Strategic Management 3.0

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    X^tr`tombn I`d`moiodt >$$$

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    X^tr`tombn I`d`moiodt >$

    @fcut tko @utkcr

    Jr @ibt V`dmdoh`r! IF@ +I`rhotbdm" `dj \kJ +Fusbdoss

    ^tr`tomy" erci DIBI^! Iuif`b! k`s cvor 6 jon`jos ce

    prcmrossbvoay rospcdsbfao pk`ri` bdjustry oxporbodno

    wbtk Nodt`ur \k`ri`noutbn`as$ Bd 6`dj fusbdoss str`tomy! `t F)snkccas `dj ncrpcr`tos `nrcss Bdjb` `dj Ourcpo$ Ko k`s

    food ` e`nuaty `t macf`a ao`jorskbp prcmr`iios ce duiorcus Ecrtudo 0

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$

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    X^tr`tombn I`d`moiodt >$

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    X^tr`tombn I`d`moiodt >$)? yo`r porbcj jbstbdmubsk toipcr`ry# nynabn`a nk`dmos erci struntur`a nk`dmos Bdjustry `d`aysbs skcuaj dct jona`ro `d bdjustry `ttr`ntbvo# ud`ttr`ntbvo fut koap

    udjorst`dj tko udjorpbddbdms ce ncipotbtbcd `dj tko rcct n`usos ce prcebt`fbabty

    @d`ayso bdjustry strunturo qu`dtbt`tbvoay! tk`d qu`abt`tbvoay wbtk absts ce e`ntcrs Pu`dtbey ? ecrnos7 / `mo ce fuyor-s tct`a ncst `nncudtoj ecr fy bdjustry-s prcjunt

    +udjorst`dj fuyor prbno sodsbtbvbty"8 /`mo ce bdjustry s`aos roqubroj tc ebaa ` pa`dt

    # cpor`to acmbstbn`a dotwcrh ce oeebnbodt sn`ao +tc `ssoss f`rrbors tc odtry"8 fuyor-s

    swbtnkbdm ncst +jotoribdo bdjunoiodt `d odtr`dt cr rbv`a iust ceeor nustciors"$

    Joebdo bdjustry7 \rcjunts! oxnausbvo# bdjbront bdjustry! sncpo! ncipotbtbcd Bjodtbey % somiodt p`rtbnbp`dts) fuyors! suppabors! ncipotbtcrs! sufstbtutos %

    pctodtb`a odtr`dts

    @ssoss jrbvors ce o`nk ncipotbtbvo ecrno) jotoribdo strcdm % wo`h) ]ky Jotoribdo cvor`aa bdjustry strunturo % ncdsbstodny) prcebt`fbabty aovoas % ro`scds!

    ncdtrcaabdm e`ntcrs8 `ro icro prcebt`fao pa`yors fottor pcsbtbcdoj wrt ? ecrnos

    @d`ayso euturo nk`dmos +(#)" bd o`nk ecrno Bdjustry strunturo) bdeauodno ce ncip`dy! ncipotbtcrs cr dow odtr`dtsNciicd \bte`aas

    Joebdbdm bdjustry) tcc frc`jay cr tcc d`rrcway$ \`y oqu`a `ttodtbcd tc `aa ecrnos tk`d ecnusbdm cd tko icst bipcrt`dt cdos$ Ncdeusbdm oeeont +prbno sodsbtbvbty" wbtk n`uso +fuyor oncdcibns"$ _sbdm st`tbn `d`aysbs tk`t bmdcros bdjustry trodjs$ Ncdeusbdm nynabn`a cr tr`dsbodt nk`dmos wbtk truo struntur`a nk`dmos$ _so er`iowcrh ecr str`tombn nkcbnos tk`d jona`ro bdjustry ) `ttr`ntbvo#

    ud`ttr`ntbvo

    Bdjustry Odvbrcdiodt @d`aysbs# bdjustry ttr`ntbvodoss +\crtors ? Ecrnos icjoa"

    0" Zkro`t ce Dow Odtr`dts7 Odtry F`rrbors

    Oncdcibos ce sn`ao) I`rmbd`a oeebnbodny biprcvoiodts! ebri oxporbodnos `s btbdnroiodt`aay bdnro`sos bts sbzo$ @jv`dt`mos `dj jbs`jv`dt`mos ce a`rmo)sn`ao `dj

    si`aa)sn`ao odtry

    \rcjunt jbeeorodtb`tbcd) _dbquo prcjunts! Nustcior acy`aty! ncipotbtbvo prbnos N`pbt`a roqubroiodts) \kysbn`a e`nbabtbos! Bdvodtcrbos! I`rhotbdm `ntbvbtbos!

    @v`ba`fbabty ce n`pbt`a

    ^wbtnkbdm Ncsts)Cdo)tbio ncsts nustciors bdnur wkod fuybdm erci jbeeorodtsuppabor$ Ncsts ce dow oqubpiodt cr rotr`bdbdm oipacyoos

    @nnoss tc Jbstrbfutbcd Nk`ddoas) ^tcnhbdm cr skoae sp`no! prbno fro`hs!nccpor`tbvo `jvortbsbdm `aacw`dnos

    Ncst Jbs`jv`dt`mos) Bdjopodjodt ce ^n`ao) prcprbot`ry prcjunt tonkdcacmy!e`vcr`fao `nnoss tc r`w i`torb`as! josbr`fao acn`tbcds

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$" F`rm`bdbdm \cwor ce Fuyors

    Fuyor pcwor bdnro`so wkod7 Fuyors a`rmo `dj eow bd duifor! purnk`so a`rmo pcrtbcd ce bdjustrys cutput Fuyors purnk`sos `ro ` sbmdbebn`dt pcrtbcd ce ` suppabors `ddu`a rovoduos Fuyors n`d swbtnk tc `dctkor prcjunt wbtkcut bdnurrbdm kbmk swbtnkbdm ncsts Fuyors pcso tkro`t tc bdtomr`to f`nhw`rj bdtc tko soaaors bdjustry

    :" Zkro`t ce ^ufstbtuto \rcjunts

    Zko tkro`t ce sufstbtuto prcjunts bdnro`sos wkod7 Fuyors e`no eow swbtnkbdm ncsts! sufstbtuto prcjunts prbno bs acwor ^ufstbtuto prcjunts qu`abty `dj porecri`dno 94 oxbstbdm prcjunt Jbeeorodtb`toj bdjustry prcjunts! v`auoj fy nustciors! rojuno tkbs tkro`t

    ?" Bdtodsbty ce Vbv`ary `icdm Ncipotbtcrs

    Bdjustry rbv`ary bdnro`sos wkod7 Duiorcus cr oqu`aay f`a`dnoj ncipotbtcrs Bdjustry mrcwtk sacws cr jonabdos Kbmk ebxoj ncsts cr kbmk stcr`mo ncsts A`nh ce jbeeorodtb`tbcd cppcrtudbtbos cr acw swbtnkbdm ncsts Kbmk str`tombn st`hos! Kbmk oxbt f`rrbors provodt ncipotbtcrs bdjustry oxbt

    _d`ttr`ntbvo bdjustry

    +Acw prcebt pctodtb`a"

    @ttr`ntbvo bdjustry

    +Kbmk prcebt pctodtb`a"

    Acw odtry f`rrbors

    ^uppabors `dj fuyors) strcdm pcsbtbcds

    ^trcdm tkro`ts erci sufstbtuto prcjunts

    Bdtodso rbv`ary `icdm ncipotbtcrs

    Kbmk odtry f`rrbors

    ^uppabors `dj fuyors) wo`h pcsbtbcds

    Eow tkro`ts erci sufstbtuto prcjunts

    Icjor`to rbv`ary `icdm ncipotbtcrs

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$ Bdtord`a odvbrcdiodt

    Cutncios ce bdtord`a dj oxtord`a odvbrcdiodt`a d`aysos

    Bdtord`a) Ebris jotoribdo wk`t tkoy n`d jc) udbquo roscurnos! n`p`fbabtbos %

    ncipotodnbos +sust`bd`fao ncipotbtbvo jv`dt`mo"

    Oxtord`a) Ebris jotoribdo wk`t tkoy i`y nkccso tc jc

    Bdtord`a Odvbrcdiodt`a @d`aysbs

    Bdvcavos `d`ayzbdm `dj ov`au`tbdm bdtord`a st`hokcajors +i`d`mors! oipacyoos!cwdors `dj tko FCJ" % `d crm`dbz`tbcds roscurnos `dj n`p`fbabtbos

    Koaps jotoribdo strodmtks % cppcrtudbtbos ecr ncipotbtbvo `jv`dt`mo `djwo`hdossos % crm`dbz`tbcd`a vuador`fbabtbos tc fo ncrrontoj

    Nro`tbdm U`auo

    Fy oxpacbtbdm ncro ncipotodnbos cr ncipotbtbvo `jv`dt`mos! ebris nro`to v`auo

    U`auo bs io`suroj fy ` prcjunts porecri`dno nk`r`ntorbstbns `dj bts `ttrbfutos ecrwkbnk nustciors `ro wbaabdm tc p`y

    Ebris nro`to v`auo fy bddcv`tbvoay fudjabdm % aovor`mbdm roscurnos % n`p`fbabtbosNcipcdodts ce bdtord`a d`aysbs

    Ncdjbtbcds eeontbdm jonbsbcds wrt roscurnos! n`p`fbabtbos % ncro ncipotodnbos

    _dnort`bdty) rom`rjbdm nk`r`ntorbstbns ce tko modor`a `dj tko bdjustryodvbrcdiodts! ncipotbtcrs `ntbcds! `dj nustciors proeorodnos

    Ncipaoxbty) bdtorroa`toj n`usos sk`pbdm ebris odvbrcdiodt `dj bts pornoptbcd Bdtr`crm`dbs`tbcd a ncdeabnts) `icdm jonbsbcd i`hors `dj tkcso `eeontoj fy tkoiVoscurnos

    Bdputs bdtc ` ebris prcjuntbcd prcnoss) N`pbt`a oqubpiodt! oipacyoo shbaas!p`todts! ebd`dnos! t`aodt!fr`djs! ebd`dnb`a roscurnos! dj t`aodtoj i`d`mors

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    X^tr`tombn I`d`moiodt >$

    Crm`dbz`tbcd bs i`jo up ce roscurnos7 ebd`dnb`a! pkysbn`a! kui`d! modor`acrm`dbz`tbcd`a +strunturo! systois! nuaturo! roput`tbcd! st`hokcajor roa`tbcdskbps

    ^curno ce ` ebris n`p`fbabtbos % `ssots) pocpao % v`auo ce bts fr`dj d`io Frc`j bd sncpo) spontrui ce bdjbvbju`a! scnb`a % crm`dbz`tbcd`a pkodciod` Z`dmbfao ) ^ood % qu`dtbeboj) ebd`dnb`a! pkysbn`a! prcjuntbcd roscurnos Bdt`dmbfao ) Joop rccts bd ebris kbstcry) trust! bddcv`tbcd! hdcwaojmo! roput`tbcd Oeeontbvo jovoacpiodt cr `nqubsbtbcd ce crm`dbz`tbcd`a roscurnos i`y fo tko icst

    bipcrt`dt ro`scd tk`t scio crm`dbz`tbcds `ro icro sunnosseua tk`d ctkors

    N`p`fbabtbos

    N`p`nbty ce ` sot ce roscurnos tc porecri! bd `d bdtomr`tbvo i`ddor$ N`p`fbabtyskcuaj dctfo kbmkay bibt`fao fut skcuaj fo i`d`mo`fao % ncdtrcaa`fao

    Ebris n`p`nbty tc jopacy roscurnos! bdtomr`toj tc `nkbovo ` josbroj odj st`to Oiormo cvor tbio fy ncipaox bdtor`ntbcds `icdm t`dmbfao % bdt`dmbfao roscurnos Fy jovoacpbdm! n`rrybdm! oxnk`dmbdm bdecri`tbcd % hdcwaojmo tkrcumk ebris KV Ecudj`tbcd bd udbquo shbaas! hdcwaojmo ce ebris oipacyoos! eudntbcd`a oxportbso

    Hoy Nrbtorb` ce Voscurnos dj N`p`fbabtbos

    Ncro Ncipotodnbos

    ]kod : hoy nrbtorb` ce V%N `ro iot! tkoy foncio ncro ncipotodnbos! `dj sorvo `s `

    scurno ce ncipotbtbvo `jv`dt`mo$ I`d`morb`a ncipotodnbos `ro osponb`aay bipcrt`dt

    Voscurnos % n`p`fbabtbos tk`t sorvo `s ` scurno ce ` ebris ncipotbtbvo `jv`dt`mo7

    Eudntbcd N`p`fbabty Ebri

    Jbstrbfutbcd Oeeontbvo acmbstbns BZN! K_A

    KV Zr`bdbdm # Vot`bdbdm Ouroh` Ecrfos # @U Fbra`

    IB^ Oeeontbvo % oeebnbodt bdvodtcry ncdtrca Fbm F`z``r

    I`rhotbdm Fr`djbdm#\rcictbcd#Nustcior sorvbno \`r`s# Kutnk# I`rutb

    V%J Bddcv`tbcd#Zonkdcacmy#^cpkbstbn`tbcd @ppao # Mbaaotto # Fcso

    I`d`moiodt Jbvorso bdjustrbos Z`t` # Voab`dno# UbjocncdI`due`nturbdm Ucauios # Oncdcibos Nkbdoso # Dchb`

    N`p`fbabtbos @jv`dt`mo

    U`au`fao Koap ` ebri doutr`abzo tkro`ts cr oxpacbt cppcrtudbtbos

    V`ro Dct pcssossoj fy i`dy ctkors

    Ncstay

    tc bibt`to

    Kbstcrbn`a7 _dbquo % v`au`fao crm`dbz`tbcd`a nuaturo# fr`dj

    @ifbmucus n`uso7 N`usos ce ncipotodno udnao`r

    ^cnb`a ncipaoxbty7 Bdtorporscd`a roa`tbcdskbps! trust! erbodjskbpDcdsufstbtut`fao Dc str`tombn oqubv`aodt

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    X^tr`tombn I`d`moiodt >$

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    X^tr`tombn I`d`moiodt >$

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    X^tr`tombn I`d`moiodt >$ Oxtord`a Ionk`dbsisIormors +r`ro" 6 odtbtbos ncifbdo tc 0! pcca

    bdtorosts

    @str`)Wodon`! Nbf`( ^`djcz9

    Dcv`rtbs

    @nqubsbtbcds 0 ebri `nqubros `dctkor) kcstbao#

    erbodjay! bdst`dt sn`ao) nustciors!

    r`dh! n`p`nbty! macf`a ro`nk

    @brtoa)W`bd! Hbdmebskor)

    Jonn`d!

    Z`t` Ncrus! Ucj`ecdo) Kutnk

    ^tr`tombn @nqubsbtbcds ^ncpo) prcjunt! i`rhots!

    somiodts! mocmr`pkbos

    Z`t`) GAV#J`owcc!

    I%I) ^s`dmycdm! Vov`! Hbdotbn

    @ppao)^brb8 I^)^hypo

    Mccmao)Ictcrca`!Crhut! R)Zufo

    U]) A`ifcrmkbdb! Jun`tb

    ^tr`tombn @aab`dnos 6#icro ebris `aay tc `nkbovoiutu`aay fodoebnb`a % str`tombn`aay

    sbmdbebn`dt cfgontbvo#os

    Z`t`)Eb`t! InJcd`ajs)Ncho!^t`r 0 @aab`dno ce macf`a

    `brabdos! Nc fr`djoj nrojbt

    n`rjs! VBA)F\

    F t`fbabty tr`tombos

    0 \`uso# n`utbcusay prcnooj Fbsaorb! Mk`rb

    6 Dc nk`dmo Dbri`

    > \rcebt str`tombos \`rao \rcjunts

    N Votrodnkiodt ^tr`tombos

    0 Zurd`rcudj NM! @ppao

    6 N`ptbvo Ncip`dy F`aa`rpur p`por

    > ^oaabdm cut V`df`xy#D\BA: F`dhruptny Aoki`d Frcs

    ? Abqubj`tbcd I`jk`vpur` f`dh

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$ P:

    ^acw I`rhot Mrcwtk

    I`rhot Odtry Jotorrodno tr`tombos +Hoaacmm"

    Odtry f`rrbor Oeeontbvo wkod Nciiodt Ox`ipao

    ^udh ncsts Bdnuifodt k`s bdnurroj

    `dj odtr`dt k`s dct

    _^EJ@! V%J!

    \a`dt! Jbstrbfutbcd!

    @jvortbsbdm

    \rcjuntbcd

    f`rrbors

    Oncdcibos ce

    sn`ao!sncpo

    @nnoss tc nrbtbn`a bdputs!

    suporbcr acn`tbcd!

    prcnoss! sufsbjbos!p`todts!

    Jcibd`dt pcsbtbcd

    \`todt joeodso

    ncsts

    F`jjb

    Modorbns

    Voput`tbcd Acdm st`djbdm

    roa`tbcdskbps wbtk

    suppabors `dj nustciors

    Pu`abty! roab`fbabty!

    sorvbno! jbeebnuat tc

    ost`fabsk

    \%M! \`rao

    ^wbtnkbdm

    ncsts

    Eow suppay sbjo odtry

    f`rrbors

    Jbeeorodtb`tbcd!

    provodt bibt`tbcd

    Icfbao ID\!

    @ppao oncsystoi

    Zbo up `nnoss Eow nk`ddoas! k`rj tc

    ropabn`to

    Kbmk sk`roj

    nk`ddoa i`rmbds

    Abibt prbnbdm Odtr`dts dct suro ce

    joi`dj # ncsts

    \ori`dodtay acw

    prcebt i`rmbd

    @iua

    \roj`tcry

    prbnbdm

    Zcumk roput`tbcd!

    ncipoto bd iuatbpao

    i`rhots

    Joop pcnhots! `dtb

    trust snrutbdy

    Fbm Vot`ba

    Kcaj oxnoss

    n`p`nbty

    Acw i`rmbd`a ncsts!

    eaccj i`rhot! n`uso

    prbno jbps

    ^udh ncsts ^`isudm ! Ecxncdd

    ZU

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    X^tr`tombn I`d`moiodt >$

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    X^tr`tombn I`d`moiodt >$

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    ]ky Iormors Jcdt ]crh ]ky Iormors ]crh

    A`rmo cr oxtr`crjbd`ry joft Cvorncdebjodt#bdncipotodt

    i`d`moiodt

    Otkbn`a ncdnords Nk`dmos bd tcp i`d`moiodt to`i

    `dj#cr crm`dbz`tbcd`a

    Bd`joqu`to `d`aysbs +juo jbabmodno" Jbvorsbebn`tbcd `w`y erci ebris ncro

    ^trcdm roa`tojdoss Erbodjay domctb`tbcds Acw)tc)icjor`to joft Ncdtbduoj ecnus cd ncro strodmtks N`roeua soaontbcd! domctb`tbcds wbtk

    t`rmot ebri

    ^trcdm n`sk cr joft pcsbtbcd ^biba`r ebri nuaturos % i`d`moiodt

    styaos

    ^k`rbdm roscurnos `nrcss ncip`dbosZ`hocvor joeodso str`tombos

    NrcwdGowoas

    @ joeodso `m`bdst ` t`hocvor bd wkbnk ` ncip`dy soaas bts icst pronbcus `ssotstc ` erbodjay fuyor$ Zko subtcr tkod jbs`ppo`rs sbdno tko t`rmot ce bts pursubt

    k`s mcdo oasowkoro `dj tko ncip`dy rofuys bts `ssots erci bts erbodj$

    \`n)i`d

    joeodso

    @ t`hocvor! bd wkbnk tko t`rmot fbtos f`nh! `dj i`hos `d ceeor tc t`ho cvor tko

    sk`ros ce tko subtcr$ Zko d`io bs jorbvoj erci ` cdno pcpua`r vbjoc m`io

    \cbscd

    \baa

    @ r`dmo ce jovbnos josbmdoj tc i`ho ` t`hocvor udp`a`t`fao tc tko sw`aacwor

    +`nqubror"$ Om `nncip`dy ibmkt fcrrcw ` a`rmo sui ce icdoy bd crjor tc

    jbstrbfuto bt biiojb`toay `s jbvbjodjs tc tko ncip`dys sk`rokcajors8 cr bt

    ibmkt i`ho `d bssuo ce proeorroj stcnh tk`t mbvos sk`rokcajors tko rbmkt tc

    rojooi bt `t ` koety proibui etor ` t hocvor

    ^ncrnkojO`rtk

    joeodso

    @ joeodso `m`bdst ` t`hocvor tk`t bdvcavos jostrcybdm +cr soaabdm" a`rmo p`rts cetko fusbdoss! cr `tao`st odsurbdm tk`t tkoy wbaa fo jostrcyoj skcuaj tko

    ncip`dy tk`t cwds tkoi fo t`hod cvor$ Bt bs ` sciowk`t jr`stbn joeodso tk`t

    `asc bdvcavos `d `whw`rj brcdy8 wk`t skcuaj ycu jc be bt sunnoojs! `dj tko

    subtcr bs jotorroj3 Kcw jc ycu i`ho mr`ss mrcw `m`bd cd tko sncrnkoj o`rtk3

    ^k`rh

    Vopoaa`dt

    @ sioaa put cut fy ` ncip`dy tc jotor pctodtb`a subtcrs$ Om @ ao`hoj

    `ddcudnoiodt `fcut ` sonrot ncdtr`nt tc p`y ibaabcds tc oxbstbdm i`d`mors

    skcuaj tko ncip`dy fo t`hod cvor$

    ]kbto

    Hdbmkt

    @ ebri tk`t ncios tc tko rosnuo ce ` ncip`dy tk`t bs bd tko tkrcos ce `d

    udwoancio t`hocvor$

    J`wdV`bj

    @d o`ray icrdbdm purnk`so cd tko stcnh i`rhot! ce ` a`rmo facnh ce `ncip`dys sk`ros! fy `d bdvostcr wkc k`s `d oyo cd t`hbdm cvor tko ncip`dy$

    @bioj `t pro)oiptbdm `dy ctkor pctodtb`a r`bjor erci m`bdbdm ` sbiba`r

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$$6

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    ^uppabors

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    tc7 @j`pt qubnhay tc odvbrcdiodt`a nk`dmos Ao`rd dow shbaas `dj tonkdcacmbos icro qubnhay Oeeontbvoay aovor`mo bts ncro ncipotodnbos wkbao ncipotbdm `m`bdst bts rbv`as

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    A`rmo ebris i`y cvoracch si`aa dbnkos @ ebri i`y a`nh tko roscurnos doojoj tc ncipoto bd tko frc`jor i`rhot Ebri n`d sorvo ` d`rrcw i`rhot somiodt icro oeeontbvoay tk`d a`rmor

    ncipotbtcrs

    Ebri n`d jbront roscurnos tc v`auo nk`bd `ntbvbtbos tc fubaj ncipotbtbvo`jv`dt`mo

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    X^tr`tombn I`d`moiodt >$>

    5 ^tr`tomy Er`iowcrhs

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    ? MO I`trbx# Fusbdoss ^nrood @d`ayso nurrodt pcrtecabc! jotoribdo fusbdossostc bdvost#prctont#k`rvost#jbvost#

    5 Inhbdsoy =^ icjoa ^unnosseua str`tomy bipaoiodt`tbcd

    0 Modorbn Fusbdoss ^tr`tombos) \crtor

    > scurnos ce ncipotbtbvo `jv`dt`mo)Ncst ao`jorskbp! Jbeeorodtb`tbcd! EcnusNcipotbtbvo @jv`dt`mo) @ sust`bd`fao ncipotbtbvo `jv`dt`mo m`bdoj fy ceeorbdm

    nustciors mro`tor v`auo `dj fodoebts tkrcumk fottor \PV^Z_U % pocpao

    Ncst Ao`jorskbp

    Ncst ao`jor acw prbno) ncipotbtbvo`jv`dt`mo acwost ncst! dc erbaas) @iua

    Acw ncst dct `aw`ys acw prbno) Zcyct`)kbmk qu`abty! acwor ncsts! fottor i`rmbds

    Jbeeorodtb`tbcd Bdtodso Ncipotbtbcd! fr`dj nauttor ) 6? bd 6

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

    X^tr`tombn I`d`moiodt >$:

    6 ponbebn Fusbdoss tr`tombos +Hoaacmm"

    ^tr`tombos tc m`bd ncipotbtbvo `jv`dt`mo

    Oxornbso7 Bjodtbey sponbebn str`tombos ce ^F_ bd ` ncdmacior`to # fr`djs bd ` pcrtecabc

    > @dscees prcjunt)i`rhot mrcwtk i`trbx+KB @dscee 02?="

    Ceeors prcjunt)i`rhot mrcwtk str`tombos tk`t sot tko jbrontbcd ecr fusbdoss str`tomy

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    I`rhot podotr`tbcd \rcjunt jovoacpiodt

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    Bdnro`so I^

    Dcd)usors tc usors

    \rcjunt icjbebn`tbcd! doweo`turos

    Jbeeorodt qu`abty aovoas

    Dow prcjunts I`rutb) Vur`a Bdjb`

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    Zbt`d) ^cd`t` @ppao) b\cj#b\kcdo v`rb`dts

    I`rutb) Vbtz! ^wbet Zbt`d)Ojmo! @utci`tbn @ppao) b\`j

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    Dow

    i`rhot

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    wobmk rbsh#row`rjs

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    Jcwdsbzo @vcd! ^`r` Aoo! Z`t`s 022

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    X^tr`tombn I`d`moiodt >$?

    bdncio! bdvost

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    \crtecabc f`a`dno nrbtbn`a! rojuno jcms! ibah n`sk ncws fubaj st`rs Abibt`tbcds) \rcebt`fbabty! trodjs! odvbrcdiodt! ^F_ sodsbtbvbtbos dct ncdsbjoroj? MO i`trbx cr Mrcwtk ^k`ro I`trbx cr Fusbdoss ^nrood

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    Nbrnao bs ^F_! Nbrnao sbzo9 bdjustry#i`rhot sbzo! pbo sbzo 9 ^F_ I^

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    \AN! tonkdcacmy! pcabny! bdncrpcr`to bd aodmtk %

    jbrontbcd ce `rrcws

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    +Voscurnos! ncipotodnbos! fr`djs! I^! nustcior acy`aty! ncst strunturos!jbstrbfutbcd! `nnoss tc ebd`dnos! r`w i`torb`a! tonkdcacmy! bddcv`tbcd"

    I`rhot

    `ttr`ntbvodoss+I`rhot sbzo! mrcwtk!

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    roturds! jbeeorodtb`tbcd!

    somiodts! nk`ddoas"

    Kbmk Iojbui Acw

    ^trcdm Bdvost Bdvost \rctont

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    Bipaoiodt`tbcd ce pcrtecabc d`aysbs

    Bjodtbey jrbvors bipcrt`dt tc cvor`aa str`tomy! `ssbmd roa`tbvo bipcrt`dno wobmkts ^ncro ^F_-s o`nk jrbvor! Iuatbpay wobmkts tbios sncros ecr o`nk ^F_! Bdtorprotrosuats

    I`rhot @ttr`ntbvodoss7 sbzo! mrcwtk! prcebts! pctodtb`a! jbeeorodtb`tbcd rbv`ary

    Fusbdoss trodmtk7 @ssots! ncipotodno! fr`djs! I^! mrcwtk! acy`aty! i`rmbd!

    tonkdcacmy # bddcv`tbcd! jbstrbfutbcd! n`p`nbty! ebd`dnb`a roscurnos! ncst strunturo

    MO I`trbx v FNM) >'> mrbj! `aacws icro scpkbstbn`tbcd! frc`jor Abibt`tbcds) Ncro ncipotodnbos dct roprosodtoj! ^F_ Bdtor`ntbcds dct ncdsbjorojOxornbso) Ecr ` jbvorsbeboj ncdmacior`to! cutabdo ^F_ str`tombos fy pacttbdm MO i`trbx

    trcdm Iojbui ]o`h

    Kbmk

    Iojbui

    Acw

    0

    6

    >

    :

    06>:Fusbdoss trodmtk

    I`rhot@ttr`ntbvodoss

    Bdvost#Mrcw oaon tbvbty#O rdbdms K`rvost#Jbvost

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

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    5 Inhbdsoy =)^ Er`iowcrh) str`tomy sunnosseuaay bipaoiodtoj be `aa = oaoiodts

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    mc`as$ Odvbrcdiodt! ncipotbtbcd! nustciors

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    X^tr`tombn I`d`moiodt >$=

    = Ncipotbtbvo Jyd`ibns

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    ncdsoquodnos ce tkobr uso

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    www$jr`ibtr`dmdoh`r$nci `ibtr`dmdoh`rLmi`ba$nci

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    nciibtiodt ce crm`dbz`tbcd`a roscurnos `dj bs jbeebnuat tc bipaoiodt `dj rovorso

    Z`ntbn`a `ntbcd cr rospcdso) @ i`rhot)f`soj icvo t`hod tc ebdo)tudo ` str`tomy$

    _su`aay bdvcavos eowor roscurnos `dj bs roa`tbvoay o`sy tc bipaoiodt `dj rovorso

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    Ebrst

    icvor

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    `jvortbsbdm! V%J$ N`d m`bd acy`aty ce nustciorsnciibttoj tc tko ebris mccjs cr sorvbnos$ Jbeebnuat ecr

    ncipotbtcrs tc t`ho i`rhot sk`ro

    @ppao!

    Bdtoa

    ^oncdj

    icvor

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    ^`isudm

    A`to

    icvor

    Vospcdjs tc ncipotbtbvo `ntbcd `etor ncdsbjor`fao tbio

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    Dchb`!

    ^cdy

    ^i`aa

    ebris

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    KZN

    A`rmo

    ebris

    Abhoay tc bdbtb`to icro ncipotbtbvo `dj str`tombn `ntbcds

    cvor ` porbcj

    Joaa! K\

    Pu`abtyoxbsts wkod ebris mccjs cr sorvbnos ioot cr oxnooj nustciors oxpont`tbcds

    \rcjunt Pu`abty Jbiodsbcds

    \orecri`dnoCpor`tbdm nk`r`ntorbstbns Eo`turosBipcrt`dt sponb`a nk`r`ntorbstbns EaoxbfbabtyIootbdm cpor`tbdm sponbebn`tbcds cvor scio porbcj ce tbio Jur`fbabty@icudt ce uso foecro porecri`dno jotorbcr`tos Ncdecri`dnoI`tnk wbtk proost`fabskoj st`dj`rjs ^orvbno`fbabtyO`so `dj spooj ce rop`br

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    X^tr`tombn I`d`moiodt >$