marketing in a silo world the new cmo challenge

background image

©;ILEZIQIXXLIIRIQ]ERHLIMWYWª

¨4SKS

8

LI')3SJEPEVKIKPSFEPXIGLRSPSK]´VQ[MXLSZIVTVSHYGX

´IJHSQWYWMRKXLIWEQIGSVTSVEXIFVERHHIGMHIHEJI[]IEVWEKS

XLEXXLIFVERHERHQEVOIXMRK[IVIGSRJYWIHERHYRGSSVHMREXIH

ERHXLYW[IVIFSXLPIWWIJ´GMIRXERHPIWWIJJIGXMZIXLERXLI]RIIHIH

XSFI%WEVIWYPXEGIRXVEPKPSFEPFVERHYRMX[EWJSVQIHPIHF]SRISJXLIXST

I\IGYXMZIWMRXLI´VQETIVWSR[LSLEHWYGGIWWJYPP]VYREQENSVVIKMSRJSVXLI

´VQ,ILMVIHELEPJHS^IRI\XVIQIP]GSQTIXIRXFVERHERHQEVOIXMRKTVSJIW

WMSREPW0IWWXLERXLVII]IEVWPEXIVXLIQEMREGGSQTPMWLQIRX[EWXSVIHYGIXLI

RYQFIVSJPSKSWJVSQXS8LIKVSYTHMWFERHIHERHXLII\IGYXMZIPIJXXLI

´VQ8LIWMPSW[SREWXLI]WSSJXIRHS

-[EWEWOIHXSTEVXMGMTEXI[MXLEGVSWWWMPSKVSYTVITVIWIRXMRKHMJJIVIRX

FYWMRIWWYRMXWERHHMJJIVIRXVIKMSRWEXERSXLIVQENSVKPSFEP´VQ[MXLHS^IRWSJ

TVSHYGXPMRIW8LIKVSYT[EWGLEVKIH[MXLFVMRKMRKWSQIHIKVIISJGSLIWMSR

ERHWXVEXIKMGXLMROMRKEVSYRHXLIFVERHXLI]EPPWLEVIH3ZIVWIZIVEPQIIXMRKW

XLIKVSYTWTIRXXLIFYPOSJMXWXMQIXEPOMRKEFSYXLS[XSGSRZMRGIXLIWMPSI\IG

YXMZIWXLEXXLIVI[EWEGXYEPP]ETVSFPIQJSV[LMGLXLIMVIJJSVXW[SYPHFIEWSPY

XMSR8LI]´REPP]HIGMHIHXLEXXLI]GSYPHRSXGSQIYT[MXLEGSQTIPPMRKWXSV]

8LIWMPSW[SR[MXLSYXIZIR´VMRKEWLSX

%WMPSMWHI´RIHEWEXEPPWIPJGSRXEMRIHG]PMRHIVYWYEPP]WIEPIHERHYWIH

XSWXSVIGSQQSHMXMIW*EVQIVWYWIWMPSWXSWXSVIKVEMRWEJXIVELEVZIWX-XMWEPWSE

1EVOIXMRKMRE7MPS;SVPH

8

,)

2

);

'13'

,%00)2+)

(EZMH%%EOIV

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

8LMWEVXMGPIMWFEWIHSRXLIFSSO

F](EZMH%%EOIVTYF

PMWLIHF],EVZEVH&YWMRIWW7GLSSP4VIWW

background image

QIXETLSVJSVSVKERM^EXMSREPYRMXWXLEXLEZIXLIMVS[RQEREKIQIRXXIEQERH

PEGOXLIQSXMZEXMSRSVHIWMVIXS[SVO[MXLSVIZIRGSQQYRMGEXI[MXLSXLIV

SVKERM^EXMSREPYRMXW

:MVXYEPP]EPPSVKERM^EXMSRWJVSQ+1XS,4XS9RMPIZIVXS'MXMKVSYTEVI

GSPPIGXMSRWSJWMPSW7SQIXIVQIHTVSHYGX WMPSWEVIFYWMRIWWYRMXWHI´RIHF]

TVSHYGXSVWIVZMGISJJIVMRKW3XLIVWXIVQIHGSYRXV] WMPSWEVIKISKVETLMGWMPSW

HI´RIHF]GSYRXVMIWSVVIKMSRW-XMWRSXHMJ´GYPXXS´RH´VQWWYGLEW8SWLMFE

XLEXLEZI[IPPSZIVFYWMRIWWYRMXWQER]SJ[LMGLSTIVEXIMRSZIV

GSYRXVMIW)EGLTVSHYGXSVGSYRXV]WMPSSVKVSYTMRKWSJWMPSWX]TMGEPP]LEWMXWS[R

QEVOIXMRKXIEQGLEVKIH[MXLQEOMRKXLIFVERHERHXLIQEVOIXMRKTVSKVEQ

[SVOJSVXLEXWMPSFYWMRIWW8LII\MWXIRGISJTEVEPPIPQEVOIXMRKKVSYTWGVIEXIWE

LSWXSJTVSFPIQWERHPSWXSTTSVXYRMXMIW-REHHMXMSRXLIVIEVIJYRGXMSREPQEV

OIXMRKERHGSQQYRMGEXMSRWMPSWWXVMZMRKSJXIRMRZEMRXSEGLMIZIMRXIKVEXIH

QEVOIXMRKGSQQYRMGEXMSR

1SWXSVKERM^EXMSRWEVITVSYHSJXLIMVHIGIRXVEPM^IHTVSHYGXERHGSYRXV]

WXVYGXYVI¨ERH[MXLKSSHVIEWSR(IGIRXVEPM^EXMSRTSXIRXMEPP]MRZSPZIWQEREKI

QIRXXIEQWXLEXEVIMRXMQEXI[MXLGYWXSQIVWERHQEVOIXWGSRZIVWERX[MXL

TVSHYGXWERHETTPMGEXMSRWGPSWIXSGSQTIXMXSVWXVEXIKMIWEGGSYRXEFPIJSVVIWYPXW

ERHIQTS[IVIHXSEGXUYMGOP]7XVEXIK]GERFIHIPIKEXIHXSGSRXI\XWXLEXEVI

VIPEXMZIP]WMQTPIERHREVVS[MRWGSTI8LIWIEXXVMFYXIWSJHIGIRXVEPM^EXMSRLEZI

FIIRETTPMIHERHVI´RIHWMRGIEXPIEWXXLIW[LIR+1(Y4SRXERHSXLIVW

WLS[IHXLITS[IVSJHIGIRXVEPM^EXMSREWERSVKERM^EXMSREPWXVYGXYVI

6IP]MRKSRERYRJIXXIVIHHIGIRXVEPM^IHSVKERM^EXMSR[MXLLMKLP]

EYXSRSQSYWWMPSYRMXWMWRSPSRKIVGSQTIXMXMZIP]ZMEFPI8LI[SVPHLEWGLERKIH

-XMWQSVIGSQTIXMXMZI[MXLI\GIWWGETEGMX]IZIV][LIVI8LIMRIJ´GMIRG]SJWMPSW

GVIEXIWEWIVMSYWLERHMGET8LIQEVOIXWEVIRS[QSVIH]REQMG[MXLWLMJXMRK

FSYRHEVMIW+PSFEPM^EXMSRMWEVIEPMX]'SQQYRMGEXMSRERHFVERHFYMPHMRKRS[

MRZSPZIEZEVMIX]SJJEWXGLERKMRKQSHEPMXMIWXLEXHSRSXPIRHXLIQWIPZIWXSXLI

WMPS[SVPH'YWXSQIVWEVIHIQERHMRKWMPSWTERRMRKSJJIVMRKWERHWIVZMGIW8LIVI

MWNYWXXSSQYGLEXWXEOIXSEPPS[WMPSMRXIVIWXWXSMRLMFMXSVTVIZIRXXLIIJJSVX

XS[EVHEGLMIZMRKFVERHERHQEVOIXMRKW]RIVKMIWEGVSWWXLISVKERM^EXMSR

-RSVHIVXSMHIRXMJ]WMPSMWWYIWERHWSPY

XMSRWSZIVTISTPIMR'13'LMIJ1EVOIX

MRK3J´GIVSVGSQTEVEFPITSWMXMSRW[IVI

EWOIHXSHIWGVMFIWMPSGVIEXIHTVSFPIQWERH

[LEXETTVSEGLIW[SVOWXSEPPIZMEXIXLSWI

TVSFPIQW

%PXLSYKLXLISVKERM^EXMSREP

FILEZMSVPMXIVEXYVILEWFIIRWXYH]MRKVIPIZERXXSTMGWWYGLEWXIEQWERHQEXVM\

SVKERM^EXMSRWXLIVIMWFIIRPMXXPIW]WXIQEXMGVIWIEVGLIWTIGMEPP]MRXLIQEVOIXMRK

GSRXI\X[LIVIXLIMWWYIWEVIQSWXMRXVYWMZIEVSYRHLS[XSEHETXEWMPSSVKERM

^EXMSRXSE[SVPHMR[LMGLMXMWRSPSRKIV[SVOMRK

;LEXI\EGXP]EVIXLITVSFPIQWGVIEXIHJSVQEVOIXMRKWXVEXIKMWXWF]WMPS

SVKERM^EXMSRW#'LERKMRKXLIWMPS¬WTS[IVERHJYRGXMSRMWEPQSWXEP[E]WKSMRKXS

FIEVHYSYWI\TIRWMZIERHZIV]HMWVYTXMZIXSXLISVKERM^EXMSR-XXEOIWRSXSRP]

´RERGMEPERHXEPIRXVIWSYVGIWFYXMRZIWXQIRXWMRGYPXYVIERHGYPXYVIGLERKI¨E

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

(EZMH%%EOIVMWXLI:MGI'LEMVQERSJ4VSTLIX

&VERH7XVEXIK]ERH4VSJIWWSV)QIVMXYWSJ

1EVOIXMRK7XVEXIK]EXXLI,EEW7GLSSPSJ

&YWMRIWW9'&IVOIPI]

background image

QSWXTVIGMSYWGSQQSHMX]4ISTPIMRWMPSWERHMRXLII\IGYXMZIWYMXILEZIXS

FY]MR8LIGSWXMWWSLMKLERHXLIXEWOSJKIXXMRKGSSTIVEXMSRJVSQHMZIVWIGEWX

SJGLEVEGXIVWWSHMJ´GYPXXLEXXLIGSVVIWTSRHMRKQSXMZEXMSRRIIHWXSFIZMWMFPI

7M\(IFMPMXEXMRK4VSFPIQW(VMZIRF]E7MPS7XVYGXYVI

8LIVIEVIELEPJHS^IRWTIGM´GTVSFPIQWXLEXEVIGVIEXIHSV[SVWIRIH

F]XLIWMPSWXVYGXYVI-RHMZMHYEPP]ERHGSPPIGXMZIP]XLI]TVSZMHIEVEXMSREPIJSV

LEVRIWWMRKXLIWMPSIRIVK]WSXLEXFSXLFYWMRIWWERHQEVOIXMRKWXVEXIKMIWGER

IQIVKIERHWYGGIIH-XMWMQTSVXERXXSYRHIVWXERHXLIWITVSFPIQWRSXSRP]XS

QSXMZEXIGLERKIFYXXSTVSZMHIEGLERKIXEVKIXWII*MKYVI

1EVOIXMRK6IWSYVGIWEVI1MWEPPSGEXIH

8LIWMPSWXVYGXYVIRIEVP]EP[E]WPIEHWXSXLIQMWEPPSGEXMSRSJVIWSYVGIW

EGVSWWTVSHYGXERHGSYRXV]WMPSYRMXWJYRGXMSREPXIEQWFVERHWERHQEVOIXMRK

TVSKVEQW'SVVIGXMRKQMWEPPSGEXMSRMWXLI´VWXTVMSVMX]

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

*-+96)

;L]E'13#

7MPS

7XVYGXYVI

(VMZIR

4VSFPIQW

1EV OIXMRK6IWSYVGIWEVI

1MWEPPSGEXIH

7MPS7TERRMRK&VERHW0EGO'PEVMX]

ERH0MROEKI

7MPS7TERRMRK3JJIVMRKWSV4VSKVEQW

EVI-RLMFMXIHSV1MWWIH

1EV OIXMRK1EREKIQIRX'SQTIXIRGI

MW;IEOIRIH

7YGGIWWMWRSX0IZIVEKIH

EGVSWW7MPSW

7MPS7TERRMRK'SQQYRMGEXMSRERH

'SSTIVEXMSREVI;IEO

background image

4VSHYGXERH'SYRXV]7MPSW

7MPSXIEQWEVISVKERM^EXMSREPP]ERHTW]GLSPSKMGEPP]YREFPIXSQEOIGVSWW

WMPSNYHKQIRXW*YVXLIVWYGLNYHKQIRXWVIUYMVIELEVHRSWIHEREP]WMWSJXLI

TSXIRXMEPSJXLIFYWMRIWWYWMRKGVSWWWMPSHEXETPYWWTIGMEPM^IHJVEQI[SVOWERH

QIXLSHWXLEX[MPPWIPHSQFIHIZIPSTIHSYXWMHISJEGIRXVEPQEVOIXMRKYRMX

;MXLSYXGIRXVEPP]HVMZIRHMWGMTPMRIEPPSGEXMSRMWYWYEPP]QEHIF]TSPMXMGEP

JSVGIW[MXLIEGLWMPSXIPPMRKXLIFIWXWXSV]MQEKMREFPIMRSVHIVXSVIXEMRMXWS[R

GEWLµS[ERHIEVRMXWWLEVISJRI[MRZIWXQIRXW%WEVIWYPXXLIPEVKIWXERH

QSWXIWXEFPMWLIHWMPSWYWYEPP]VIGIMZIXLIFYPOSJXLIVIWSYVGIWFIGEYWIXLI]

ETTIEVXSFIEFPIXSTE]XLIMVS[R[E]7QEPPIVWMPSWQE]FIWYTIVMSVMRZIWX

QIRXWSJQEVOIXMRKVIWSYVGIWFYXXIRHXSFIYRHIVJYRHIHXSXLIWXVEXIKMGHIXVM

QIRXSJXLISVKERM^EXMSR

8LI&VERH4SVXJSPMSMWRSX4VMSVMXM^IH

;MXLSYXXLIHMWGMTPMRISJETVSGIWWQEREKIHF]EGIRXVEPQEVOIXMRK

KVSYTTVSHYGXWMPSWERHWSQIXMQIWGSYRXV]WMPSWEW[IPP[MPPXIRHXSEXXEGLE

RI[FVERHXSRI[SJJIVMRKW;MXLXLIWMPSWMRGLEVKIMXMWYRVIEPMWXMGXSI\TIGX

ER]HMWGMTPMRIXLEX[SYPHGYVFFVERHTVSPMJIVEXMSRERHIRGSYVEKIEWQEPPWIXSJ

QEWXIVFVERHW8LIVIWYPXMWEHMWTIVWMSRSJQEVOIXMRKFYHKIXWEREFWIRGISJ

TVMSVMXMIWERHEREGGSQTER]MRKHMPYXMSRSJQEVOIXMRKMQTEGX

1EVOIXMRK4VSKVEQW

;MXLWMPSEYXSRSQ]XLIVIMWEPWSERMREFMPMX]XSPSSOGPSWIP]EXXLIEGXYEP

ERHTSXIRXMEPVIXYVRWSJXLIQEVOIXMRKTVSKVEQW)ZIRWXVSRKWMPSWQE][EWXI

QEVOIXMRKVIWSYVGIWMJXLI]LEZI[IEOQEVOIXMRKTVSKVEQW;MXLSYXEQEVOIX

MRKIJJIGXMZIRIWWQIEWYVIQIRXW]WXIQERHEGSQQSRHEXEFEWISVKERM^IHF]XLI

GIRXVEPQEVOIXMRKXIEQERHETTPMIHEGVSWWWMPSWXLIEPPSGEXMSRMWPMOIP]XSKSXS

QEVOIXMRKTVSKVEQWXLEX[MPPLEZIMRJIVMSVVIXYVRW

7MPS7TERRMRK&VERHW0EGO'PEVMX]ERH0MROEKI

8SSSJXIREQEWXIVFVERHTIVLETWIZIRXLIGSVTSVEXIFVERHMWWLEVIHF]

WMPSKVSYTW)EGLWMPSMWQSXMZEXIHXSQE\MQM^IXLITS[IVSJXLIFVERH[MXLSYX

ER]GSRGIVRJSVXLIFVERH¬WVSPIMRSXLIVFYWMRIWWYRMXW)WTIGMEPP][LIRXLIVIMW

SZIVPETMRQEVOIXWMRGSRWMWXIRXTVSHYGXERHTSWMXMSRMRKWXVEXIKMIWGERHEQEKI

XLIFVERHERHVIWYPXMRHIFMPMXEXMRKQEVOIXTPEGIGSRJYWMSR,EZMRKEQM\IH

FVERHQIWWEKIEPWSQEOIWMXLEVHXSGSRZMRGIXLISVKERM^EXMSRXLEXXLIFVERH

WXERHWJSVWSQIXLMRK8LIVIJSVIMXMW[SVXL[LMPIXSLEZIHMWGMTPMRIMRFIMRKXVYI

XSXLEXQIWWEKI

7MPS7TERRMRK3JJIVMRKWERH4VSKVEQWEVI-RLMFMXIHSV1MWWIH

%RSVKERM^EXMSR[MXLQER]TVSHYGXERHGSYRXV]WMPSWWLSYPHLEZIELYKI

EHZERXEKIFIGEYWISJXLITSXIRXMEPW]RIVKMIWEZEMPEFPIF]GVIEXMRKGVSWWWMPS

SJJIVMRKWSVF]HIZIPSTMRKQEVOIXMRKTVSKVEQWXLEXEVIWLEVIHF]QYPXMTPIWMPSW

7EHP][LIRXLIWMPSFEVVMIVWEVIMRTPEGIMXFIGSQIWHMJ´GYPXXSVIEPM^IXLIWI

W]RIVKMIW

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

background image

1EVOIXMRK4VSKVEQW7LEVIHF]7MPSW

-RXSHE]¬WJVEKQIRXIHQIHMEIRZMVSRQIRXQER]SJXLIQEVOIXMRKTVS

KVEQSTXMSRWJSVFYMPHMRKFVERHWSVEGYWXSQIVFEWIEVIMRJIEWMFPIERHQER]SJ

XLIVIWXEVIRSXGSWXIJJIGXMZIJSVEWMPSFYWMRIWWXLEXPEGOWXLIRIGIWWEV]

IGSRSQMIWSJWGEPI;LIRWMPSFYWMRIWWYRMXWEVIEKKVIKEXIHEGVSWWTVSHYGXWSV

GSYRXVMIWXLIIGSRSQMGWGLERKI4VSKVEQWWYGLEWXLI;SVPH'YTWTSRWSVWLMT

XLIGSWXSJ[LMGLGERFIWTVIEHEGVSWWGSYRXVMIWERHSVTVSHYGXWFIGSQIJIEWM

FPI3XLIVWWMQTP]FIGSQIQSVIIJ´GMIRXERHIJJIGXMZI%LSXIPPS]EPX]TVSKVEQ

WYGLEWXLEXSJ7XEV[SSHSV,MPXSRFIGSQIWQSVIIJ´GMIRX[LIRMXMWWTVIEHSZIV

ELEPJHS^IRSVQSVIGLEMRWXLER[LIRSRP]SRIQYWXGSZIVXLIGSWX*YVXLIVMX

MWQSVIIJJIGXMZIFIGEYWIXLIZEPYITVSTSWMXMSRJSVXLIGYWXSQIVMWIRLERGIH

;LIRGSQTIXMXSVWEVII\TPSMXMRKWGEPIIGSRSQMIWXLI]EVIW[MQQMRKYTWXVIEQ

F]GPMRKMRKXSEWMPS[SVPH

'VSWW7MPS3JJIVMRKW

7MPSFEVVMIVWGERWIVMSYWP]MRLMFMXXLIHIZIPSTQIRXSJGVSWWWMPSSJJIVMRKW

MRTEVXFIGEYWIXLIGVSWWWMPSGSPPEFSVEXMSRRIIHIHXSI\IGYXIQE]RSXFIMRXLI

(2%SJXLIWMPSWERHMRTEVXFIGEYWIEYXSRSQSYWWMPSYRMXWXIRHXSPSSOEXXLI

QEVOIX[MXLEREVVS[TIVWTIGXMZIERHGERSJXIRQMWWGLERKIWMRXLIQEVOIX

TPEGIXLEXEVIQEOMRKXLIMVWMPSIHSJJIVMRKPIWWVIPIZERX=IXQER]GYWXSQIVWEVI

HVE[RXSWMPSWTERRMRKTVSHYGXWSVWIVZMGIW;EP1EVXJSVI\EQTPI[ERXWXSHS

FYWMRIWW[MXL4+ERHRSX[MXLHS^IRWSJTVSHYGXHMZMWMSRW'YWXSQIVWGERFI

JVYWXVEXIHFIGEYWIXLI]EVIPSSOMRKJSVW]WXIQWWSPYXMSRWERHWIVZMGIFEGOYT

XLEXWTERTVSHYGXWMPSW8LIQSZIQIRXJVSQTVSHYGXWXSW]WXIQWWSPYXMSRWLEW

FIGSQIEXMHEP[EZIERHVIUYMVIWGVSWWWMPSSJJIVMRKW+PSFEPGYWXSQIVWEVI

MRGVIEWMRKP]HIQERHMRKKPSFEPWIVZMGIWERHSJJIVMRKW'MXMFEROJSVI\EQTPI

[ERXWWYTTPMIVWXLEXGERMRXIVEGXERHHIPMZIVKPSFEPP]XSVIHYGIXLIMRIJ´GMIRGMIW

XLEXEVIEWWSGMEXIH[MXLEGSYRXV]F]GSYRXV]SJJIVMRK

1EVOIXMRK1EREKIQIRX'SQTIXIRGIWEVI;IEOIRIH

8LIUYEPMX]SJQEVOIXMRKXEPIRXWTIGMEPM^IHWYTTSVXERHQEREKIQIRX

WSTLMWXMGEXMSRXIRHWXSFIHMWTIVWIHERH[IEO[LIRWMPSWEVIVYRRMRKXLIMVFYWM

RIWWEYXSRSQSYWP]

8SHE]QEVOIXMRKRIIHWXSHVE[SRWTIGMEPM^IHWOMPPWMRQYPXMTPIEVIEWWYGL

EWHMKMXEPQEVOIXMRK'61TVSKVEQWQEVOIXMRKIJJIGXMZIRIWWQSHIPMRKWSGMEP

XIGLRSPSK]FPSKQEREKIQIRXWTSRWSVWLMTQEREKIQIRX46MRE-RXIVRIX

[SVPHERHSRERHSR*YVXLIVEPPSJXLMWRIIHWQSVIXLERIZIVXSFIMRXIKVEXIH

ERHKYMHIHF]FVERHERHQEVOIXMRKWXVEXIKMIW-XWMQTP]HSIWRSXQEOIWIRWIJSV

EWMPSKVSYTXSEXXIQTXXSGVIEXIXLIWIOMRHWSJEWWIXWERHWOMPPWMRJEGXMXYWYEPP]

MWRSXJIEWMFPIFIGEYWIXLIWMPSWPEGOWGEPI*YVXLIVVIHYRHERXQEVOIXMRKWXEJJ

VIWYPXWMRGSWXP]MRIJ´GMIRGMIWERHPMQMXWSTTSVXYRMXMIWJSVGEVIIVSTTSVXYRMXMIW

ERHWTIGMEPX]KVS[XL%X(IPP7IVZMGIWSRISJX[SQENSVVIEWSRWXLEXKPSFEP

QEVOIXMRK[EWGIRXVEPM^IH[EWXSGVIEXIEWXVSRKIVQSVITVSJIWWMSREPQEVOIXMRK

XIEQXLEX[SYPHSTIVEXI[MXLSYXVIHYRHERG]

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

background image

7MPSWSTIVEXMRKEYXSRSQSYWP]EVISJXIRPEGOMRKMRRSXSRP]JYRGXMSREP

I\TIVXMWIFYXEPWSTPERRMRKTVSGIWWWSTLMWXMGEXMSRERHWIEWSRIHEHZMGI8SS

SJXIRWMPSWEVIZYPRIVEFPIXSQEREKIQIRXQIHMSGVMX]SV[SVWI6EXLIVXLER

LEZMRKEREHZERXEKIJSVFIMRKETEVXSJEQYPXMFYWMRIWW´VQXLIFYWMRIWWIW[MPP

QSVIPMOIP]FIEXEHMWEHZERXEKIGSQTIXMRK[MXLSXLIV´VQWXLEXEVIGETXYVMRK

´VQ[MHIQEREKIQIRXGETEFMPMX]%GIRXVEPQEVOIXMRKYRMXGERLIPTF]GVIEXMRK

EGSQQSRQEVOIXMRKTPERRMRKTVSGIWWF][LMGLEPPFYWMRIWWYRMXW[MPPFIRSX

SRP]SRXLIWEQITEKIFYX[MPPFIVIUYMVIHXSMQTSWITVSJIWWMSREPNYHKQIRXW

EFSYXXLIQEVOIXWXLIWXVEXIKMGSTXMSRWERHXLIWYTTSVXMRKTVSKVEQW'IRXVEP

QEVOIXMRKGEREPWSTVSZMHIKYMHERGIJSVFSXLWXVEXIK]ERHXEGXMGWERHTEVXMGY

PEVP]LS[XLIWIGERFIPMROIHXSSXLIVWMPSWKIRIVEXMRKW]RIVK]JSVEPP

7YGGIWWMWRSX0IZIVEKIHEGVSWW7MPSW

;MXLEQYPXMWMPSSVKERM^EXMSRTSGOIXWSJFVMPPMERGIQE]VIWYPXFYXXLI]

[MPPXIRHXSFIMWSPEXIHERHEVIVEVIP]PIZIVEKIH-XMWRSXIRSYKLXSLEZIEWYG

GIWWLIVIERHXLIVI8LIOI]XSQSZMRKJVSQKSSHXSKVIEXMWXSHIZIPSTERSVKE

RM^EXMSRXLEX[MPPMHIRXMJ]QEVOIXMRKI\GIPPIRGI[MXLMRXLIWMPSWERHFIRMQFPI

IRSYKLXSPIZIVEKIXLEXI\GIPPIRGI

)\GIPPIRGIGERXEOIQER]JSVQWERHLEZIQER]WSYVGIWFYXMXRIIHWXS

FIPIZIVEKIHEGVSWWWMPSW*SVI\EQTPIXLI(SGOIVW¬GPSXLMRKPMRI[LMGLFIGEQI

ELYKIWYGGIWWJSV0IZM¬WSVMKMREXIHMR7SYXL%QIVMGE8LIMRRSZEXMSRWEX

(VI]IV¬W-GI'VIEQWYGLEW(MFWFMXIWM^IGLSGSPEXIGSZIVIHMGIGVIEQ[IVI

VSPPIHSYXMRXSSXLIVGSYRXVMIWF]2IWXPr¬WGIRXVEPMGIGVIEQKPSFEPQEVOIXMRK

KVSYT4ERXIRI¬WTSWMXMSREVSYRHXLIXEKPMRI©LEMVWSLIEPXL]MXWLMRIWª[EW

HIZIPSTIHMR8EM[ER&IWXTVEGXMGIWGERMRZSPZITSWMXMSRMRKEHZIVXMWMRKTVSQS

XMSRSVWTSRWSVWLMTW,S[IZIVQEVOIXI\TIVMIRGIXLEXLIPTWSRIWMPSERHJEMPW

XSFIPIZIVEKIHMWEQMWWIHSTTSVXYRMX]

'VSWW7MPS'SQQYRMGEXMSRERH'SSTIVEXMSRMW;IEOSV2SR)\MWXIRX

8LIPEGOSJGSQQYRMGEXMSRERHGSSTIVEXMSRFIX[IIRWMPSWMWEFEWMGTVSF

PIQXLEXGERHMVIGXP]EJJIGXSVKERM^EXMSREPTIVJSVQERGI;LIRMRWMKLXWMRXSGYW

XSQIVWQEVOIXMRKXVIRHWGLERRIPWSVXIGLRSPSKMIWXLEXGSYPHEJJIGXWXVEXIK]EVI

RSXWLEVIHERSTTSVXYRMX]QE]FIPSWX;LIRGSSTIVEXMSRMWRSXGSRWMHIVIHSV

MWHMJ´GYPXXSMQTPIQIRXWYGGIWWJYPW]RIVKMWXMGTVSKVEQWEVIYRPMOIP]XSIQIVKI

*YVXLIVGSQQYRMGEXMSRERHGSSTIVEXMSRJEMPYVIWEVIERYRHIVP]MRKGEYWISJ

QER]SJXLISXLIVWMPSHVMZIRTVSFPIQW*M\MRKXLIQVIUYMVIWRSXSRP]YWMRK

QIXLSHWERHTVSGIWWIWFYXGLERKMRKXLIGYPXYVIXLEXMRLMFMXWGSQQYRMGEXMSR

ERHGSSTIVEXMSR

8LIVIWIIQWPMXXPIHSYFXXLEXXLIEFWIRGISJGVSWWWMPSGSQQYRMGEXMSR

ERHGSSTIVEXMSREX7SR]LEHEJJIGXIHMXWTIVJSVQERGI;LIR,S[EVH7XVMRKIV

FIGEQI')3MRXLIWMPSTVSFPIQ[EWEFEVVMIVXSXLIWXVEXIK]SJGSRRIGXMRK

8:WQYWMGTPE]IVW4PE]7XEXMSRWERH7SR]¬WHS[RPSEHRIX[SVO7SR][EW

HIWGVMFIHEWFIMRK©H]WJYRGXMSREP[MXLHMZMWMSRWKYEVHIHXLIMVXIVVMXSV]WS

´IVGIP]XLEXQERKIVW[SVOMRKJSVSRIHMZMWMSR[SYPHR¬XVIXYVRTLSRIGPEWWJVSQ

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

background image

XLIMVGSYRXIVTEVXWMRSXLIVHMZMWMSRWª

3RISJ7XVMRKIV¬WTVMSVMXMIW[EWXSGLERKI

XLIGYPXYVIERHTVSGIWWIW

)RXIVXLI'13

6IGSKRM^MRKXLEXEYXSRSQSYWWMPSSVKERM^EXMSRWEVIRSPSRKIVEZMEFPI

STXMSRXLIVIEVIELSWXSJ´VQWXLEXEVIHIZIPSTMRKI\TERHMRKSVIRIVKM^MRK

XLIGSVTSVEXI'13TSWMXMSRERHGVIEXMRKSVIRLERGMRKXLIWYTTSVXMRKGIRXVEP

QEVOIXMRKKVSYT)JJSVXWF]E'13ERHLMWSVLIVXIEQXSKEMRGVIHMFMPMX]XVEG

XMSRERHMRµYIRGIVITVIWIRXWEJSVQMHEFPIXEWOMRXLIJEGISJWMPSMRHMJJIVIRGI

SVQSVIPMOIP]VIWMWXERGI7YGGIIHMRKERHIZIRWYVZMZMRKMRXLMWIJJSVXMWEXFIWX

YRGIVXEMR%WEVIWYPX'13WPEWXSRP]EJI[]IEVW¨MRSRIWXYH]XLIXIRYVISJ

'13W[EWJSYRHXSEZIVEKIQSRXLW8LIEQE^MRKP]WLSVX[MRHS[VIµIGXW

XLIHMJ´GYPXMIWSJXLIRI['13¬WNSFIZIR[LIRXLIEWWMKRQIRXMWPEFIPIHE

WXVEXIKMGMQTIVEXMZI

6IHYGMRK7MPS4S[IV

;L]MWMX,EVH#

8LIWSPYXMSRXSWMPSTS[IVHSIWWSYRHHSEFPIMJRSXWXVEMKLXJSV[EVH7MQ

TP]VIHYGIXLIWMPSTS[IVSZIVWXVEXIKMIWFYHKIXWERHTVSKVEQWF]GIRXVEPM^MRK

HIGMWMSRQEOMRKERHWXERHEVHM^MRKQSVIERHQSVISJJIVMRKWERHEGXMZMXMIW;L]

EPPS[XLIWMPSTVSFPIQWXSVIQEMR#-XXYVRWSYXXLEXMXMWRSXWMQTPI*MVQW

EXXIQTXMRKXSGSRXVSPWMPSTS[IVERHIRIVK]ERHXSXYVRWMPSI\IGYXMZIWMRXS

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

-RHMGEXSVWXLEX(IGIRXVEPM^EXMSRMW3YXSJ'SRXVSP

6IWSYVGIEPPSGEXMSRXSTVSHYGXERHGSYRXV ]WMPSWMWQEMRP]FEWIHSRXLITVMSV]IEV¬W

FYHKIX

8LIVIMWPMXXPIEGGSYRXEFMPMX]JSVQEV OIXMRKTVSKVEQW 1IEWYVIWERHQSHIPWXSIZEPYEXI

TVSKVEQWEVIRSXEZEMPEFPI

1IXVMGWERHWGSVIGEVHWHMJJIVEGVSWWWMPSW

8LIFVERHTSV XJSPMSWYJJIV WJVSQSZIVFVERHMRKERHGSRJYWMSR

7MPSWTERRMRKFVERHWHSRSXLEZIEGSRWMWXIRXPSSO JIIP ERHQIWWEKI

1EV OIXMRKTVSKVEQWEVIRSXWLEVIHF]WMPSW

3JJIVMRKWXLEXWTERWMPSWEVIHMJ´GYPXXSHIZIPSTERHMQTPIQIRX

8LIQEV OIXMRKGETEFMPMX]MWMREHIUYEXISVRSRI\MWXIRXMROI]EVIEWWYGLEWHMKMXEPQEV OIX

MRKSVWTSRWSV WLMT 8LIVIMWHYTPMGEXMSRSJJYRGXMSREPQEV OIXMRKKVSYTW

8LISVKERM^EXMSRGYPXYVIMWRSXWXVSRKMREPPWMPSW

7MPSWHSRSXGSQQYRMGEXISVGSSVHMREXI[IPP 8LIVIMWPMXXPIMRGIRXMZIXSMQTVSZI

background image

XIEQTPE]IVWJEGIWIZIVEPFEVVMIVW%RYRHIVWXERHMRKSJXLIWIFEVVMIVWMWMQTSV

XERX[LIRHMWGYWWMRKXLIGLERKITVSKVEQWRIIHIH

'13EWE8LVIEX

*MVWXWMPSQEREKIVWTIVGIMZIER]QSZIXSGIRXVEPM^IQEVOIXMRKQEREKI

QIRXXSFIEXLVIEXXSXLIQ8LI]VIWMWXER]IJJSVXXSVIWXVMGXXLIMVEFMPMX]XSGSR

XVSPEPPXLIPIZIVWEVSYRHQEVOIXMRKERHXLIFVERHFIPMIZMRKXLEXXLIMV

TIVJSVQERGIXS[LMGLXLI]EVILIPHEGGSYRXEFPI[MPPWYJJIVERHXLEXXLI]ORS[

XLIQEVOIXFIWX6IQSZMRKHIKVIIWSJJVIIHSQJVSQXLIWMPSWMWTIVGIMZIHEW

FIMRKRSXSRP]YR[MWIFYXEPWSYRJEMVKMZIRXLEXMXGSYPHEJJIGXVIWYPXWXLEX

HIXIVQMRIXLIMVGSQTIRWEXMSRVIGSKRMXMSRERHGEVIIVTEXL*YVXLIVEYXSRSQ]

MWTIVGIMZIHXSKIRIVEXIIRIVK]ZMXEPMX]IQTS[IVQIRXPSGEPORS[PIHKIRMQ

FPIRIWWERHVIWTSRWMZIRIWW-RGSRXVEWXGIRXVEPM^IHQEVOIXMRKQEREKIQIRXMW

SJXIRQMWXEOIRP]ZMI[IHEWRIGIWWEVMP]QSZMRKXLISVKERM^EXMSRXSSRIXLEX

[SYPHFIFYVIEYGVEXMGMRIJ´GMIRXGSR´RMRKERHGSRXVSPPMRK

1SXMZEXMSRMW1MWWMRK

%WIGSRHFEVVMIVXS'13WYGGIWWMWXLEXWMPSQEREKIVWEVIRSXQSXMZEXIH

XSYRHIVXEOIWMPSWTERRMRKEGXMZMX]8LIMVVITSVXMRKWXVYGXYVIERHTIVJSVQERGI

IZEPYEXMSRW]WXIQFSXLSJ[LMGLEVIXMIHXSTIVWSREPEHZERGIQIRXERHGSQ

TIRWEXMSREVIWMPSHI´RIH-RQSWXGEWIWXLIVIMWWMQTP]RSMRGIRXMZIJSVXLIQ

XSGSPPEFSVEXIEGVSWWWMPSWSVIZIRXSVIEGLSYX[MXLMHIEWSVMRJSVQEXMSR4EWWMRK

SRWYGGIWWJYPMHIEWRSXSRP]XEOIWTVIGMSYWXMQIERHIJJSVXFYXGSYPHIZIRQEOI

XLIMVGSYRXIVTEVX¬WTIVJSVQERGIFIXXIVERHXLIVIF]VIHYGIXLIVIPEXMZITIVJSV

QERGISJXLIMVS[RYRMX'SPPEFSVEXMSRMRZSPZIWVMWOW2SXSRP]HSIWXLIGSPPEFS

VEXMSRGSRGITXRIIHXSFI[SVXL[LMPIFYXXLIVIMWXLIVMWOSJERI\IGYXMSR

FVIEOHS[RTPYWXLIVMWOXLEXER]WYGGIWW[MPPJEMPXSEHIUYEXIP]VIµIGXXLIGSR

XVMFYXMSRSJXLIWMPS

-REHIUYEXI6IWSYVGIW8EPIRXERH%YXLSVMX]

%XLMVHFEVVMIVMWEJEMPYVIXSTVSZMHIXLIVIWSYVGIWXEPIRXEYXLSVMX]ERH

XSTQEREKIQIRXVIWSPZIXSQEOIXLI'13MRXIKVEXMSRXEWOWYGGIWWJYP1ER]

GSQTERMIWHSHIGMHIXSKIXWIVMSYWEFSYXFYMPHMRKFVERHWERHQEVOIXMRKSVWS

XLI]WE]8LI]X]TMGEPP]JSVQGVSWWWMPSFVERHSVQEVOIXMRKQEREKIQIRXIRXMXMIW

*SVEXMQIXLIWIIRXMXMIWGVIEXITVSKVEQWERHTVSGIWWIWSVEXPIEWXMHIRXMJ]XLI

RIIHJSVXLIQFYXYPXMQEXIP]RSXLMRKLETTIRWERHJVYWXVEXMSRWIXWMR8LIIRXM

XMIWWMQTP]HSRSXVIGIMZIXLIRIIHIHEYXLSVMX]XEPIRXERHVIWSYVGIWXSWYGGIIH

8LIVIMWPMTWIVZMGIKMZIRXSWMPSWTERRMRKFVERHFYMPHMRKFYXXLIFVERHQEREKI

QIRXKVSYTMWPIJX[MXLSYXXLIXSSPWXSEGXYEPP]HSXLINSF9PXMQEXIP]XLI')3

LEWSXLIVTVMSVMXMIWERHMWRSX[MPPMRKXSWYTTSVXEKVSYTXLEXF]RIGIWWMX]LEW

XSFISVKERM^EXMSREPP]HMWVYTXMZI

'LEPPIRKMRK8EWO

8LIJSYVXLFEVVMIVMWXLEXXLIXEWOSJWMPSWTERRMRKQEVOIXMRKQEREKI

QIRXMWHMJ´GYPXIZIR[MXLSYXSVKERM^EXMSREPMWWYIW(IZIPSTMRKQEVOIXMRKXLEX

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

background image

LEWEWMPSWTERRMRKWGSTIMWGLEPPIRKMRKFIGEYWIGSRGITXYEPM^MRKTVMSVMXM^MRK

ERHMQTPIQIRXMRKQEVOIXMRKWXVEXIKMIWERHXEGXMGWMREQYPXMWMPSSVKERM^EXMSR

MRZSPZIWGSQTPI\MXMIWXLEXEVIJSVQMHEFPI&VERHWXVEXIK]JSVI\EQTPIMWLEVH

IRSYKL[MXLSYXXLIGSQTPMGEXMSRXLEXMXLEWXS[SVOMREWIXSJHMZIVWITVSHYGX

QEVOIXWXLEXSJXIRLEZIVIEPHMJJIVIRGIW-RWSQIGEWIWXLIWMPSQEVOIXWEVIWS

HMJJIVIRXXLEXIJJSVXWXSWXERHEVHM^ISVIZIRGSSVHMREXIWIIQJVYMXPIWWSVMRJIEWM

FPI-RXLIPEYRHV]EVIEJSVI\EQTPI4+´RHWXLEX[EWLMRKLEFMXWEVIHMJJIV

IRXEGVSWWGSYRXVMIWMRTEVXFIGEYWIXLIEZEMPEFMPMX]SJKSSH[EXIVZEVMIWWSMXMW

LEVHXSFIER]XLMRKFYXPSGEPXSTVSZMHIGSQTIXMXMZIIRXVMIW-RJEGX´VQWXLEX

EXXIQTXIHXSWXERHEVHM^IQEVOIXMRKEVIVIXVIEXMRKMRXLIJEGISJQEVOIXLIXIVS

KIRIMX]

1EVOIXMRKMW4IVGIMZIHEW8EGXMGEP

8LI´JXLFEVVMIVMWXLIPEGOSJEWXVEXIKMGGYWXSQIVHVMZIRQEVOIXMRKGYP

XYVI[LMGLQIERWXLEXXLITVSFPIQWIZIRXLSWIXLEXEVIWIZIVIXIRHRSXXSVMWI

XSXLIXST

1EVOIXMRKLEWFIIRGSRWMHIVIHXEGXMGEPWSQIXLMRKXSFIHIPIKEXIHXS

EHZIVXMWMRKERHTVSQSXMSRWTVSJIWWMSREPW[LSEVIGLEVKIH[MXLGVIEXMRKWLSVX

XIVQWEPIWFYQTW/I]I\IGYXMZIWHSRSXYRHIVWXERHXLIZEPYISJEGSLIWMZI

W]RIVKMWXMGSZIVEPPFVERHWXVEXIK]-RJEGXFVERHWQE]RSXFIGSRWMHIVIHEWPSRK

XIVQEWWIXWIREFPMRKXLIFYWMRIWWWXVEXIK]8LMW[EWXVYIJSVEQENSV.ETERIWI

´VQXLEXEWWMKRIHSRISJMXWXSTI\IGYXMZIWXSXLINSF)ZIRLIGSYPHRSXI\IV

GMWIEYXLSVMX]SVGSQQERHVIWSYVGIWERH[EWYPXMQEXIP]VIHYGIHXSPSSOMRK

EJXIVREQIWERHPSKSW

*VSQ7MPSWXS7]RIVK]

,S[GERWMPSFEVVMIVWXSXLIGVIEXMSRSJKVIEXQEVOIXMRKERHQEVOIXMRK

SVKERM^EXMSRWFIVIHYGIHSVIPMQMREXIH#,S[GERWMPSTS[IVFIGSRZIVXIHJVSQ

ERMRLMFMXSVXSERIREFPIVSJIJJIGXMZIERHIJ´GMIRXQEVOIXMRK#8LIVIEVIE[MHI

ZEVMIX]SJTEXLWERHXEGXMGW8LIJSPPS[MRKVITVIWIRXWWSQISJXLIQSWXIJJIGXMZI

FIWXTVEGXMGI´RHMRKW

6IEPM^IXLEX2SR8LVIEXIRMRK6SPIWGERFI4S[IVJYP'LERKI%KIRXW

8LI'13GERXEOIGSRXVSPSJIPIQIRXWSJWXVEXIK]ERHXEGXMGWJVSQWMPSW

ERHXLEXGERFIXLIVMKLXGSYVWIMRGIVXEMRGMVGYQWXERGIW,S[IZIVXLIVIEVI

SXLIVPIWWXLVIEXIRMRKVSPIW[MXLVIHYGIHVMWOSJJEMPYVISVIZIRµEQISYXXLEX

GERLEZIWMKRM´GERGIMRµYIRGI-RTEVXMGYPEVXLI'13GEREWWYQIXLIVSPISJ

JEGMPMXEXSVGSRWYPXERXSVWIVZMGITVSZMHIV-REJEGMPMXEXSVVSPIXLI'13XIEQGER

IWXEFPMWLEGSQQSRTPERRMRKJVEQI[SVOJSWXIVGSQQYRMGEXMSRIRGSYVEKIERH

IREFPIGSSTIVEXMSRGVIEXIHEXEERHORS[PIHKIFEROWERHYTKVEHIXLIPIZIPSJ

QEVOIXMRKXEPIRXXLVSYKLSYXXLISVKERM^EXMSR-RXLIGSRWYPXERXVSPIXLI'13

[SYPHFIGSQIERMRZMXIHTEVXMGMTERXMRXLIWMPSWXVEXIK]HIZIPSTQIRXTVSGIWW

%WEWIVZMGITVSZMHIVXLIWMPS FYWMRIWWYRMXW[SYPH©LMVIªXLI'13XIEQXSTVS

ZMHIQEVOIXMRKWIVZMGIWWYGLEWQEVOIXMRKVIWIEVGLWIKQIRXEXMSRWXYHMIWXVEMR

MRKSVQEVOIXMRKEGXMZMXMIWWYGLEWWTSRWSVWLMTWSVTVSQSXMSRW

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

background image

8LIWIQSHIWXVSPIWF]WXMQYPEXMRKERHIREFPMRKGSQQYRMGEXMSRERH

W]RIVKMWXMGTVSKVEQWLEZILEHEQENSVMQTEGXSRXLIWXVEXIK]ERHGYPXYVISJXLI

SVKERM^EXMSRMRQER]´VQW-XMWRSXRIGIWWEV]XSFIMRGSRXVSPSJFYHKIXWERH

TVSKVEQWMRSVHIVXSIJJIGXGLERKIERHVIWYPXW*YVXLIVTYVWYMRKXLIWIVSPIWGER

PIEHXSFYMPHMRKGVIHMFMPMX]ERHVIPEXMSRWLMTWXLEX[MPPFIOI]XSXLIIWXEFPMWLQIRX

SJQSVIMRµYIRXMEPVSPIW

+IX')33VKERM^EXMSREP7YTTSVX

8SQEOITVSKVIWWXLI'13XIEQRIIHWGVIHMFMPMX]ERHFY]MR-XMW

MQTSVXERXXSSFXEMRZMWMFPI')3WYTTSVXTVSZMHMRKEYXLSVMX]ERHVIWSYVGIW3RI

VSYXIXSKIXXMRKXLI')3SRFSEVHMWXSEPMKRXLIVSPISJQEVOIXMRK[MXLXLEXSJ

XLI')3¬WTVMSVMX]EKIRHE*SGYWSRKVS[XLSFNIGXMZIWMRWXIEHSJFVERHI\XIR

WMSRWIJ´GMIRG]ERHGSWXSFNIGXMZIWMRWXIEHSJQEVOIXMRKW]RIVK]SVWGEPIERH

FYMPHMRKEWWIXWXSWYTTSVXWXVEXIKMGMRMXMEXMZIWMRWXIEHSJFVERHMQEKIGEQTEMKRW

8LISFNIGXMZIMWXSVIJVEQIQEVOIXMRKEWWXVEXIKMGERHEWEHVMZIVSJXLIFYWMRIWW

WXVEXIK]MRWXIEHSJFIMRKEXEGXMGEPQEREKIQIRXJYRGXMSR8LIKSEPMWXSEZSMH

LEZMRKXLI'13FITSWMXMSRIHEWERSXLIVJYRGXMSREPEVIEEHZSGEXIIZIV]WPSX

RIIHWQSVIVIWSYVGIW%RSXLIVVSYXIMWXSYWILEVHRYQFIVWMRWLS[MRKXLI

VIPEXMSRWLMTFIX[IIRQEVOIXMRKERH´RERGMEPTIVJSVQERGI;LIR'13XIEQW

GERHIQSRWXVEXIER63-SVMXWEFWIRGIXLIMVWXEXYVI[MPPFIIRLERGIHERH

XLIMVMQEKISJFIMRKWSJXERHRSREREP]XMGEP[MPPEXPIEWXFIVIHYGIH-RXLMWIVE

SJ´RERGMEPEGGSYRXEFMPMX]XLI'WYMXIXIEQMWSJXIRYRGSQJSVXEFPI[LIRTIVJSV

QERGIMWRSXQIEWYVIH

'VIHMFMPMX]EPWSGSQIWJVSQGYWXSQIVORS[PIHKI¨MRJEGXMXMWXLIYPXM

QEXIWSYVGISJMRµYIRGI8LI©GYWXSQIVMWXIPPMRKYWXLEXªMWETS[IVJYPERH

LEVHXSVIJYXIEVKYQIRX;LIRXLI'13XIEQLEWEFIXXIVKVEWTSJXLI

GYWXSQIVXLERXLIWMPSWSVEXPIEWXLEWXLIWEQIPIZIPSJGYWXSQIVYRHIVWXERH

MRKXLIHMWGYWWMSRWGERTVSGIIH[MXLSYXXLI©]SYHSR¬XYRHIVWXERHXLMWQEVOIXª

SZIVPE],EZMRK´VWXLERHORS[PIHKISJEWIKQIRXEXMSRWXYH]IXLRSKVETLMG

VIWIEVGLWEXMWJEGXMSRVIWIEVGLSVXVEGOMRKHEXE[MPPGVIEXIGVIHMFMPMX]-JXLI'13

MRTYXWEVIFEWIHSRXLIIQIVKIRGISJERI[WIKQIRXERI[ETTPMGEXMSREW]W

XIQEXMGHMWWEXMWJEGXMSR[MXLXLITVSHYGXSVEHIGPMRMRKFVERHXLI][MPPFILEVH

XSMKRSVI

9WI'VSWW7MPS3VKERM^EXMSREP(IZMGIWWYGLEW8IEQWERH2IX[SVOW

8LI'13WLSYPHPSSOXS[EVHIQTPS]MRKWSQISJXLIEZEMPEFPISVKERM^E

XMSREPXSSPWXLEX[MPPEHZERGIGVSWWWMPSGSQQYRMGEXMSR8IEQW¨WYGLEW,4¬W

'YWXSQIV)\TIVMIRGI'SYRGMP(S['SVRMRK¬W+PSFEP1EVOIXMRK)\GIPPIRGI

'SYRGMP-&1¬W+PSFEP1EVOIXMRK&SEVHSV4+¬W+PSFEP1EVOIXMRK3J´GIV¬W

0IEHIVWLMTXIEQ¨EVITS[IVJYPZILMGPIWXSGVIEXIGSRWMWXIRG]ERHSVW]RIVK]

8LIMWWYIMWRSX[LIXLIVXSYWIXIEQWFYXLS[XSQEOIXLIQIJJIGXMZI*SVXY

REXIP]XLIVILEWFIIRGSRWMHIVEFPIVIWIEVGLSR[LEXQEOIWXIEQWTIVJSVQ

IJJIGXMZIP]

8LITVSFPIQMWXSXVERWPEXIXLEXORS[PIHKIJSVXLII\IGYXMZIW[LS

GLEVKIPIEHSVTEVXMGMTEXIMRXIEQW-XMWGPIEVXLEXXSWYGGIIHXLIXIEQRIIHWXS

LEZIQIQFIVW[MXLKSSHKVSYTWOMPPWEW[IPPEWXLIVMKLXI\TIVXMWIPIEHIVWXLEX

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

background image

GERHIEP[MXLQYPXMTPIGYPXYVIWERHGPEVMX]SJQMWWMSR4+[MXLEPSXSJI\TIVM

IRGIMRGVSWWWMPSXIEQWIRKEKIWMRXLI©VIPIRXPIWWTYVWYMXSJGPEVMX]ªWSXLEX

XLIVIMWRSEQFMKYMX]EFSYXXLIXIEQXEWO

*SVQEPERHMRJSVQEPRIX[SVOWERSXLIVOI]SVKERM^EXMSREPXSSPGERFI

FEWIHSRXSTMGWWYGLEWGYWXSQIVKVSYTWQEVOIXXVIRHWGYWXSQIVI\TIVMIRGI

GSRXI\XWKISKVETLMIWSVJYRGXMSREPEVIEWWYGLEWWTSRWSVWLMTSVHMKMXEPQEVOIX

MRK2IWXPrJSVI\EQTPILEWHIZIPSTIHMRJSVQEXMSRRIX[SVOWEVSYRHKPSFEP

GYWXSQIVWWYGLEW8IWGSERH;EP1EVXERHWMPSWTERRMRKMRXIVIWXEVIEWWYGLEW

XLI,MWTERMGQEVOIXERHQSQWERHOMHW8LIRIX[SVOQIQFIVWEVIQSXMZEXIH

XSOIITMRGSRXEGX[MXLGSYRXIVTEVXWMRSXLIVGSYRXVMIWF]XLIVIPIZERGISJXLI

XSTMGW%JSVQEPRIX[SVO[MPPLEZIEWWMKRIHQIQFIVWLMTEPIEHIVWLMTWXVYGXYVI

ERHEWYTTSVXMRKMRJVEWXVYGXYVIWYGLEWORS[PIHKIFEROW

-RWXEPPE'SQQSR1EVOIXMRK4PERRMRK4VSGIWWERH-RJSVQEXMSR7]WXIQ

%WXERHEVHM^IHFVERHERHSVQEVOIXMRKTVSKVEQSRIXLEXMWZMVXYEPP]XLI

WEQIEGVSWWGSYRXV]SVTVSHYGXWMPSWMWVEVIP]STXMQEP;LEXMWSTXMQEPMWXSLEZI

FSXLETPERRMRKTVSGIWWMRGPYHMRKXIQTPEXIWERHJVEQI[SVOWERHEWYTTSVXMRK

MRJSVQEXMSRW]WXIQXLEXEVIXLIWEQIIZIV][LIVI

,EZMRKEGSQQSRTPERRMRK

TVSGIWWTVSZMHIWXLIFEWMWJSVGSQQYRMGEXMSRF]GVIEXMRKEGSQQSRZSGEFYPEV]

QIEWYVIWMRJSVQEXMSRERHHIGMWMSRWXVYGXYVIW-XEPWSPIEHWXSEQMRMQEPPIZIPSJ

TVSJIWWMSREPMWQXLVSYKLSYXXLIWMPSYRMXW9RPIWWXLIVIMWEGPIEVEGGITXIHTPER

RMRKTVSGIWW[MXLYRHIVWXERHEFPIERHEGXMSREFPIGSQTSRIRXWIZIV]YRMX[MPPKS

MXWS[R[E]ERHMRIZMXEFP]WSQI[MPPEWEVIWYPXFIQMWQEREKIHWXVEXIKMGEPP]

ERHXEGXMGEPP]

,EZIE4VSGIWWXLEX%HETX&VERHWXS7MPS'SRXI\XW

8SEZSMHLEZMRKEFVERHXLEXWTERWWMPSWFIGSQMRKGSRJYWIHERHMRGSRWMW

XIRXEFIWXTVEGXMGISVKERM^EXMSR[MPPLEZIFVERHWXLEXEVIEHETXIHXSWMPSGSR

XI\XW[LMPIWXMPPQEMRXEMRMRKEGSRWMWXIRG]SJXLIFVERHGLEVEGXIV

'LIZVSR8I\EGSJSVI\EQTPILEWEGSVIFVERHMHIRXMX]XLEXGSRWMWXWSJJSYVZEP

YIW¨GPIERWEJIVIPMEFPIERHUYEPMX]8LIWMPSQEVOIXWEVIJVIIXSMRXIVTVIXXLI

GSVIIPIQIRXWMRXLIMVQEVOIXTPEGI7S[LEXMWUYEPMX]MRXLIGSRXI\XSJEGSRZI

RMIRGIWXSVI#3VMREPYFIFYWMRIWW#3VMR%WME#-REHHMXMSRXLIWMPSFYWMRIWW

YRMXWLEZIXLIµI\MFMPMX]XSEHHSRIEHHMXMSREPIPIQIRXXSXLIJSYVIPIQIRXGSVI

MHIRXMX]8LIPYFIFYWMRIWWGSYPHEHH©TIVJSVQERGIªERHXLI%WMERKVSYT

©VIWTIGXJYPP]LIPTJYPª8LIVIWYPXMWQSVIEFMPMX]XSPMRO[MXLXLIWMPSGYWXSQIV

%MQEXXLI7MPS(VMZIR4VSFPIQW

8LIEPPXSSGSQQSRMRWXMRGXSJJSVGMRKGIRXVEPM^EXMSRERHWXERHEVHM^EXMSR

SRXLISVKERM^EXMSRGERFIH]WJYRGXMSREPIZIRVIWYPXMRKMREµEQISYXSJXLI

'13XIEQ6IHYGMRKWMPSEYXLSVMX]QEOMRKXLISVKERM^EXMSRQSVIGIRXVEPM^IH

ERHQSZMRKXS[EVHQSVIWXERHEVHM^IHSJJIVMRKWERHQEVOIXMRKTVSKVEQWMW

SJXIR[EVVERXIHERHYWIJYP-RJEGXXLIVIMWEWXVSRKXVIRHMRXLEXHMVIGXMSRJSV

KSSHVIEWSR,S[IZIVXLIWIGLERKIWWLSYPHRSXFIKSEPWMRXLIQWIPZIWFYX

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

background image

VEXLIVSRISJXLIVSYXIWXSEWIXSJKSEPW8LIKSEPWVEXLIVWLSYPHFIXSQEOI

TVSKVIWWEKEMRWXXLIWMPSHVMZIRTVSFPIQWREQIP]XS

-QTVSZIEPPSGEXMSRSJQEVOIXMRKVIWSYVGIW(IZIPSTEREP]XMGEPQIXLSHWERH

JVEQI[SVOWXSIZEPYEXIWMPSFYWMRIWWIW.YWXLEZMRKEJVEQI[SVOGER

IRGSYVEKIMXWYWI%PWS[SVOXSHIZIPSTEREP]XMGWERHXIWXERHPIEVR

QIXLSHWXSQIEWYVIQEVOIXMRKIJJIGXMZIRIWW1IEWYVIQIRX[MPPTVSZMHI

GVIHMFMPMX]ERHQSXMZEXMSRJSVEPPSGEXMSRMRMXMEXMZIW

'VIEXIQSVIGSLIVIRXERHPMROIHFVERHWXVEXIKMIW;SVOXS[EVHEFVERHIUYMX]

QSHIPXLEXGERKYMHIFVERHFYMPHMRK'SRWMHIV[E]WXLEXEFVERHGERERH

WLSYPHFIEHETXIHXSPSGEPQEVOIXWTIVLETW[MXLEFVERHIHJIEXYVISV

WIVZMGISVXLVSYKLMRXIVTVIXMRKSVTVMSVMXM^MRKXLIFVERHEWWSGMEXMSRWHMJ

JIVIRXP]'SRWMHIV[E]WXSGSQQYRMGEXIFVERHWMRXIVREPP]

)RGSYVEKIWMPSWTERRMRKSJJIVMRKWERHTVSKVEQW(IZIPSTEHIITYRHIVWXERH

MRKSJGYWXSQIVWXLEXGERPIEHXSGVSWWWMPSSJJIVMRKW;SVOXSHIZIPST

I\TIVXMWIMRTVSKVEQEVIEWXLEXLEZIXLITSXIRXMEPXSWTERWMPSWWYGLEW

WTSRWSVWLMTWERH[IFWMXIFEWIHTVSKVEQW;MXLVIWTIGXXSWMPSEYXLSVMX]

[LEXIPIQIRXWSJXLIFVERHERHXLIFVERHFYMPHMRKTVSKVEQWWLSYPHHMW

GVIXMSREV]ERH[LEXWLSYPHFIEHETXEFPI#;LEXQIXLSHWGERVIEPMWXMGEPP]

FIIQTPS]IHXSQEOIXLISTXMQEPPIZIPSJµI\MFMPMX]IQIVKI#

-QTVSZIQEVOIXMRKQEREKIQIRXGETEFMPMX]%YHMXXLIQEVOIXMRKXEPIRXERH

HIXIVQMRI[LIVIXLIKETWEVI(IZIPSTETVSKVEQMRZSPZMRKLMVMRKQSZ

MRKXVEMRMRKERHGEVIIVTEXLQEREKIQIRXXSGPSWIXLIKETW%YHMXXLI

JYRGXMSREPEVIEWOMPPWWIXTVMSVMXMIWERHHIZIPSTTVSKVEQWXSGVIEXIXLI

SVKERM^EXMSREPWOMPPWRIIHIHXSWYGGIIH

0IZIVEKIWYGGIWW;SVOXS´RHW]WXIQEXMG[E]WXSVIGSKRM^IWYGGIWW[MXL

WMPSWERHXSI\TSVXXLSWIWYGGIWWIWMRXSSXLIVWMPSW%PWSEXXIQTXXS

HIZIPSTIJJIGXMZIWMPSWTERRMRKTVSKVEQWXLEXGERFIXIWXIHEHETXIH

ERHWSPHMRXSXLIWMPSW

*SWXIVGSQQYRMGEXMSRERHGSSTIVEXMSR8LIVIEVIEZEVMIX]SJ[E]WXLEXXLI

'13GERIRGSYVEKIGSQQYRMGEXMSRMRGPYHMRKTIVWSREPGSRXEGX[MXLWMPS

XIEQWJSVQEPQIIXMRKWSVIZIRXWERHEWSTLMWXMGEXIHMRJSVQEXMSRW]WXIQ

%GYPXYVISJGSSTIVEXMSRGERFIRYVXYVIHF]GVIEXMRKERHGSQQYRMGEXMRK

WQEPPERHPEVKIWYGGIWWWXSVMIW3RIGSQTER]XLEXLEWEZSMHIHWMPSTEVEP]

WMWMW4M\EVXLIWSYVGISJEWXVMRKSJLMXQSZMIW[LSSTIVEXIYRHIVXLI

TVMRGMTPIWXLEXIZIV]SRIQYWXLEZIXLIJVIIHSQXSGSQQYRMGEXI[MXL

ER]SRIERHMXQYWXFIWEJIJSVIZIV]SRIXSSJJIVMHIEW

4VSKVIWWEQSRKXLIWIKSEPW[MPPPIEHXSWXVSRKIVSJJIVMRKWERHFVERHWERH

IJJIGXMZIW]RIVKMWXMGQEVOIXMRKWXVEXIKMIWERHTVSKVEQW8LIVIWYPXGERFIER

SVKERM^EXMSRXLEXVIXEMRWQYGLSJXLIHIGIRXVEPM^IHWXVYGXYVIXLEXLEWWIVZIH

XLIQ[IPPFYX[MXLWMPSYRMXWXLEX[SVOEWXIEQQIQFIVW

2SXIW

8LI´VQW[IVIWIPIGXIHXSVITVIWIRXEVERKISJMRHYWXVMIWERHLSQIGSYRXVMIW8LIWIXSJ

´VQWMRGPYHIH%HSFI%PPWXEXI&%,1MPPIVW&EVGPE]¬W&&:%7TEMR&IVRIWWI.ETER&4

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

' %0-*362-%1%2%+)1)286):-);

:30 23

*%00

'16 &)6/)0)=)(9

background image

92-:)67-8=3*' %0-*362-% &)6/)0)=

:30 23

*%00

'16 &)6/)0)=)(9

1EV OIXMRKMRE7MPS;SV PH

8LI2I['13'LEPPIRKI

'ERSR'EVPWSR'EXIVTMPPIV'(;'LIZVSR8I\EGS'PSVS\((&(IPP(IRXWY(SPF](S[

'SVRMRK(VI]IV¬W*MHIPMX]+)+-+2%+1+SSKPI,MXEGLM,7&'-&1-RXIP0SKMXIGL

1G(SREPH¬W11SRWERXS2IWXPI4+4VSTLIX7%&1MPPIV7IEKVEQ¬W7IMFIP7]VSXVE

'LMRE8S]SXE'LMRE9&7:-7%ERH=68SQ%KEMRTEVXMGMTEXIHMRWSQIIEVP]MRXIV

ZMI[WERHLEWGSRXVMFYXIHEW[IPP[MXLMRWMKLXWEFSYXXLIVSPISJXLI'13XIEQ

*SVERI\XIRHIHHMWGYWWMSRSJSZIVFVERHMRKERHEJVEQI[SVOXSHIEP[MXLMXWII(EZMH

%EOIV&VERH4SVXJSPMS7XVEXIK] 2I[=SVO2=8LI*VII4VIWWTT

*SVEZMZMHI\EQTPISJLS[EQSZIQIRXXS[EVHERMRXIKVEXIHW]WXIQWSJJIVMRKWEZIH-&1

HYVMRKXLIWWIIXLIEGGSYRXMR0SYMW:+IVWXRIV.V;LS7E]W)PITLERXW'ER¬X(ERGI#

2I[=SVO2=,EVTIV&YWMRIWWIWTIGMEPP]'LETXIV

*SVEFVSEHIVHMWGYWWMSRWII*VIHIVMGO);IFWXIV.V%PER.1EPXIVERH7LEROEV+ERIWER

©8LI(IGPMRIERH(MWTIVWMSRSJ1EVOIXMRK'SQTIXIRGIª7PSER1EREKIQIRX6IZMI[

7YQQIV

6SF]R1IVIHMXL©-X8EOIWE'VMWMWª*SVFIW%YKYWXTT

+VIK;IPGL©'138IRYVI7PS[MRK(S[RXLI6IZSPZMRK(SSVª7TIRWIV7XYEVX&PYI4ETIV

*SVETVSZSGEXMZITSMRXSJZMI[WII+EMP.1G+SZIVRERH.SLR%5YIPGL©8LI*EPPERH

6MWISJXLI'13ª7XVEXIK]&YWMRIWW;MRXIV

7IIJSVI\EQTPI.SR6/EX^IRFEGLERH(SYKPEW/7QMXL8LI;MWHSQSJ8IEQW 2I[=SVO

2='SPPMRW&YWMRIWW.6MGLEVH,EGOQER0IEHMRK 8IEQW7IXXMRKXLI7XEKIJSV+VIEX

4IVJSVQERGIW &SWXSR1%,EVZEVH&YWMRIWW7GLSSP4VIWW%VZMRH1EPLSXVE%RR

1ENGLV^EOERH&IRWSR6SWIR©0IEHMRK:MVXYEP8IEQWª%GEHIQ]SJ1EREKIQIRX4IVWTIGXMZIW

*IFVYEV]

%RI\EQTPI[SYPHFIXLEXHIWGVMFIHMR(EZMH%EOIV7XVEXIKMG1EVOIX1EREKIQIRXXLIHM

XMSR4EVX-2I[=SVO2=.SLR;MPI]'SQTER]

)H'EXQYPP©,S[4M\EV*SWXIVW'SPPIGXMZI'VIEXMZMX]ª,EVZEVH&YWMRIWW6IZMI[7IT

XIQFIV


Wyszukiwarka

Podobne podstrony:
marketing in a silo world the new cmo challenge
Spanish Influence in the New World and the Institutions it I
African Diaspora In the New World
Christianity in the New World
J Leigh Globalization Reflections of Babylon Intercultural Communication and Globalization in the
Oldest writing in the New World discovered
0415444535 Routledge The New Politics of Islam Pan Islamic Foreign Policy in a World of States Jul 2
Bauckham Jewish World around the New Testament
KasparovChess PDF Articles, Sergey Shipov The New World Champion U20
fitopatologia, Microarrays are one of the new emerging methods in plant virology currently being dev
KasparovChess PDF Articles, Sergey Shipov In the New Champion's First Public Appearance, a Resolute
H G Wells The New World Order (1940)
Język angielski, The richest man in the world, The richest man in the world
Keynesian?onomic Theory and its?monstration in the New D
Gun Control in the U S New Methods Are Needed
Faber Chocolate Hearts from the New World
THE NEW ZELAND GOVERNMENT HAS ANNOUNCED THAT VISITS TO THE DOLPHINS IN THE?Y OF ISLANDS?N ONL

więcej podobnych podstron