UNIVERSIDAD UNIVERSIDA D POLITÉCNICA POL ITÉCNICA ESTATAL ESTATAL DEL CARCHI
FACULTAD DE COMERCIO INTERNACIONAL, INTEGRACIÓN, ADMINISTRACIÓN Y ECONOMÍA
ESCUELA DE ADMINISTRACIÓN DE EMPRESAS Y MARKETING
MÓDULO DE OPTATIV OPTATIVA A GERENCIA ESTRATÉGICA
TEMA: ESTRATEGIAS ESTRATEGIAS DE MOVISTAR MOV ISTAR INTEGRANTES: CEBALLOS CRISTIAN CRIOLLO DANIELA ENRIQUEZ WILSON GUERRERO YARISAMAR PISTALA YULI VILLARREAL IDALIA
DOCENTE: MSC. MARCELO PRADO SEPTIEMBRE 2015 - FEBRERO 2016
1. Obje!"#
In!"#$%&' &(!'(& )! *&" !"#'!%$&" +,! ,#$*$& *& !/'!"& M$"#&' /&'& ", (n($$!n# !"#,)$ &n3*$"$".
$. De%&''#((# TELEFÓNICA MOVISTAR M!%!)* B'$n)&' & #'&4" )! n,!"#'" /'),(#" "!'$($" !n !* "!(#' )! *&" #!*!(,n$(&($n!" *& /#$& "$"&(($n & n,!"#'" )$"#'$7,$)'!" (*$!n#!" & #'&4" )! *& #!(n*%8& 9G. S,"#!n#&)" /' ,n& !/'!"& !(n$(&!n#! /'"/!'& (/'!#$)& (n !* )!"&''** )! ", /!'"n&* &*#&!n#! (&*$$(&) )! *& "($!)&) )n)! "! ,7$(&
V!%!)* P&'& !* 201: "$#,&'n" ( &*#" *8)!'!" !n !* !'(&) )! #!*!(,n$(&($n!" & #'&4" )! n,!"#' /'),(# "!'$($ (&*$)&) ! $nn&($n. T!n$!n) ( !#& *& "$"&(($n )! n,!"#'" (*$!n#!". S$!/'! %,$&)" /' ,n& &(#$#,) 4#$(& ;n!"#&. N,!"#' /!'"n&* !" (&*$$(&) ;& "$) $n(,*(&) (n *& )$'!(#'$ )! /'!"#&' "!'$($" )! &*#& (&*$)&).
L& e+'e%& M$"#&' !" *& &'(& (!'($&* (n *& +,! /!'& *& ,*#$n&($n&* !"/&<*& )! #!*!(,n$(&($n!" &(($n!" !n E"/&<& ! =$"/&n&4'$(&. En *& &(#,&*$)&) '!(! "!'$($" )! T!*!$"$n S!*$#&* In#!'n!# ADSL T!*!n8& F$>& T!*!n8& M$*.
ESTRATEGIA DE MARKETING Desarrollo de una ventaja competitiva sostenible
-
&%e% /e 0#+ee*0!&
L& /'$n($/&* 7&"! /&'& (/!#$' "! !n(,!n#'& !n *& &*#& )$!'"$$(&($n /' %!%'&8&" n!%($" (n /'!"!n($& )$'!(#& !n 3" )! 2? /&8"!" )! E,'/& @'$(& L$n&4'$(&. M$"#&' #$!n! $/'#&n#!" /&'#$($/&($n!" !n #'&" /!'&)'&" 10 !n T!*!( I#&*$& 22 !n C;$n& N!#( !n =n% n% PCCW 10 !n P'#,%&* T!*!( !#(. E* 2
G',/ (,/& *& (,&'#& /"$($n ,n)$&* )!* "!(#' )! *&" #!*!(,n$(&($n!" /' (&/$#&*$&($n 7,'"3#$* *& "!%,n)& !,'/!&. En !* &< 200 ,! *& /!'&)'& +,! 3" 7!n!$($" #, )!* ,n) (n .0:6 $**n!" )! !,'" .
-
D)*/e &2 34e 0#+e!'
M$"#&' '!(! "!'$($" $n#!%'&)" )! (,n$(&($n $* $>& $n'&($n !n#'!#!n$$!n# (,7'$!n) #)&" *&" n!(!"$)&)!" )! #&n# *" ;%&'!" ( *&" !/'!"&". En E"/&<& !* G',/ #$!n! 3" )! 0 &<" )! !/!'$!n($& )n)! (!n !n n/*$. En L$n&4'$(& M$"#&' )& "!'$($ !n B'&"$* A'%!n#$n& C;$*! P!' C*7$& E(,&)' E* S&*&)' G,!&*& M4$( N$(&'&%,& P&n&3 P,!'# R$( U',%,& V!n!,!*&. T&7$4n /!'& !n A*!&n$& In%*!''& I'*&n)& R!/7*$(& C;!(& E"*&+,$& M&'',!(" !#(. E* n!' ##&* )! (*$!n#!" )! T!*!n$(& !" )! 3" )! 226 $**n!" "$!n) !* *8)!' !n *" !'(&)" )! ;&7*& ;$"/&n-/'#,%,!"&.
-
C#*'& 34!5* &2 34e 0#+e!'
M$"#&' (/$#! (n )$!'"&" /!'&)'&" )!/!n)$!n) )!* #$/ )! n!%($ /&8" !n (n('!#. En E"/&<& ", /'$n($/&* !'(&) *" /'$n($/&*!" (/!#$)'!" "n ONO H!* /!'&)' )! (&7*! (n 3" !#!n"$n %!%'3$(& J&#!* H/!'&)' $> V)&n! H!* &' /!'&)' $* )!* ,n) O'&n%! E"/&<& H/!'&)' $n#!%'&) $> $* )! F'&n(! T!*!( Y$% H/!'&)' $* )! #!'(!'& %!n!'&($n. En L$n&4'$(& !* /'$n($/&* (/!#$)' !" A4'$(& M$* +,! /"!! $*$&*!" !n (&"$ #)" *" !'(&)" )n)! /!'& M$"#&' !" !"/!($&*!n#! ,!'#! !n M4$(. En E,'/& !n !* !'(&) $* (/$#! /'$n($/&*!n#! (n V)&n!. En !* !'(&) $> "n O'&n%! BT D!,#"(;! T!*!( &n#$%," !n/*$" )! F'&n($& U A*!&n$& "," /'$n($/&*!" (/!#$)'!". En !* &< 200 T!*!n$(& "! (n$'#$ !n *& #!'(!'& /!'&)'& )!* ,n) /' (&/$#&*$&($n 7,'"3#$* H#'&" C;$n& M7$*! ATKT *& /'$!'& )! E,'/& (n ,n& (&/$#&*$&($n )! ?.6?? $**n!" )! !,'" '!n#! & *" 0.: $**n!" )! !,'" )! V)&n!.
-
F#'+&% /e 0#+e!'
M$"#&' !"#&7*!(! ", !n#&>& (/!#$#$& !)$&n#! *& )$!'!n($&($n '!($!n) *& !'#& 3" !#!n"& $nn&)'& /!'"n&*$&)& ! $n#!%'&)& )! "!'$($" )! #!*!(,n$(&($n!". M$"#&' !" ,n& !/'!"& '$!n#&)& &* (*$!n#! +,! #'& )! !n(&' "," '!(,'"" !n (,' /'$'$)&)!" (n!'#$' & "," (*$!n#!" !n &n" $/,*"&' ,n& 3
(/&<8& 3" $nn&)'& )!"&''**&' ,n )!* /!'$ $n#!%'&) (n#&' (n /'!"$n&*!" (/'!#$)" #$&)". M$"#&' +,$!'! )$!'!n($&'"! )! "," (/!#$)'!" & #'&4" )! ,n& !/!'$!n($& )! (*$!n#! ",/!'$' !"#&n) (n!n($)& )! +,! (n"!%,$' *& $)!*$)&) )! "," (*$!n#!" & & &,!n#&' ", (/!#$#$$)&) ( (/&<8&. M$"#&' (n"$)!'& *& "$"&(($n )!* (*$!n#! ( *& (*&! /&'& !* ('!($$!n# )!)$(& "," !",!'" & *%'&' ,n& !n($n 3" !$($!n#! )! *&" n!(!"$)&)!" )!* (*$!n#! & &n#$($/&'"! & "," n!(!"$)&)!" !)$&n#! /'),(#" "!'$($" $nn&)'!" & "'/'!n)!'*! (n ,n& )$"#'$7,($n "!%!n#&)& & #'&4" )! "," /#!n#!" (&n&*!" )! !n#&. M$"#&' ;& #'&n"'&) ", $"$n ( (/&<8& $n#!n#&n) !>'&' *& $)& )! *&" /!'"n&" & #'&4" )! "," #!(n*%8&" %,$3n)"! /' ,n (/*!# !n#!n)$$!n# )!* (*$!n#! n /' $)!&" /'!(n(!7$)&". P&'& !** M$"#&' $)! '!%,*&'!n#! *& /!'(!/($n /7*$(& &(!'(& )! *& !!(#$$)&) )! ", (,n$(&($n ", &'(& *" n$!*!" !n($n )! "," #$!n)&" (&n&*!" n*$n! (!n#'" )! !n($n &* (*$!n#!. A)$($n&*!n#! !"#&7*!(! 7>!#$" )! (&*$)&) )! "!'$($ ,n($n&$!n# )! '!) "$"&(($n )! (*$!n#!. M$"#&' #&7$4n 7,"(& ,n& &' "$/*$($)&) !n *&" #&'$&" *" "!'$($" *&" /'/,!"#&" (!'($&*!" /!'$#$!n) ;&(!' *& $)& 3" "!n($**& & "," (*$!n#!". M$"#&' !" ,n )! *" /'$n($/&*!" /'#'!" )!* )!"&''** )!* "!(#' )! *&" T!*!(,n$(&($n!" !n *& "($!)&) &/'!(;&n) "," ;&7$*$)&)!" (n($$!n#" /&'& ;&(!'* &((!"$7*! & #) !* ,n) (n"$%,$!n) ,n "($!)&) 3" $n(*,"$& &",$!n) !* (/'$" )! '!"/!# &* !)$ &7$!n#! ( /&'#! !"!n($&* )! ", '!"/n"&7$*$)&) ('/'$&.
Orientación al mercado
P(&*e% #'!e*&/#% &( +e'0&/# L& !"#'!%$& (n"$"#! !n ('!&' ,n G',/ )#&) )! ,n& $"$n '$!n#&)& &* (*$!n#! ,n$'! (;!'!n#!. T!n$!n) !n (,!n#& +,! &(#,&*!n#! !* (*$!n#! !" ,n (*$!n#! ,*#$"!'$($ M$"#&' !" (n"($!n#! )! *& n!(!"$)&) )! /"$($n&'"! (n ,n& $"$n
4
$n#!%'&* ,n$'! +,! (/'!n)& *& !'#& (!'($&* )! ,n& "!'$! )! "*,($n!" )!&n)&)&" /' !* (*$!n#! /'/,!"#&" /' *& !/'!"&.
E%'&e6!&% '#&0!"&% M$"#&' "$!/'! ;& )!"#'&) ,n& &(#$#,) /'&(#$& $n*,!n) !n *" &(n#!($$!n#" & !)$)& +,! "! )!"&''**&n. P' !>!/* & /!"&' )! ", *$)!'&% $n)$"(,#$7*! !n !* !'(&) !"/&<* )! $n(!'#$),7'!" '!%,*'$&" M$"#&' n !"#3 ),)&n) !n $' /' )!*&n#! )! "," (/!#$)'!" '!&*$&' ,!'#!" $n!'"$n!" /&'& !* )!"/*$!%,! )! '!)!" )! n,!& %!n!'&($n )! $7'& ;&"#& !* ;%&'. E"# )!,!"#'& ,n& $"$n & *&'% /*& /,!" *& $n!'"$n !n !"#&" '!)!" &!(#& n!%$&!n#! & *& (,!n#& )! '!",*#&)" & ('# /*& /!' *! /!'$#!n & T!*!n$(& /'!/&'&'"! /&'& *& '!(!' "!'$($" ,*#$!)$& &&n&)" $/"$7*!" )! "!' '!($)" "7'! *&" '!)!" )! (7'! #'&)$($n&*!".
I*"e%!6&0!)* &(!0&/& M$"#&' )!"&''**& ,n& $n!"#$%&($n &/*$(&)& +,! 7&"&)& !n 4#)" ($!n#8$(" &/'#& $n'&($n #$* '!*!&n#! /&'& *& #& )! )!($"$n!" !"#'%$(&" (n !* 7>!#$ $n&* )! (n"!%,$' (*$!n#!" $n(n)$($n&*!".
Ge%!)* /e( 0#*#0!+!e*# L& (,*#,'& )! M$"#&' /!'$#! & #)" "," /'!"$n&*!" /)!' )!"&''**&' &* 3$ "," ;&7$*$)&)!" !/!'$!n($& !n ,n !n#'n $n#!'n&($n&*. M$"#&' (,!n#& (n /'/,!"#&" )! )!"&''** /&'& &+,!**&" /!'"n&" +,! +,$!'&n ('!(!' /'!"$n&* /!'"n&*!n#! '!($4n)*!" *" !>'!" '!(,'"" )$"/n$7*!" !n !* !'(&) /&'& +,! /,!)&n (n"!%,$' *&" !#&" +,! "! /'/n%&n &",$!n) )! ,n& '& '3/$)& &'!" '!"/n"&7$*$)&)!".
A*7(!%!% 2 #+& /e /e0!%!#*e% e* !e+# 'e&( T!*!n$(& )!"#&(& #&7$4n !n *& '&/$)! )! &n3*$"$" )! *& $n'&($n /&'& *& #& )! )!($"$n!" !"#'%$(&".
E%8'!4 e+'e*/e/#'
5
M$"#&' )!"#&(& /' ", !"/8'$#, !/'!n)!)' * +,! *! ;& /!'$#$) $' /'%'!"$&!n#! &*(&n&n) & "," '$&*!" ;&"#& "!' !n !* &< 200 *& /!'&)'& )! #!*!(,n$(&($n!" (n 3" 7!n!$($" )!* ,n) .
Re&(!/&/ 6(#b&(
T!*!n$(& M$"#&' !" *& /!'&)'& )! #!*!(,n$(&($n!" 3" ,*#$n&($n&* )!* ,n) (n /'!"!n($& )$'!(#& !n 2? /&8"!" )! E,'/& S,)&4'$(& @'$(& (n 3" )! 226 $**n!" )! (*$!n#!". E" ,n& !/'!"& +,! /!'& %*7&*!n#! &/'!(;3n)"! )! *" 7!n!$($" )! *&" !(n8&" )! !"(&*& (,'&" )!* (n($$!n# #!n$!n) !n (,!n#& *& (/*!>$)&) )! ,n n,! ,n) )n)! #)" *" &"/!(#" "($&*!" !(n$(" (&)& ! !"#3n 3" $n#!''!*&($n&)" /!' +,! #&7$4n #$!n! !n (,!n#& *" )$"#$n#" $(!" (,*#,'&*!" )! *" )$"#$n#" /&8"!" !n *" +,! /!'&.
H#'!9#*e e* e( (&'6# (&9# E* &*# %'&) )! /!n!#'&($n )! *&" #!*!(,n$(&($n!" !n *" /&8"!" )!"&''**&)" *! ;& ;!(; & T!*!n$(& M$"#&' #&' /"$($n!" !n /&8"!" (n &' (&/&($)&) )! ('!($$!n#. D,'&n#! *" &<" :0 (!n ", $n(,'"$n ,!'& )! E"/&<& !n#'&n) !n )$!'"" /&8"!" )! L$n&4'$(&. M,(;" (&*$$(&'n !"#&" /!'&($n!" ( )! !"(3n)&* /( '!n#&7*!" /!' & /!"&' )! *& $n!"#&7$*$)&) /*8#$(& !(n$(& ;& (n"!%,$) ,n !(!*!n#! '!#'n )! *& $n!'"$n.
Estrategia de desarrollo, crecimiento y competitiva •
E%'&e6!& /e /e%&''#((#
L& !"#'!%$& )! )!"&''** "!%,$)& /' M$"#&' !" ,n& !"#'!%$& )! )$!'!n($&($n '!($!n) *& %&& )! /'),(#" "!'$($" 3" &/*$& &&n&)& #&n# !n /'!"#&($n!" ( !n &($*$)&) )! ,". O'!(! ,n& !(!*!n#! !n($n &* (*$!n#! "/'#! #4(n$( (n ,n& !n($n )! (&*$)&) /!'"n&*$&)&. A)!3" '!&*$& ,n& &(#$$)&) /,7*$($#&'$& /'($n&* )! '!*&($n!" /7*$(&" $n#!n"& 7,"(&n) )$!'!n($&' ", &'(& ('!&' ,n& &'(& ,!'#! '!(n($)& (n /'!"#$%$. E"# *! /!'$#! '!(!' "," /'),(#" "!'$($" & ,n /'!($ 3" &*# +,! !* )! ","
6
(/!#$)'!" n 7"#&n#! !* &*' )! ", !'#& !" /!'($7$) /' "," (*$!n#!" +,! !n#$!n)!n +,! #$!n! ,n& !(!*!n#! '!*&($n (&*$)&)-/'!($.
E%'&e6!& /e 0'e0!+!e*# L& !"#'!%$& )! ('!($$!n# "!%,$)& ;& "$) , &'$&)&. =& '!&*$&) ,n& (n#$n,& /!n!#'&($n )!* !'(&) !)$&n#! !* &,!n# )! ", /&'#$($/&($n & #'&4" )! /'($n!" !"/!($&*!". S$n !7&'% ", /'$n($/&* '& )! /!n!#'&' !n !* !'(&) ;& "$) &,!n# )!* ," )!* /'),(# $n(!n#$&n) ", ," /'/n$!n) ,n ," '!%,*&' &($*$#&n) !* '!(,!') )$,n)$!n) n,!&" &/*$(&($n!" !#(. O#'& !"#'!%$& +,! ;& "!%,$) !* ;& "$) *& !/&n"$n )!* !'(&) !n#'&n) !n n,!&" '!%$n!" /&8"!" /'$n($/&*!n#! & #'&4" )! *& (/'& )! /!'&)'&" !"#&7*!($)&" &,n+,! #&7$4n ;& ;&7$) (&"" !n *" +,! *& !n#'&)& "! ;& /'),($) #'&" *& (/'& )! ,n& *$(!n($&. L& !/&n"$n )! !'(&) #&7$4n "! ;& (n"!%,$) !)$&n#! !* &((!" & n,!" "!%!n#" "$!n) *& !"#'!%$& 3" !$#"& *&" (,!n#&" )! /'!/&% !n $*!" *" /&+,!#!" T'8 "7'! '!)!" $>&".
E%'&e6!& 0#+e!!"& En '!*&($n & ", !"#'!%$& (/!#$#$& )!$n$)& "!%n *& /"$($n '!*$& +,! (,/& '!"/!(# & "," '$&*!" M$"#&' "$%,! ,n& !"#'!%$& )! *8)!' !n *& ,(;" )! *" /&8"!" )n)! /!'& HE"/&<& C;$*! A'%!n#$n& P!' R!/7*$(& C;!(& !#(.. En #'" /&8"!" ( A*!&n$& In%*!''& "$%,! ,n& !"#'!%$& "!%,$)'& %&n&n) (,#& )! !'(&) /'%'!"$&!n#! & #'&4" )! ,n& &' $)!*$&($n )! "," (*$!n#!" *& &)+,$"$($n )! #'&" /!+,!<&" /!'&)'&" *$(!n($&" +,! (/*!!n#!n *& 7&"! )! ", n!%($.
O'&% E%'&e6!&% E%'&e6!& #e*%!"&
L& !/'!"& )! #!*!n$(& MOVISTAR &/*$( ,n& !"#'!%$& !n"$& (n '!"/!(# & ", &' (/!#$)' CLARO *&n&n) *& /'($n !n *& (,&* "! /)8& ),/*$(&' #'$/*$(&' !* "&*) )! *" ,",&'$" /&'& )&' & (n(!' !"#& /'($n ,#$*$ ,n& &%'!"$& 7
(&/&<& /,7*$($#&'$& !n *" )$!'"" !)$" )! (,n$(&($n &"$ ( !n *" !)$" !"('$#".
E%'&e6!& /ee*%!"& En !* $" (&" )! *&" #!*!n$(&" #&n# MOVISTAR ( (*&' (,&n) *& !/'!"& )! #!*!n8& (!*,*&' A*!%' +,$" $n%'!"&' &* !'(&) !"#& $n%'!" &* !'(&) (n !* 7>!#$ )! /"$($n&'"! !n "," )$!'"" /'),(#". L&" !/'!"&" &!(#&)&" /&'& )$"$n,$' !* '$!"% )! &+,! )!7$*$#&' !* $/&(# /#&'n /' &>,"#&'"! )! &n!'& '3/$)& & *&" (n)$($n!" )!*& $n),"#'$& )$$(,*#&' *" $$!n#" )! /"$7*! &%'!"' /# /' 7&>&' *" ("#" !n *&" **&&)&" &)!3" )! '!(!' 3" /'($n!" /&'& *& &)+,$"$($n )! n,!" !+,$/" /' /&'#! )! "," (*$!n#!".
L&% ; e%'&e6!&% b7%!0&% /e /e%&''#((# L& e%'&e6!& /e (!/e'&96# e* 0#%#% S! &/& !n *& )$!n"$n /'),(#$$)&) +,! !"#3 *$%&)& & *& #!(n*%8& & *&" !(n8&" )! !"(&*& & *& (,'& )! *& !/!'$!n($&. L&" !/'!"&" (n ,n& &*#& /&'#$($/&($n )! !'(&) /,!)!n /#&' /' !"#& !"#'!%$&.
L& e%'&e6!& /e /!e'e*0!&0!)* E"#& !"#'!%$& /!'$#! (*(&' ,n &' /'!($ +,! !"#3 )$"/,!"# & /&%&' !* !'(&) &",$' *" ("#" &)$($n&*!" +,! $/*$(&n *&" (,&*$)&)!" )$"#$n#$&" )!* /'),(# *%'&' ,n& !n' "!n"$7$*$)&) )!* /'!($ (n '!"/!(# & *& )!&n)& 7#!n!' ,n& &' '!n#&7$*$)&) +,! *& (/!#!n($&.
M#"!%&' 2 %4 e%'&e6!& 34e &4*& & 0#*"e'!'%e e* 4*& &". L& !"#'!%$& )! *& &'(& $n*,('& ,n& &/,!"#& !n '!)!" "($&*!" &/*$(&($n!" (*,) (/,#$n% M&(;$n! # M&(;$n! HM2M $n$($$&" ( *& !/&n"$n )! *& #!(n*%8& 9G LTE !* (/'$" (n *& &"$$(&($n )! "&'#/;n!" & #'&4" )! F$'! OS.
8
L&" &//" "n !* #!''!n 3" $n#!'!"&n#! /'+,! &7'!n *&" /,!'#&" /&'& ,n& '!*&($n )$!'!n#! (n !* (n",$)' *! )&" (n#!n$) (n !* +,! /,!)! $n#!'&(#,&' &/'!(;&' &* 3$ *& (&/&($)&) )!* "&'#/;n!. HR>&" 2019. D! &(,!') (n HR>&" 2019 !* ('!($$!n# )! ,",&'$" *& "$"&(($n )! *" $"" !* $n('!!n# )! *" $n%'!"" )! *& $'& "n &*%,n" )! *" $n)$(&)'!" 3" '!*!&n#!" /&'& *& (/&<8& )! #!*!(,n$(&($n!". P!' (,3* !" !* "!n#$) )! *&" $n$($$&" )$%$#&*!" )! M$"#&' (n '!"/!(# & "," (*$!n#!" En !"#! (&" !" #!n!' ,n& '!*&($n 3" (!'(&n& (n !* (n",$)' &/'!(;&n) *& #!(n*%8& /&'& *%'&' ,n& $n#!'&(($n &'. E"#&" #!(n*%8&" "!'$($" "n ,n !')&)!' '!# /'+,! !$%!n **!&' *& #'&n"/&'!n($& &* !#'! +,! H*& %!n#! )$%& ("&" +,! n "! /,!)!n $*#'&' /!' !" !" 7,!n /'+,! %!n!'& #'&n"/&'!n($& ,n& &' (n"($!n($& )! *&" n!(!"$)&)!" )!* (n",$)' &,!n#& *& (!'(&n8&.
M#"!%&' #'e0e !*&*0!&0!)* &'& (#% <%+&'#*e%= 2 /e%&&'e0e (& e'+&*e*0!&. D! &(,!') (n HG!n!'&($n Y,n% 2015 =&(! &*%n #$!/ +,! !* !>' '!(*& +,! ,#$*$&7&n *" /!'&)'!" )! #!*!n8& $* /&'& '&!' (*$!n#!" !'& *& ",7!n($n )! #!*4n". E"#& !"#'!%$& n !'& )!&"$&) '!n#&7*! /&'& *&" )$!'!n#!" &'(&" /' * +,! ;,7 &*%,n&" +,! (&7$&'n "," &(($n!". E" !* (&" /' !>!/* )! !"#& !"#'!%$& (!'($&* M$"#&' '!(! $n&n($&($n /&'& *" "&'#/;n!" )!"&/&'!(! *& /!'&n!n($&.
L& (/&<8& 7&> *& /'!$"& M3" /' * $" *&n ,n& "!'$! )! !)$)&" /&'& '!(!' n,!&" /'!"#&($n!" !>'&' *& '!*&($n (n !* (*$!n#!. E"# "! ,n! & ", /*8#$(& )! !>'!" !'#&" /'!($" 3" (/!#$#$" (n#!n$)" 3" $n#!'!"&n#!" &'!" !*($)&)!". 9
Cn !"#& !"#'!%$& M$"#&' '!"/n)! & )" )! *" &"/!(#" 3" )!&n)&)" /' *" (*$!n#!" !* $n )! *& /!'&n!n($& !n *" (n#'" )! $* *& !*$$n&($n )!* 7*+,! )! #!'$n&*!". En !* /'$!' (&" *& (/&<8& !*$$n !* (/'$" )! /!'&n!n($& )! 1 !"!" )! #)&" *&" #&'$&" )! $* )! (n#' #&n# !n *&" n,!&" &*#&" ( !n "," (*$!n#!". En (,&n# & *& $n&n($&($n )! *" "&'#/;n!" 4"#" "! /,!)!n &)+,$'$' /&%3n)*" & /*&" "$n $n#!'!"!" (n *& /($n )! (/'&' )$"/"$#$" )! "!%,n)& &n.
10
;. C#*0(4%!#*e%
>. Re0#+e*/&0!#*e%
5.
!b(!#6'&8& ?L!*@#6'&!&
11