHQWDELOLWDWH

GHVFRPSXQHUHD UDWHL GH UHQWDELOLWDWH ILQDQFLDU  0HWRGRORJLD GH DQDOL]  HVWH

XUP WRDUHD

Pnet Pnet total active

Rrfin = × 100 = × 100 ×
Capital propriu total active capital propriu

&XDOWHFXYLQWHUDWDUHQWDELOLW LLILQDQFLDUHHVWHSURGXVXOGLQWUH

- UDWDUHQWDELOLW LLHFRQRPLFH

- DXWRQRPLDILQDQFLDU LQGLFDWRUGHVROYDELOLWDWH

/DUkQGXOV XUDWDUHQWDELOLW LLHFRQRPLFHSRDWHILGHFRPSXV DVWIHO

Pnet Pnet 9kQ] UL

Rrecon = u 100 = u 100 =
Total active 9kQ] UL Total active

'HFLUHQWDELOLWDWHDHFRQRPLF HVWHHIHFWXODF LXQLL

- ratei marjeiúL
- URWD LHLDFWLYHORUWRWDOHLQGLFDWRUGHJHVWLXQH
 3URILWXOúLUHQWDELOLWDWHDDFWLYLW LL

6.4 Analiza profitului unitar

Pentru analiza profitului unitar se poate utiliza modelul:

Pu = pv – c,

În care:
pv –SUH XOGHYkQ]DUHXQLWDU

c – costul unitar

ÌQ FHHD FH SULYHúWH FRVWXO XQLWDU D cesta poate fi descompus în cost direct
XQLWDUúLFRVWLQGLUHFWDORFDWSHSURGXVSHED] GHFKHLGHUHSDUWL LH

C = cd + cind

/D UkQGXO V X FRVWXO GLUHFW XQLWDU HVWH RE LQXW SULQ FXPXODUHD FRQVXPXULORU

GH PDWHULL SULPH úL PDWHULDOH VHPLIDEULFDWH GDF este cazul) directe cu
FRQVXPXULOHGHPDQRSHU GLUHFW YH]LDQDOL]DFRVWXOXLXQLWDU

cd = cmd + csd

'HIDOFDUHD FKHOWXLHOLORU UHSUH]HQWkQG PDWHULL SULPH úL PDWHULDOH GLUHFWH LQH

cont de consumul specific pe unitatea de produs (factor cantitativ) precuP úL

GHSUH XOGHDSURYL]LRQDUHIDFWRUFDOLWDWLY

Cmd = cs x pa

ÌQ FHHD FH SULYHúWH FKHOWXLHOLOH FX VDODULLOH GLUHFWH DFHVWHD VXQW UH]XOWDWXO

WLPSXOXLGH OXFUXSHXQLWDWHDGHSURGXVVDXSHID] DSURFHVXOXLWHKQRORJLFúL

de salariul mediu tarifar (oraUSHFDWHJRULLGHVDODULDWúLSHID] WHKQRORJLF 

csd = t x sh
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

CONSUM
SPECIFIC
COST
MATERII X
DIRECTE
35( '(

APROVIZ.
COST
UNITAR +
TIMP DE
LUCRU
PROFI T SALARII
UNITAR -- DIRECTE X
SALARIU
TARIFAR

35( '(

VÂNZARE

6.5 Strategii în domeniul profitului

0HFDQLVPXO IRUP ULL SUH XOXL GH YkQ]DUH vQ FRQGL LLOH HFRQRPLHL GH SLD  VH

ED]HD]  FX SULRULWDWH GH UDSRUWXO GLQWUH FHUHUH úL RIHUW  )RUPDUHD vQV  vQ

H[FOXVLYLWDWH D SUH XOXL GH YkQ]DUH FD HIHFW DO DF LXQLL IDFWRULORU H[RJHQL HVWH

vQV  GHRVHELW GH SHULFXORDV  0DQDJHPHQWXO ILUPHL WUHEXLH V  IXQGDPHQWH]H

QLYHOXO SUH XOXL GH FRPHUFLDOL]DUH D SURGXVXOXL úL SULQ OXDUHD vQ FRQVLGHUDUH D

DF LXQLL IDFWRULORU GH QDWXU  HQGRJHQ  UHVSHFWLY  D P ULPLL FRVWXOXL FRPSOHW

unitar.

)LUPD GH FRQVXOWDQ  Boston Consulting Group a elaborat o matrice care ia în

considerare diferitele raporturi care se pot stabili între cei doi indicatori
GHRVHELW GH LPSRUWDQ L OD QLYHOXO XQXL SURGXV – FRVWXO úL SUH XO GH

FRPHUFLDOL]DUH 6FRSXO SULQFLSDO DO PDWULFHL HVWH GH D HYLGHQ LD SDWUX VWUDWHJLL

JHQHULFHSHQWUXFDUHSRDWHRSWDPDQDJHPHQWXOVRFLHW LLFRPHUFLDOH
 3URILWXOúLUHQWDELOLWDWHDDFWLYLW LL


 

 
Strategia de Strategia de SPECI ALI ZARE

   
A
v
a
+
n Marja “a” Marja “b”
t
a
j cost
cost

d Strategia de I MPAS Strategia de VOLUM

e    

p
-
r Marja “c”
Marja “d”
e
t
cost
cost

- +
Avantaj de cost

Strategia de volum – HVWH LQGLFDW  PDL DOHV vQ FD]XO vQ FDUH VHFWRUXO

UHVSHFWLY GH DFWLYLWDWH VH FDUDFWHUL]HD]  SULQ HIHFWXO HFRQRPLLORU GH VFDU 

HIHFW FDUH D IRVW SUH]HQWDW SH ODUJ vQ FDGUXO FDSLWROXOXL ,, 'XS  S UHUHD

QRDVWU  vQV  HVWH SX LQ SUREDELO  R HYROX LH SH WHUPHQ PHGLX úL OXQJ D

SUH XOXL GH YkQ]DUH GH WLSXO FHOHL LQGLFDWH GH F WUH %&* $UJXPHQWXO SULQFLSDO

SH FDUH vO DGXFHP HVWH JHQHUDW GH DFFHQWXDUHD LQHYLWDELO  D FRQFXUHQ HL GLQ

cadrul sectorului de activitate, marea majoritate a firmelor optând pentru

reduceUHD FRUHVSXQ] WRDUH D SUH XOXL GH YkQ]DUH FX DOWH FXYLQWH S VWUkQG

PDUMDXQLWDU GHSURILWúLQXPDMRUkQG -o.

Strategia de impas – FDUDFWHUL]HD]  VHFWRDUHOH vQ FDUH FRPSRUWDPHQWXO

ILUPHORUHVWHGHDPHQ LQHPDUMHOHXQLWDUHGHSURILWGDWRULW VODEHLGLIHUHQ LHUL

DSURGXVXOXLúLDOLSVHLHIHFWHORUJHQHUDWHGHF WUHHFRQRPLLOHGHVFDU HIHFWXO

H[SHULHQ HLHWF
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

6WUDWHJLD GH GLIHUHQ LHUH – HVWH VWUDWHJLD FRQIRUP F UHLD R ILUP  FDXW V 

se particularizeze asupra unor aspecte ale produsului apreciate în mod

GHRVHELW GH F WUH FRQVXPDWRU 0RGDOLW LOH FRQFUHWH GH GLIHUHQ LHUH VXQW

SURSULL ILHF UXL VHFWRU HD VH SRDWH IRQGD SH SURGXVXO vQVXúL SH VLVWHPXO GH

GLVWULEX LHHWFÌQGRPHQLXOSURGXVHORUFRVPHWLFHGLIHUHQ LHUHDVHED]HD] PDL

ales pe imaginea respectivXOXL SURGXV 2 ILUP  FDUH DOHJH GLIHUHQ LHUHD YD

EHQHILFLD GH UH]XOWDWH VXSHULRDUH PHGLHL VHFWRUXOXL FX FRQGL LD FD SUH XO GH

YkQ]DUH V  ILH vQ P VXU  V  DFRSHUH VXSUDFRVWXO DQWUHQDW GH SURFHVXO GH

GLIHUHQ LHUH )LUPD WUHEXLH GH DVHPHQHD V  vQFHUFH DWLQJHUHD SDULW LL vQ

PDWHULHGHFRVWXULFXFRQFXUHQ LLvQFHUFkQGGLPLQXDUHDORUvQGRPHQLLOHFHQX

DIHFWHD]  GLIHUHQ LHUHD 6H SRDWH GLVWLQJH úL DúD QXPLWD ³GLIHUHQ LHUH

IRFDOL]DW ´ OD QLYHOXO XQXL VHJPHQW – FDUH VH ED]HD]  vQ SULQFLSDO SH

utilizarea segmeQW ULL GH PDUNHWLQJ UHVSHFWLY SH VDWLVIDFHUHD XQRU FHULQ H

VSHFLDOHGLVWLQFWHPDQLIHVWDWHGHF WUHFOLHQ L

Strategia de specializare – constituie varianta în care entitatea

PLFURHFRQRPLF  RE LQH PDUMH GH SURILW XQLWDUH VXSHULRDUH FD HIHFW DWkW DO

FUHúWHULL SUH XOXL GH YkQ]DUH FkW úL GDWRULW  GLPLQX ULL FRVWXOXL XQLWDU SH

VHDPD LQIOXHQ HL IDFWRUXOXL GH H[SHULHQ  GH H[HPSOX $FHDVW  VWUDWHJLH HVWH

UHODWLY UDU vQWkOQLW  vQ SUDFWLF  ILLQG FDUDFWHULVWLF  vQGHRVHEL OHDGHU -ilor
puternici.