$QiOLVLV GH FRVWRV \ XWLOLGDG GHO FLFOR GH YLGD

GHOSURGXFWR

&RVWVDQDO\VLVDQGXWLOLW\RIOLIHF\FOHRIWKHSURGXFW

Ï6&$50$<25*$7255(6
,QJHQLHUR,QGXVWULDO8QLYHVLGDG'LVWULWDO)UDQFLVFR-RVpGH&DOGDVHVSHFLDOLVWDHQ,QJH
QLHUtDGH3URGXFFLyQFDQGLGDWRDPDJtVWHUHQ,QJHQLHUtD,QGXVWULDO8')-&'RFHQWHGHO
SURJUDPD GH LQJHQLHUtD LQGXVWULDO GH OD 8QLYHUVLGDG ,QFFD GH &RORPELD GRFHQWH 3UR
JUDPDGHLQJHQLHUtDLQGXVWULDOGHOD8QLYHUVLGDG0DQXHOD%HOWUiQ&RUUHRHOHFWUyQLFR
RVFDUPD\RUJD#XPEHGXFR

/(21$5'2(0,52&2175(5$6%5$92
,QJHQLHUR0HFiQLFR8QLYHUVLGDG)UDQFLVFRGH3DXOD6DQWDQGHUPDJtVWHUHQ,QJHQLHUtD
GH0DWHULDOHV\3URFHVRVGH0DQXIDFWXUD8QLYHUVLGDG1DFLRQDOGH&RORPELDGRFHQWHGH
SODQWDGHODIDFXOWDGGH,QJHQLHUtDGHOD8QLYHVLGDG'LVWULWDO)UDQFLVFR-RVpGH&DOGDV
SURJUDPDGHLQJHQLHUtDLQGXVWULDO&RUUHRHOHFWUyQLFROHFRQWUHUDVE#XGLVWULWDOHGXFR

/8,6)(51$1'29$5*$67$0$<2
,QJHQLHUR0HFiQLFRGHOD8QLYHUVLGDG1DFLRQDOGH&RORPELDPDJtVWHUHQ,QJHQLHUtDGH
0DWHULDOHV\3URFHVRVGH0DQXIDFWXUDGHOD8QLYHUVLGDG1DFLRQDOGH&RORPELD'RFHQ
WHGHSODQWDGHOD)DFXOWDGGH,QJHQLHUtD8QLYHVLGDG'LVWULWDO)UDQFLVFR-RVpGH&DOGDV
SURJUDPDGHLQJHQLHUtDLQGXVWULDO&RUUHRHOHFWUyQLFROIYDUJDVW#XGLVWULWDOHGXFR

)HFKDGHUHFHSFLyQGHIHEUHURGH )HFKDGHDFHSWDFLyQGHPD\RGH
3DODEUDVFODYHFRVWRXWLOLGDGSHUGLGDVHWDSDV
.H\ZRUGVFRVWXWLOLW\ORVVHVVWDJHV
5(680(1
(OSUHVHQWHDUWtFXORSUHVHQWDODSURSXHVWDGHOFLFOR
GHYLGDGHOSURGXFWRKDFLHQGRXQDQiOLVLVGHODXWL
OLGDGFRVWRVEHQH¿FLRV\SpUGLGDVVHH[SRQGUiQ
ORVGLIHUHQWHVFRPSRUWDPLHQWRVGHODVJUD¿FDVHQ
UHODFLyQFRQODVYHQWDVGHOSURGXFWRHWDSDSRUHWD
SD 3RU ~OWLPR VH FRQFOX\H FRQ XQ DQiOLVLV SUR
GXFWLYR\FRPSHWLWLYRDSDUWLUGHOFRPSRUWDPLHQ
WRHQODVJUD¿FDVGHXWLOLGDGFRVWRVEHQH¿FLRV\
SpUGLGDVEXVFDQGRFRPSOHPHQWDUORVDSRUWHVGHOD
OLWHUDWXUDHQFRQWUDGDGHOWHPD
&ODVLÀFDFLyQGHODUWtFXORUHÁH[LyQUHFUHDFLRQHV

$%675$&7
7KLV DUWLFOH SUHVHQWV WKH SURSRVDO RI WKH OLIH F\
FOH RI WKH SURGXFW GRLQJ DQ DQDO\VLV RI WKH XWLOL
W\ FRVWV EHQH¿WV DQG ORVVHV WKH GLIIHUHQW EHKD
YLRUVIURPWKHSLFWXUHVLQUHODWLRQWRWKHVDOHVRI
WKHSURGXFWZLOOEHH[SRVHGVWDJHE\VWDJH%\,
FRPSOHWH FRQFOXGHV ZLWK D SURGXFWLYH DQG FRP
SHWLWLYHDQDO\VLVIURPWKHEHKDYLRULQWKHSLFWXUHV
RIXWLOLW\FRVWVEHQH¿WVDQGORVVHVORRNLQJIRUWR
FRPSOHPHQWWKHFRQWULEXWLRQVRIWKHIRXQGOLWHUD
WXUHRIWKHWKHPH
UHFUHDFLRQHV
 ,QWURGXFFLyQ
/DIRUPDFRPRVHGLVHxDQORVSURGXFWRVFDPELD
D PHGLGD TXH VH GHVDUUROODQ \ HYROXFLRQDQ ORV
PHUFDGRV ORV FXDOHV H[LJHQ QXHYDV FRQGLFLRQHV
GHLQQRYDFLyQLQYHVWLJDFLyQ\GHVDUUROOR$HVWH
SURFHVRHOSURGXFWRVHDGDSWD\DVXYH]DIHFWDHO
FRPSRUWDPLHQWRGHFRQVXPR\FRPSUD(QODVRU
JDQL]DFLRQHVODVFRQGLFLRQHVDIHFWDQODIRUPDGH
SURGXFLUGLVWULEXLU\FRPHUFLDOL]DUVXVSURGXFWRV
(OFRPSRUWDPLHQWRGHORVFRVWRV\HOFLFORGHYLGD
GHOSURGXFWRFDPELDQHQODPHGLGDHQTXHVHLQ
FUHPHQWD HO YDORU DJUHJDGR SDUD GLIHUHQFLDU ORV
SURGXFWRVGHODFRPSHWHQFLD/DHWDSDGHGLVHxR
HQODFXDOHOSURGXFWRHVSODQHDGRGHVGHTXHHV
SXEOLFLGDG \ HO VHUYLFLR DO FOLHQWH SDUD GLIHUHQ
FLDUOR GH OD FRPSHWHQFLD /D HWDSD GH GHFOLYH R
PXHUWH HV DTXHOOD HQ OD TXH HO SURGXFWR SLHUGH
SDUWLFLSDFLyQHQHOPHUFDGR\HPSLH]DDVHUGHV
SOD]DGRKDVWDTXHPXHUH
/DHWDSDGHUHSRVLFLRQDPLHQWRHVODUHDFFLyQGHOD
HPSUHVDSDUDQRSHUGHUVXSRVLFLRQDPLHQWRHQHO
PHUFDGRHQHVWDHWDSDODHPSUHVDGHEHUHDOL]DU
XQFRPSOHWRDQiOLVLVGHORVSURFHVRVGHODHPSUHVD
\ GHO SURGXFWR \ JHQHUDU QXHYDV FRQGLFLRQHV GH
ORVYDORUHVDJUHJDGRVTXHVHRIUHFHQDOFRQVXPL
GRU

XQDLGHDSURGXFWRFRQFHSWXDOKDVWDTXHVHFRQ (ODQiOLVLVTXL]iGHORVPiVGLIXQGLGRVSDUWHGHO
YLHUWHHQXQELHQRVHUYLFLRSURGXFWRIXQFLRQDO
HV OD TXH OOHYD WRGD OD FDUJD GHO SURFHVR SXHV D
pVWDFRUUHVSRQGHJHQHUDUXQSURFHVRTXHJDUDQWLFH
ODIDFWLELOLGDG\ODYLDELOLGDGGHOSURGXFWRHQXQ
PHUFDGR/DVLJXLHQWHHWDSDGHLQWURGXFFLyQVHFD
UDFWHUL]DSRUTXHHOSURGXFWRSHQHWUDHQHOPHUFDGR
\HPSLH]DDVHUFRQRFLGRSULQFLSDOPHQWHSRUORV
FOLHQWHV \ OD FRPSHWHQFLD HQ HVWD HWDSD ORV FRV
WRVSRUSXEOLFLGDG\SURPRFLyQGHOSURGXFWRVRQ
DOWRV
/DHWDSDGHFUHFLPLHQWRVHFDUDFWHUL]DSRUODUHDF
FLyQ GHO PHUFDGR HQ JHQHUDO DO QXHYR FRPSHWL
GRUFRPSHWHQFLDSURYHHGRUHVFOLHQWHV\JRELHU
QR IRUPiQGRVH XQ IHQyPHQR FRQRFLGR FRPR OD
WXUEXOHQFLDHQODFXDOODVÀXFWXDFLRQHVGHGHPDQ
GDVRQYDULDEOHV\GHSHQGHQGHOWLSRGHSURGXFWR
RIHUWDGR(QHOFDVRGHOPHUFDGRPRQRSyOLFRHO
SURGXFWRQRSUHVHQWDYDULDFLRQHVHQUD]yQTXHHO
SUHFLRGHPDQGD\RIHUWDVRQJREHUQDGRVSRUXQ
VROR RIHUHQWH HQ HO PHUFDGR ROLJRSyOLFR HO SUR
GXFWRHVVHQVLEOHDODYDULDFLyQGHOSUHFLRGHDOJX
QRGHORVSRFRVRIHUHQWHVLQÀX\HQGRGLUHFWDPHQ
WH HQ OD HVWUDWHJLD GH FRPHUFLDOL]DFLyQ GH pVWH \
HQHOPHUFDGRROLJRSVRQLFRHOSUHFLRHVWiGLUHFWD
PHQWHUHODFLRQDGRFRQHOtQGLFHGHSURGXFWRVTXH
VHHQFXHQWUDQHQHOPHUFDGR\VXYDULDFLyQHVUH
ODWLYDPHQWHEDMDSRUODDOWDRIHUWDTXHVHSUHVHQWD
/DHWDSDGHPDGXUH]VHFDUDFWHUL]DSRUODHVWDQGD
UL]DFLyQGHOSURGXFWRHQFXDQWRDYHQWDVSURGXF
FLyQSUHFLRVFRVWRV\XWLOLGDGHQDOJXQRVFDVRV
VH UHHYDO~DQ YDORUHV DJUHJDGRV FRPR HO HQYDVH
 7HFQXUD DxR 1R SULPHUVHPHVWUHGH
VXSXHVWRGHTXHORVSURGXFWRVWLHQHQXQGHVDUUROOR
ELROyJLFRHVGHFLUQDFHQFUHFHQVHGHVDUUROODQ\
PXHUHQ(VHYLGHQWHTXHODHPSUHVDGHEHFRQRFHU
HQ TXp ³IDVH GH YLGD´ VH KDOODQ VXV SURGXFWRV \
FRPSDUDUORVFRQORVDFWRUHVGHOPHUFDGRSDUDFRQ
GLFLRQDUODVSROtWLFDVGHLQQRYDFLyQLQYHVWLJDFLyQ
\ GHVDUUROOR GH pVWRV DMXVWDQGR VX HVWUXFWXUD GH
FRVWRV\GHSODQHDFLyQ
 (O&LFORGH9LGDGHO3URGXFWR
/D FODYH SDUD ORJUDU DGPLQLVWUDU HIHFWLYDPHQWH
HO FLFOR GH YLGD HV HVWDEOHFHU HO SHU¿O GHO FLFOR
GHO SURGXFWR D~Q DQWHV GH VHU LQWURGXFLGR HQ HO
PHUFDGR SRU WDQWR OD JHUHQFLD HQ FDGD HWDSD
GHEHDQWLFLSDUORVUHTXLVLWRVGHFRPHUFLDOL]DFLyQ
¿QDQFLDFLyQ SURGXFFLyQ H LQIUDHVWUXFWXUD DVt VH
GHWHUPLQD HO FDPLQR SDUD WRPDU LPSRUWDQWHV GH
FLVLRQHVD¿QGHPDQWHQHUODSDUWLFLSDFLyQGHQWUR
GHOPHUFDGR
/DFRORFDFLyQGHIRUPDHVWUDWpJLFDGHXQSURGXFWR
GHQWURGHOPHUFDGRHVPiVHIHFWLYDVLVHFRQWURODQ
ODVÀXFWXDFLRQHV\ODVYDULDFLRQHVGXUDQWHHOFLFOR
VLVHDQDOL]DQHOFRPSRUWDPLHQWRGHODVYHQWDVFRQ
UHVSHFWRDOWLHPSRVLVHREVHUYDHODXPHQWRRGLV
PLQXFLyQGHODXWLOLGDG\DGHODQWiQGRVHDQXHYRV
FRPSRUWDPLHQWRVRWHQGHQFLDVGHOPHUFDGR(QOD
¿JXUD  VH PXHVWUDQ ODV HWDSDV GHO FLFOR GH YLGD
GHOSURGXFWR
 UHFUHDFLRQHV

)LJXUD&LFORGHYLGDGHOSURGXFWR
)XHQWH>@

 (WDSDGHGLVHxR

(QHVWDHWDSDVH¿MDODFRQFHSFLyQQLYHOGHOYDORU WRWLSRVDOTXHVyORPXHVWUDItVLFDPHQWHHOSURGXF
DJUHJDGRSHULRGRVGHFRORFDFLyQGHOSURGXFWRHV WR R SRU PHGLR GH XQD PDTXHWD VH OH GHQRPLQD
GHFLUHOGHVDUUROORGHOSURGXFWRGHVGHTXHHVLGHD SURWRWLSRFRQFHSWXDOHVGHFLUDTXHOTXHJXDUGDHO
SURGXFWRFRQFHSWXDOKDVWDTXHREWLHQHXQELHQR FRQFHSWRGHODLGHD\DDOSURWRWLSRTXHFRQWLHQH
VHUYLFLRSURGXFWRIXQFLRQDO(OSURFHVRGHSOD
QHDFLyQGHEHVHUFXLGDGRVR\GHEHDSXQWDUDVD
WLVIDFHUODVQHFHVLGDGHVGHOFRQVXPLGRU¿QDOSRU
WDQWRHVLPSRUWDQWHGLVHxDUXQSURGXFWRTXHUHV
SRQGDHIHFWLYDPHQWHDQWHODUHDFFLyQGHOPHUFDGR
WRGDVODVFDUDFWHUtVWLFDVIXQFLRQDOHVGHOSURGXFWR
VHOHGHQRPLQDSURWRWLSRIXQFLRQDOHVGHFLUTXH
IXQFLRQDHQFRQGLFLRQHVGHXVRQRUPDO
(OSURGXFWRGHEHWHQHUGLVHxDGRVVXVWUHVQLYHOHV
HQORVFXDOHVHOQLYHOGHOYDORUDJUHJDGRDXPHQWD
/DLGHDVHWUDEDMDHQHVWDHWDSDSRUPHGLRGHSUR ORVWUHVQLYHOHVGHOSURGXFWRVRQYHU¿JXUD

)LJXUD1LYHOHVGHOSURGXFWR
)XHQWH>@

$QiOLVLVGHFRVWRV\XWLOLGDGGHOFLFORGHYLGDGHOSURGXFWR 
2VFDU0D\RUJD7RUUHV/HRQDUGR(PLUR&RQWUHUDV%UDYR/XLV)HUQDQGR9DUJDV7DPD\R
UHFUHDFLRQHV
‡ 3ULPHU1LYHOR1LYHOGHO3URGXFWR%iVLFR6H
FDUDFWHUL]DSRUFRQWHQHUHOSURGXFWRTXHVDWLV
IDFHODQHFHVLGDGGHOFRQVXPLGRUHQHOFDVR
GHORVVHUYLFLRVVRQDTXHOORVTXHFRQWLHQHQOD
LGHDFHQWUDOGHOVHUYLFLR\VXYDORUDJUHJDGR
HVPtQLPR
‡ 6HJXQGR 1LYHO R 1LYHO GHO 3URGXFWR 5HDO
6HFDUDFWHUL]DSRUORVYDORUHVDJUHJDGRVWDQ
JLEOHVHLQWDQJLEOHVTXHIRUWDOHFHQODLPDJHQ
GHOSURGXFWR\SHUPLWHQTXpHVWHDFFHGDIiFLO
PHQWHDOPHUFDGRORVYDORUHVDJUHJDGRVTXH
IDFLOLWDQ HVWDV FRQGLFLRQHV VRQ OD PDUFD OD
HWLTXHWDHOHQYDVHHOHPSDTXHHOHPEDODMH
\HOFyGLJRGHEDUUDV
‡ 7HUFHU1LYHOR1LYHOGHO3URGXFWR$XPHQWD
GR6HFDUDFWHUL]DSRUHOLQFUHPHQWRGHOYDORU
DJUHJDGRHQHOVHUYLFLRSUHYHQWD\SRVYHQWD
EiVLFDPHQWHVRQLQWDQJLEOHVTXHDXPHQWDQHO
QLYHOGHSHUFHSFLyQ\VDWLVIDFFLyQGHOFOLHQWH
HOFXDOKDUiHVIXHU]RVVLJQL¿FDWLYRVHQFXDQWR
DOSUHFLRSRUREWHQHUHOSURGXFWR(VWDHWDSD
HVIXHUWHSRUGLIHUHQFLDUDPLSURGXFWRFRQHO
GHODFRPSHWHQFLD/RVYDORUHVDJUHJDGRVGH
HVWDHWDSDVRQODDVHVRUtDODFDSDFLWDFLyQHO
FUpGLWRODHQWUHJDODLQVWDODFLyQHOPDQWHQL
PLHQWRODJDUDQWtDODSXEOLFLGDGHLPDJHQHO
UHVSDOGR\ODFRQ¿DQ]D
*UDQSDUWHGHOp[LWRRIUDFDVRGHODFRORFDFLyQ\
SRVLFLRQDPLHQWR GH ORV SURGXFWRV HQ HO FLFOR GH
YLGDGHSHQGHQGHHVWDHWDSD\ODVHVWUDWHJLDVSRU
ODVFXDOHVRSWHODRUJDQL]DFLyQ/DHWDSD¿QDOL]D
FXDQGR VH LQWURGXFH HO SURWRWLSR IXQFLRQDO SUR
DODVQHFHVLGDGHVGHLQIRUPDUDORVFRQVXPLGRUHV
SRWHQFLDOHVVREUHHOSURGXFWRHVWLPXODUODSUXHED
GHOSURGXFWR\ORJUDUVXGLVWULEXFLyQHQODVWLHQGDV
GH PHQXGHR \ PLQRULVWDV 3RU RWUD SDUWH ODV FD
UDFWHUtVWLFDVPiVLPSRUWDQWHVGHODHWDSDGHLQWUR
GXFFLyQVRQ3RFRVFRPSHWLGRUHV9HQWDVDJUXSRV
GH LQJUHVR HOHYDGR 'LVWULEXFLyQ UHGXFLGD %DMR
YROXPHQGHYHQWDV%DMRQLYHOGHXWLOLGDGHV*UDQ
LQYHUVLyQHQSXEOLFLGDGFRPHUFLDO\GHFRPXQLFD
FLyQ*UDQHVIXHU]RSDUDHVWDQGDUL]DUORVPHGLRV
GH IDEULFDFLyQ$OWR WUDEDMR GHO GHSDUWDPHQWR GH
PHUFDGRV\YHQWDV\&RQVHUYDFLyQGHODGHPDQGD
SULQFLSDO
3DUDTXHWRGDODLOXVLyQ\HVSHUDQ]DTXHODHPSUH
VDSRQHHQHOODQ]DPLHQWRGHXQQXHYRSURGXFWR
WHQJD UHVSXHVWD SRVLWLYD ORV SURIHVLRQDOHV GH GL
VHxR\PDUNHWLQJKDQGHUHDOL]DUXQVHJXLPLHQWR
SXQWXDO\H[KDXVWLYRGHO3URGXFWR3UHFLRFRQGL
FLRQHVGHOPHUFDGR&DQDOGHGLVWULEXFLyQ2UJD
QL]DFLyQ FRPHUFLDO \ PHGLRV GH FRPXQLFDFLyQ
/DVHVWUDWHJLDVVRQSODQHDGDVHQODHWDSDGHGLVHxR
HQ HO FLFOR GH YLGD GHO SURGXFWR pVWDV VH LPSOH
PHQWDQHQODHWDSDGHLQWURGXFFLyQ\EiVLFDPHQWH
GHSHQGHQGHODVFRQGLFLRQHVTXHODHPSUHVDSRQ
JDSDUDVXSURGXFWR
 (WDSDGH&UHFLPLHQWR
(QHVWDHWDSDHOSURGXFWRHVDFHSWDGRHQHOPHU
FDGR\VHDSUHFLDXQDXPHQWRHQODFXUYDGHODV
YHQWDV\GHORVEHQH¿FLRV6XSHUDGRVORVHVIXHU
]RV WpFQLFRV FRPHUFLDOHV \ GH FRPXQLFDFLyQ
SURSLRVGHODHWDSDDQWHULRUHOSURGXFWRHPSLH]D
DIDEULFDUVHEDMRXQPRGHORGHSURJUDPDFLyQGH
GXFWRDOPHUFDGR
 (WDSDGHLQWURGXFFLyQ
(PSLH]DFRQODFRORFDFLyQGHOSURGXFWRHQHOPHU
FDGREDMRXQDSURGXFFLyQ\SURJUDPDGHFRPHU
FLDOL]DFLyQ\VX¿QSULQFLSDOHVGDUOHDFRQRFHUDO
FRQVXPLGRUHOSURGXFWRKDFLHQGRJUDQGHVHVIXHU
]RVHQSXEOLFLGDG6RQPXFKRVORVSURGXFWRVTXH
PXHUHQVLQFRQVHJXLUVXSHUDUHVWDHWDSD(QHVWD
HWDSDVHGDQODVIDVHVPRGHORSLORWR\SUXHED(VWD
HWDSD VH FDUDFWHUL]D SRU XQ DXPHQWR OHQWR HQ ODV
YHQWDV\DOWRVJDVWRVSURPRFLRQDOHV(VWRVHGHEH
 7HFQXUD DxR 1R SULPHUVHPHVWUHGH
SURGXFFLyQHVWiQGDU\HOPHUFDGRVHDEUHORTXH
SHUPLWHXQGHVDUUROORSDXODWLQRGHVXVYHQWDV(Q
HVWDHWDSDHOPHUFDGRFUHFHWDQWRODFXUYDGHYHQ
WDV FRPR OD GH XWLOLGDGHV HQ IRUPD PX\ UiSLGD
/RVYHQGHGRUHVFDPELDQDXQDHVWUDWHJLDGHSUR
PRFLyQ GH ³&RPSUH PL PDUFD PiV TXH SUXHEH
PL SURGXFWR´$XPHQWD HO Q~PHUR GH OXJDUHV GH
GLVWULEXFLyQVHLQWURGXFHQODVHFRQRPtDVGHHVFD
ODV\SXHGHQEDMDUUDFLRQDOPHQWHORVSUHFLRV(VWD
HWDSDVHFDUDFWHUL]DSRU0DQHMRGHFDOLGDGGHORV
SURGXFWRV $FDSDUDPLHQWR GH RWUR VHJPHQWR GH
PHUFDGR0HMRUHVFDQDOHVGHGLVWULEXFLyQ/DSUR
PRFLyQ GH RWURV XVRV SDUD HO SURGXFWR$VFHQVR
YHUWLFDOGHODVYHQWDV\GHODSURGXFFLyQ$XPHQWD
 UHFUHDFLRQHV
HOSRUFHQWDMHHQVXPHUFDGRPHWD\VHHPSLH]DD  (WDSDGHPDGXUH]
REWHQHUUHSRUWHVGHORVQXHYRVFOLHQWHVPHUFDGR 
SRWHQFLDO 3HUIHFFLRQDPLHQWR GHO SURFHVR GH ID
EULFDFLyQ$SDUHFHQQXHYRVFRPSHWLGRUHVHQQ~
PHUR FUHFLHQWH 3RVLEOH DSDULFLyQ GH GL¿FXOWDGHV
¿QDQFLHUDVGHELGRDODJUDQH[SDQVLyQ&RVWRVGH
IDEULFDFLyQDOWRVHVSHFLDOPHQWHSRUHOUHSRUWHGH
ORVFRVWRVYDULDEOHV3UHFLRHOHYDGRSRFRFRPSH
WLWLYR
(Q HVWD IDVH OD UHQWDELOLGDG GHO QHJRFLR HPSLH]D
D VHU SRVLWLYD \ VH HPSLH]D D REVHUYDU XQ FUHFL
PLHQWRRUJDQL]DFLRQDO/DVYDULDEOHVTXHVHGHEHQ
WHQHUFRQWURODGDVVRQ GRU \ D ORV WUDWRV FRPHUFLDOHV ODV YHQWDV VLJXHQ
‡ (OSURGXFWRHQFXDQWRDOFXPSOLPLHQWRGHODV
QHFHVLGDGHVGHOPHUFDGR
‡ 3UHFLR OD FODYH GH HVWD YDULDEOH HVWi HQ VX
FRPSHWLWLYLGDGGHQWURGHOPHUFDGR
‡ &DQDOHVGHGLVWULEXFLyQVHPLGHODH¿FLHQFLD
\H¿FDFLDFRQODFXDOORVSURGXFWRVOOHJDQDO
FRQVXPLGRU
‡ &DPSDxDGHSXEOLFLGDGVHDQDOL]DVLHVYLDEOH
VHJXLUODPDQWHQLHQGREDMRORVSDUiPHWURVGH
ODHWDSDGHLQWURGXFFLyQRVHGLVPLQX\H
 /DWXUEXOHQFLD
(VXQIHQyPHQRTXHSXHGHOOHJDUDSURGXFLUIXHU
WHVFRQYXOVLRQHVHQODGHPDQGD\YLGDGHOSURGXF
WRSRUODVSUHVLRQHVGHOPHUFDGRFRPRLQWHUQDV
/yJLFDPHQWH VL VH VDEH WHQHU GRPLQLR VREUH ODV
FLUFXQVWDQFLDVTXHODVSURGXFHQODVROXFLyQYHQ
GUiSURQWR\KDUiTXHLQLFLHODVLJXLHQWHHWDSDIRU
WDOHFLGD /D FDXVD SULQFLSDO HV OD UHDFFLyQ GH OD
FRPSHWHQFLDTXHEXVFDPDQWHQHUVXSDUWLFLSDFLyQ
HQ HO PHUFDGR \ QR TXLHUH TXH RWUR FRPSHWLGRU
SDUWLFLSHODUD]yQHVVLPSOHXQFOLHQWHTXHSLHUGH
ODHPSUHVDHVXQFOLHQWHSRWHQFLDOGHODFRPSHWHQ
FLD\HVWRODIRUWDOHFH2WUDVFDXVDVTXHDFRPSD
xDQDHVWHIHQyPHQRVRQODVÀXFWXDFLRQHVSURSLDV
GHOPHUFDGRSURGXFWRVH[SRUWDGRVHLPSRUWDGRV
WDVDFDPELDULDHWF
$QiOLVLVGHFRVWRV\XWLOLGDGGHOFLFORGHYLGDGHOSURGXFWR
2VFDU0D\RUJD7RUUHV/HRQDUGR(PLUR&RQWUHUDV%UDYR/XLV)HUQDQGR9DUJDV7DPD\R
(VODHWDSDPiVODUJDHLGHDOGHOFLFORGHYLGDGHO
SURGXFWR/DVWiFWLFDVGHGLVHxRPHUFDGRWHFQLDH
LPDJHQ GH OD PDUFD VRQ FRQRFLGDV FUHDQGR OHDO
WDG GH ORV FOLHQWHV (VWD HWDSD VH FDUDFWHUL]D SRU
OD SDUWLFLSDFLyQ UHSUHVHQWDWLYD HQ HO PHUFDGR HO
SURGXFWR VH HVWDELOL]D \ DXPHQWD HO PDUJHQ GH
XWLOLGDGGHELGRDTXHORVSUHFLRVVHDOHMDQGHORV
FRVWRV VH HVWDELOL]DQ ODV YHQWDV \ FUHFHQ ORV EH
QH¿FLRV SDUD OD HPSUHVD VH GHVDUUROODQ JUDQGHV
HVIXHU]RV SDUD XQ PHMRU PHQVDMH SXEOLFLWDULR \
VHGHGLFDJUDQSDUWHGHOSUHVXSXHVWRDOFRQVXPL
FUHFLHQGRSHURHOULWPRGLVPLQX\HORVFRVWRVGH
IDEULFDFLyQ VRQ EDMRV \ HVWDEOHV \ ORV HVIXHU]RV
FRPHUFLDOHVVHGHGLFDQDGLIHUHQFLDUHOSURGXFWR
/D UHQWDELOLGDG HV EXHQD SHUR QR WDQ HOHYDGD
FRPRHQODIDVHDQWHULRUVHSURGXFHQH[FHGHQWHV
¿QDQFLHURV \D TXH QR KD\ QHFHVLGDG GH JUDQGHV
LQYHUVLRQHV OR TXH SHUPLWH HO UHSDUWR GH EXHQRV
GLYLGHQGRVRLQYHUWLUHQRWURVSURGXFWRVTXHVHKD
OOHQHQODVSULPHUDVHWDSDVGHOFLFORGHYLGDGHOD
HPSUHVD
 6DWXUDFLyQ

(V XQ IHQyPHQR JHQHUDGR SRU HO PHUFDGR HV
SHFLDOPHQWH SRU HO Q~PHUR GH FRPSHWLGRUHV TXH
RIHUWDQ SURGXFWRV /D VDWXUDFLyQ EiVLFDPHQWH HV
ODFRORFDFLyQGHXQVWRFNGHSURGXFWRVPX\DOWR
TXH OD GHPDQGD QR SXGH DEVRUEHU \ HPSLH]DQ D
DXPHQWDUORVLQYHQWDULRV/DVÀXFWXDFLRQHVTXHVH
VXIUHQ VRQ YDULDGDV \ DOOt HV GRQGH UHDOPHQWH HO
SURGXFWRSRVLFLRQDGRHQHOPHUFDGRVDFDDUHOXFLU
ORVQLYHOHVGHYDORUDJUHJDGRSXHVDXQFRQVXPL
GRUQROHLPSRUWDSDJDUPiVSRUREWHQHUXQQLYHO
GH VDWLVIDFFLyQ \ SHUFHSFLyQ PiV DOWR TXH RWURV
SURGXFWRV KRPRJpQHRV GHQWUR GHO PHUFDGR 8QD
YHQWDMD SDUD HO FRQVXPLGRU HV TXH WLHQH OD RSRU
WXQLGDGGHDGTXLULUSURGXFWRVFRQEXHQDFDOLGDGD
XQEDMRSUHFLR
 (WDSDGH'HFOLYHR0XHUWH

$SHVDUGHTXHODWHRUtDSDUHFHH[SOLFDUPX\FODUD
PHQWHHVWDHWDSDQRWRGDVODVHPSUHVDVVRQFRQV

UHFUHDFLRQHV
FLHQWHVGHTXHKDQOOHJDGRDHOOD3RUHOFRQWUDULR
KD\ FRPSDxtDV TXH DQWHV GH TXH XQ SURGXFWR VH
DFHUTXHDHVWDHWDSDORUHWLUDQGHOPHUFDGRHQSOH
QDPDGXUH]
&XDQGRXQSURGXFWROOHJDDHVWDHWDSDKDGHSHU
PDQHFHUHQHOODHOPtQLPRWLHPSRSRVLEOH\VLHP
SUH GH IRUPD WUDQVLWRULD SXHV ODV YHQWDV HQWUDQ
HQGHFOLYHORVEHQH¿FLRVGLVPLQX\HQPiVSRUOD
HVFDVD GHPDQGD TXH SRU ORV FRVWRV \ OD LPDJHQ
GHPDUFDHPSLH]DDGHWHULRUDUVH7RGRDTXHOTXH
VXSHUHHVWDHWDSDHVXQJUDQSURIHVLRQDOGHOGLVHxR
\PDUNHWLQJ\DTXHODVSUHVLRQHVDODVTXHVHYHQ
VRPHWLGRVVRQYDULDGDV\GHVGHWRGDVODViUHDVGH
ODHPSUHVDLQFOXVRODVTXHLPSLGHQDEDQGRQDUR
PRGL¿FDU HO SURGXFWR TXH PDUFy HO RULJHQ GH OR
TXHKR\HQGtDHVODHPSUHVD6HFDUDFWHUL]DSRU
TXH OD UHQWDELOLGDG HFRQyPLFD GHVFLHQGH DEUXS
WDPHQWHHOSURGXFWRSLHUGHFRPSHWLWLYLGDGHQHO
PHUFDGRHOPHUFDGRSRWHQFLDOVHUHGXFH\ODPHWD
HPSLH]DDSHUGHULQGLYLGXRV\ODFRPSHWHQFLDDP
SOLD VX SDUWLFLSDFLyQ HQ HO PHUFDGR \ HPSLH]D D
GHVSOD]DUDVXVULYDOHV
(VFODURTXHQLQJXQDHPSUHVDGHVHDTXHDOJXQRGH
VXVSURGXFWRVOOHJXHDHVWDHWDSDSHURSRUORJH
QHUDOFXDQGRVHHPSLH]DHVSRUODIDOWDGHLQYHV
WLJDFLyQ\GHVDUUROORGHODVHPSUHVDVTXHSLHQVDQ
TXHORTXHHVWiQKDFLHQGRORKDFHQELHQHLGHDOL
]DQVXVSURFHGLPLHQWRVGHSURGXFFLyQ\YHQWDV
 (WDSDGHUHSRVLFLRQDPLHQWR
(QHVWDHWDSDODHPSUHVDVHYHREOLJDGDDWRPDU
XQD DOWHUQDWLYD SDUD VDOLU DGHODQWH GH HVWH FUtWLFR
SHULRGRGHHVWDQFDPLHQWR6HGHEHDQDOL]DUVLHV
PiVFRQYHQLHQWHDEDQGRQDUHOSURGXFWRHQHOQLYHO
GHIDEULFDFLyQ\YHQWDRODQ]DUORQXHYDPHQWHFRQ
XQDVHULHGHPRGL¿FDFLRQHV8QDYH]TXHVHRSWD
SRUHVWD~OWLPDGHQRPLQDGDSROtWLFDGHH[WHQVLyQ
‡ 'HVDUUROODQGR XQ XVR PiV GLYHUVR HQWUH ORV
DFWXDOHVFRQVXPLGRUHVRXVXDULRVGHOSURGXF
WR
‡ &UHDQGRQXHYRVXVRVSDUDHOSURGXFWREiVLFR
/DH[WHQVLyQGHODYLGDGHXQSURGXFWRRUHSRVL
FLRQDPLHQWRTXHVLJXHQODVPHGLGDVDQWHULRUPHQ
WHPHQFLRQDGDVSULQFLSDOPHQWHHQDOLPHQWDFLyQR
HQDOJXQRVVHUYLFLRVVRQEDQFDVHJXURVMXHJRV\
RWURVORVFXDOHVORJUDQUHFXSHUDUVXSDUWLFLSDFLyQ
GHQWURGHOPHUFDGR(VQHFHVDULRREVHUYDUFyPR
ODEDQFDHVWiXWLOL]DQGRQXHYRVXVRVQXHYDVPR
GDOLGDGHVGHVXVHUYLFLR\FyPRHVWiWUDWDQGRGH
FUHDUQXHYRVFRQVXPLGRUHV6XVYHQWDMDVVRQYD
ULDVIUHQWHDOFLFORGHYLGDGHOSURGXFWRHQWUHODV
TXHVHGHVWDFDQODVVLJXLHQWHV
‡ &RQGXFH D XQD SROtWLFD DFWLYD GHO SURGXFWR
HQ OXJDU GH VHJXLU OD WpFQLFD GH UHDFFLRQDU
FXDQGRHOSURGXFWRVHHQFXHQWUD\DHQSOHQR
GHFOLYH'HHVWDPDQHUDREOLJDDORVUHVSRQ
VDEOHVGHOSURGXFWRDSHQVDUGHDQWHPDQRODV
SRVLEOHVPHGLGDVSDUDH[WHQGHUVXYLGDRUH
SRVLFLRQDUOR
‡ 2EOLJD D HVWDEOHFHU XQ SODQ D ODUJR SOD]R HQ
SUHYLVLyQ$QWLFLSDUiODVPHGLGDVTXHVHYDQD
DGRSWDUWDQSURQWRFRPRVHSUHVHQWHQORVSUL
PHURVVtQWRPDVGHGHFOLYH
‡ 4XL]iODSULQFLSDOYHQWDMDUDGLFDHQTXHREOL
JDDORVUHVSRQVDEOHVGHOSURGXFWRDWHQHUXQ
FRQRFLPLHQWR PiV DPSOLR \ SURIXQGR GH OD
QDWXUDOH]D \ SRVLEOHV XVRV \ DSOLFDFLRQHV GH
pVWH
 &XUYDGHXWLOLGDG
GHYLGDGHOSURGXFWRVHSRWHQFLDQODVYHQWDV\OD /DFXUYDGHXWLOLGDGYHU¿JXUDGHOFLFORGHYLGD
SURGXFFLyQ GHO SURGXFWR SRU GLIHUHQWHV FDPLQRV GHO SURGXFWR FRPLHQ]D HQ OD HWDSD GH LQWURGXF
TXHVHUiQPDUFDGRVSRUHOUHVSRQVDEOHGHOGHSDU
WDPHQWRGHGLVHxR\HOGHPDUNHWLQJFRPRHMHP
SORVHYDQDLQGLFDUORVVLJXLHQWHV
‡ )RPHQWDQGR XQ XVR PiV IUHFXHQWH HQWUH ORV
DFWXDOHVFRQVXPLGRUHVRXVXDULRVGHOSURGXF
WR
 7HFQXUD DxR 1R SULPHUVHPHVWUHGH
FLyQ GHO SURWRWLSR IXQFLRQDO SURGXFWR DXQTXH
VX SHQGLHQWH QR HV WDQ DVFHQGHQWH HQ HVWD HWDSD
ODHPSUHVDHPSLH]DDFDSWDULQJUHVRVSRUYHQWDV
ORVFXDOHVSRUORJHQHUDOLQYLHUWHHQDSDODQFDUVX
HQWUDGD
(QODHWDSDGHFUHFLPLHQWRODVXWLOLGDGHVVLJXHQXQ
 UHFUHDFLRQHV
LQWHUHVDQWHDVFHQVRODHPSUHVDVHIRUWDOHFHRUJD EDMDQHVWRVHGHEHDTXHHOSURGXFWRSLHUGHFRP
QL]DFLRQDO\FRPHUFLDOPHQWH\WLHQHXQUHFRQRFL SHWLWLYLGDGHQHOPHUFDGRVXVYHQWDVGHFUHFHQ\
PLHQWRSRUSDUWHGHORVDFWRUHVGHOPHUFDGR ORVFRVWRVVHPDQWLHQHQRDXPHQWDQ

(Q OD HWDSD GH PDGXUH] OD FXUYD WRPD XQD SHQ /DHWDSDGHUHSRVLFLRQDPLHQWREXVFDTXHHOSUR
GLHQWHSDUDOHODDODVYHQWDVGHOSURGXFWRDXQTXH GXFWRUHFXSHUHVXPHUFDGR\DVHDSRULQQRYDFLyQ
VXDVFHQVRHVPX\PtQLPRODXWLOLGDGFUHFHSRU \GHVDUUROORGHOSURGXFWRRSRUPHMRUDVGHOVHUYL
TXHHQHVWDHWDSDORVFRVWRVGHSURGXFFLyQFRPHU FLRYDORUHVDJUHJDGRVHQHVWHFDVRODXWLOLGDGHV
FLDOL]DFLyQ\GLVWULEXFLyQKDQGLVPLQXLGRVLJQL¿ PtQLPD\VHSXHGHD¿UPDUTXHHPSLH]DXQQXHYR
FDWLYDPHQWH(QODHWDSDGHGHFOLYHODVXWLOLGDGHV FLFORGHYLGDGHOSURGXFWR

)LJXUD&XUYDGHXWLOLGDG\FLFORGHYLGDGHOSURGXFWR)XHQWH
ORVDXWRUHV

 &XUYDGHFRVWRV  /RVEHQH¿FLRV\ODVSpUGLGDV

(VWDFXUYDYHU¿JXUDFXEUHODVVHLVHWDSDVGHO
FLFOR GH YLGD GHO SURGXFWR VX PRQLWRUHR \ FRQ
WUROHVFRPSOLFDGRSRUHOQ~PHURGHYDULDEOHVTXH
LQFLGHQHQpVWD(QODHWDSDGHGLVHxRORVFRVWRV
VRQDOWRVFRPRFRQVHFXHQFLDGHODLQYHUVLyQLQL
FLDOTXHVHKDFHSDUDLQLFLDUXQSUR\HFWRDPHGLGD
%iVLFDPHQWH ORV EHQH¿FLRV HV OD FXUYD IRUPDGD
SRUODXWLOLGDGHVGHFLUVRQODVJDQDQFLDVTXHOD
HPSUHVDREWLHQHSRUSURGXFLUFRPHUFLDOL]DU\GLV
WULEXLUXQSURGXFWR(OEHQH¿FLRHVHOLQGLFDGRUGH
UHQWDELOLGDGGHODRUJDQL]DFLyQ\OHSHUPLWHWRPDU
GHFLVLRQHV GH DPSOLDFLyQ GH FREHUWXUD H[WHQGHU
TXHHYROXFLRQDHOFLFORGHYLGDORVFRVWRVWLHQGHD PHUFDGRVJHQHUDUYDORUHVDJUHJDGRVHQLQQRYD
EDMDU\HVWRVHUHÀHMDHQODHWDSDGHLQWURGXFFLyQ FLyQWHFQRORJtD\GHVDUUROORGHOSURGXFWRYHU¿
HQODFXDOHOSURGXFWRHPSLH]DDJHQHUDUYHQWDV JXUD
(VWHLQJUHVRKDFHTXHODVLQYHUVLRQHVHQHTXLSRV
LQIUDHVWUXFWXUD\RUJDQL]DFLyQWLHQGDQDVHUEDMRV
KDVWDTXHVHHVWDELOL]DQHQODHWDSDGHPDGXUH]


$QiOLVLVGHFRVWRV\XWLOLGDGGHOFLFORGHYLGDGHOSURGXFWR 
2VFDU0D\RUJD7RUUHV/HRQDUGR(PLUR&RQWUHUDV%UDYR/XLV)HUQDQGR9DUJDV7DPD\R
UHFUHDFLRQHV

)LJXUD&XUYDGH&RVWRV&LFORGHYLGDGHOSURGXFWR
)XHQWH/RVDXWRUHV

)LJXUD&XUYDGHEHQH¿FLRV\SpUGLGDVFLFORGHYLGDGHOSURGXFWR
)XHQWHORVDXWRUHV

 5HÀH[LRQHV¿QDOHV
/D LQÀXHQFLD GH ORV FRVWRV XWLOLGDG EHQH¿FLR \
SpUGLGDV FXDQGR VH HVWi SRQLHQGR XQ SURGXFWR
HQHOPHUFDGRLQÀX\HHQODVGHFLVLRQHVGHODRU
JDQL]DFLyQ SRU HVR HV QHFHVDULR HVWDEOHFHU XQ
FRPSRUWDPLHQWR GH HVWDV YDULDEOHV TXH SHUPLWD
LGHQWL¿FDU FRQ PD\RU FODULGDG HVWUDWHJLDV TXH OD
RUJDQL]DFLyQSXHGDLPSOHPHQWDUSDUDVHUPiVSUR
GXFWLYD\FRPSHWLWLYDHQHOPHUFDGR
&RQ OR DQWHULRU VH SXHGH HVWDEOHFHU TXH XQD GH
ODVYDULDEOHVGHGHFLVLyQGHHQWUDGDDXQPHUFDGR
GHEHHVWDUGHWHUPLQDGDSRUODUHODFLyQFRVWREHQH
¿FLR\GHEHVHUFRKHUHQWHHQWpUPLQRVGHLQIUDHV
WUXFWXUDFDSLWDO\SURGXFWR
3DUD OD RUJDQL]DFLyQ HV YLWDO GHWHUPLQDU HO FRP
SRUWDPLHQWRGHVXELHQRVHUYLFLRHOFXDOGHSHQGH
UiGHODVFRQGLFLRQHVGHOPHUFDGR\VXPHFDQLVPR
GHUHVSXHVWDDODVPiVH[LJHQWHV\YDULDGDVQHFH
VLGDGHVGHORVFOLHQWHV

5HIHUHQFLDV

>@ 1'H/D7RUUH(JUHVDGDGHOD/LFHQFLD GH:-6WDQWRQ\&)XWUHOO)XQGDPHQ

WXUDHQ0HUFDGRWHFQLD$QiOLVLVGHOOLEUR WRV GH 0HUFDGRWHFQLD 2FWDYD (GLFLyQ

 7HFQXUD DxR 1R SULPHUVHPHVWUHGH

 UHFUHDFLRQHV
0p[LFR0p[LFR

>@ 3 .RWOHU \ * $UPVWURQJ 0HUFDGRFWH

QLD(GLFLRQHV3UHWLQFHKDOO0p[LFR')
SS

>@ 5 0XxL] *RQ]iOH] 0DUNHWLQJ HQ HO VL

JOR(GLFLRQHV&()

>@ 7HFFLHQFLD9RORFWXEUHGH

>@ KWWSSLUDPLGHGLJLWDOFRP7LSVPHUFD
GHRREMHWLYRVHVWUDWHJLDV\SODQHVGHDF
FLRQBDUFKLYRVLPDJHJLI

>@ È &XHUYR *DUFtD ,QWURGXFFLyQ D OD DG

PLQLVWUDFLyQ GH HPSUHVDV &LYLWDV 0D
GULG

>@ 1 6DSDJ &KDLQ &ULWHULRV GH OD (YDOXD

FLyQGH3UR\HFWRV0F*UDZ+LOO0p[L
FR

>@ 3 .RWOHU 'LUHFFLyQ GH PDUNHWLQJ 0LOH

QLR3HDUVRQ(GXFDFLyQ0p[LFR

>@ )'HODQR'HVDUUROORGHQXHYRVSURGXF
WRV(OSRGHUGHODPDUFD&(&6$0p[L
FR

>@ 37URWW,QQRYDWLRQPDQDJHPHQWDQGQHZ
SURGXFW GHYHORSPHQW )LQDQFLDO 7LPHV
3UHQWLFH+DOO86$

>@ /3HOWRQ&DQDOHVGHPDUNHWLQJ\GLVWUL
EXFLyQ FRPHUFLDO XQ HQIRTXH GH DGPL
QLVWUDFLyQ GH UHODFLRQHV 0F*UDZ +LOO
0p[LFR

$QiOLVLVGHFRVWRV\XWLOLGDGGHOFLFORGHYLGDGHOSURGXFWR 
2VFDU0D\RUJD7RUUHV/HRQDUGR(PLUR&RQWUHUDV%UDYR/XLV)HUQDQGR9DUJDV7DPD\R