6GEJPQNQIKGUGVUEKGPEGUUQEKCNGU FCPUNGURTQLGVUFOKPPQXCVKQP OQFGQWPÃEGUUKVÃ!
'VWFGFGECU5V[NQEQO 4QNCPF#KTKCW
L'XGN[PG/KNNKGP
O O O
O O ! ! " # # $ O ! # O
%O!
! O $ ! ! %O! O O %O # O
(TCPEG 6ÃNÃEQO 4& %JGOKP FW 8KGWZ %JÄPG ( /G[NCP
.CDQTCVQKTG %.+25+/#) EGPVTG /WNVK%QO $2 ( )TGPQDNG EGFGZ
.O
& O ' 4046 56;.1%1/ RTQLGV FOKPPQXCVKQP CWVQWT FOWP EQPEGRV FG n UV[NQ EQOOWPKECPV .C RTGOKÂTG QTKIKPCNKVÃ FW RTQLGV GUV FOGPTKEJKT NOQDLGV ENCUUKSWG UV[NQ FOWPG VGEJPQNQIKG FG TGEQPPCKUUCPEG FG VTCEG ÃETKVG QW FGUUKPÃG XKC FGU ECRVGWTU FG V[RG CEEÃNÃTQOÂVTG GV FOWPG VGEJPQNQIKG FG EQOOWPKECVKQP CXGE FGU VGTOKPCWZ ENCUUKSWGU VÃNÃRJQPG OQDKNG 2&# GV 2% .C FGWZKÂOG QTKIKPCNKVÃ EQPUKUVG ´ ÃVWFKGT FG HCÁQP CRRTQHQPFKG NGU WUCIGU RQUUKDNGU GV CEEGRVÃU FG EG PQWXGCW V[RG FG FKURQUKVKH
#W HKPCN KN UGTC DKGP GPVGPFW KPVÃTGUUCPV FG VKTGT NG DKNCP SWGNU UQPV NGU ICKPU GHHGEVKXGOGPV EQPUVCVÃU RCT TCRRQTV CWZ OÃVJQFQNQIKGU RNWU ENCUUKSWGU ! .OWUCIG FG EGVVG OÃVJQFG GUVKN IÃPÃTCNKUCDNG CWZ CWVTGU QDLGVU EQOOWPKECPVU SWG NOKPPQXCVKQP OGV CW FGXCPV FG NC UEÂPG !
7P CWVTG QDLGEVKH FG EGV CTVKENG GUV FG PQOOGT GV FG FÃETKTG NGU FKHHÃTGPVGU VGEJPKSWGU KUUWGU FGU UEKGPEGU UQEKCNGU OKUGU GP WXTG FWTCPV NG RTQLGV FG NC ETÃCVKXKVÃ ´ NOGTIQPQOKG UCPU KIPQTGT NC UQEKQNQIKG /CKU CWFGN´ FGU OQVU SWGNNG FÃOCTEJG C ÃVÃ UWKXKG GV RQWT SWGN TÃUWNVCV CVVGPFW !
# NC DCUG NG RTKPEKRG TGVGPW UG TÃUWOG ´ PG RCU VTQR UG RTÃEKRKVGT FCPU NOCEVKQP GV ´ EQOOGPEGT ´ RTGPFTG NG VGORU FG DKGP FÃHKPKT NG EQPEGRV SWK UGTC TÃCNKUÃ %OGUV NG TÏNG FG NC RTGOKÂTG ÃVCRG n ETÃCVKXKVÃ GV EQPEGRVWCNKUCVKQP
.C FGWZKÂOG ÃVCRG C RQWT DWV RTKPEKRCN FG XCNKFGT NC QW NGU RTQRQUKVKQPU ÃOCPCPV FG NC RTGOKÂTG ÃVCRG GV UG PQOOG VQWV PCVWTGNNGOGPV n XCNKFCVKQP FW EQPEGRV
.C RJCUG FG n EQPEGRVKQP UWKV 'NNG RGTOGV FG FÃHKPKT NGU DTKSWGU ÃNÃOGPVCKTGU FG NOQDLGV QW FW UGTXKEG ´ TÃCNKUGT VCPV FW RQKPV FG XWG FG NOKPVGTCEVKQP SWG FGU HQPEVKQPU KPVGTPGU
'PHKP NC SWCVTKÂOG ÃVCRG RGWV UOCEEQORNKT 6QWVGU NGU FQPPÃGU FOKPVGTHCEG GV VGEJPKSWGU ÃVCPV OCKPVGPCPV EGTPÃGU NOÃVCRG FG n TÃCNKUCVKQP RGWV ÄVTG FÃTQWNÃG .OQDLGEVKH GUV ENCKTGOGPV FOCNNGT CW DQWV FG NOKORNÃOGPVCVKQP FG NOQDLGV QW FW UGTXKEG GV FG NOGZRÃTKOGPVGT %GVVG ÃVCRG OÄNG RNWU ENCUUKSWGOGPV NGU FGWZ FQOCKPGU FGU VGEJPQNQIKGU GV UEKGPEGU UQEKCNGU 'NNG PG UGTC RCU FÃXGNQRRÃG FCPU EGV CTVKENG
.G RTQLGV 5V[NQEQO GUV ´ OKEQWTUG .GU FGWZ RTGOKÂTGU RJCUGU UQPV TÃCNKUÃGU .C VTQKUKÂOG VQWEJG ´ UC HKP .C SWCVTKÂOG UGTC CDQTFÃG FOKEK
4046 4ÃUGCW PCVKQPCN FG TGEJGTEJG GP VÃNÃEQOOWPKECVKQPU %GV QTICPKUOG NCDGNNKUG GV EQHKPCPEG WPG XKPIVCKPG FG RTQLGVU RCT CP
.G RTQLGV 5V[NQEQO C ÃVÃ NCDGNNKUÃ GP FÃEGODTG GV UOCEJÂXGTC HKP
'VWFG FG ECU NG RTQLGV 5V[NQEQO SWGNSWGU OQKU 'P EQPUÃSWGPEG NG DKNCP PG RGWV ÄVTG SWG RCTVKGN +N UGTC NOQDLGV FW FGTPKGT EJCRKVTG
#W FÃDWV KN [ C FGU KPVWKVKQPU FGU C RTKQTK FGU KFÃGU RTGOKÂTGU SWK RGTOGVVGPV FG NCPEGT WPG KPKVKCVKXG RTQLGV &CPU NG ECU FG 5V[NQEQO EG RQKPV FG FÃRCTV ÃVCKV FQWDNG
L NG IGUVG ÃETKV CRRCTCÉV EQOOG WPG KPVGTHCEG KPEQPVQWTPCDNG CW OKPKOWO EQORNÃOGPVCKTG RQWT NGU VGTOKPCWZ RQTVCDNGU FG VCKNNG XTCKOGPV TÃFWKVG 2&# QW VÃNÃRJQPG OQDKNG EQOOG GZGORNGU ÃXKFGPVU RQWT NC UKORNG TCKUQP SWG NG ENCXKGT FGXKGPV RCT VTQR GPEQODTCPV
L NC VGEJPQNQIKG OGVVCPV GP WXTG FGU ECRVGWTU FOCEEÃNÃTCVKQP RGWV RGTOGVVTG NC TGEQPPCKUUCPEG FG OQWXGOGPV CUUQEKÃG ´ WP QDLGV FG V[RG UV[NQ
&G RNWU EGVVG VGEJPQNQIKG RTÃUGPVG NG ITCPF KPVÃTÄV FOÄVTG KPVÃITCDNG ´ VGTOG FCPU WP EKTEWKV ÃNGEVTQPKSWG WPKSWG GV FQPE FOQHHTKT FGU RGTURGEVKXGU FG EQÖV KPVÃTGUUCPVGU
.OÃVWFG EQPEWTTGPVKGNNG C CWUUK EQPHQTVÃ EGVVG KPKVKCVKXG FG RTQLGV FGU RTQFWKVU FG V[RG UV[NQ EQOOWPKECPV CRRCTCKUUGPV UWT NG OCTEJÃ FOCWVTGU UQPV ´ NOÃVWFG .C VGEJPQNQIKG FG TGEQPPCKUUCPEG FOÃETKVWTG UG TÃRCPF UWT NGU VGTOKPCWZ GP UWDUVKVWVKQP FW ENCXKGT UWT NGU VGTOKPCWZ NÃIGTU FG V[RG 2&#
QW 6CDNGV 2% RTKPEKRCNGOGPV CW VTCXGTU FG NOWUCIG FOWP UV[NGV GV FOWPG FCNNG VCEVKNG CUUQEKÃG
&QPE GP FÃHKPKVKXG NG RTQLGV FÃOCTTG FCPU WPG UKVWCVKQP CUUG\ EQORNGZG QÔ FGU RTQFWKVU CXGE FGU EJQKZ VGEJPQNQIKSWGU HQTVU CRRCTCKUUGPV GV QÔ NGU WUCIGU PG UQPV RCU GPEQTG DKGP TÃRCPFWU %GVVG UKVWCVKQP POGUV RCU CW HKPCN UK QTKIKPCNG CW FÃOCTTCIG FOWP RTQLGV FG TGEJGTEJG GV FOKPPQXCVKQPW
.GU CEVGWTUFW RTQLGV CXCPV FG UG NCPEGT FCPU FGU ÃVWFGU CRRTQHQPFKGU UWT VGN QW VGN CURGEV VGEJPKSWG QW FOKPVGTCEVKQP QPV FQPE FÃEKFÃ FG RTGPFTG FW TGEWN GV FG HCKTG WPG RTGOKÂTG FGUETKRVKQP FW EQPEGRV SWK RTGPPG GP EQORVG
L NGU HQPEVKQPU C RTKQTK RGTVKPGPVGU
L NG UCXQKTHCKTG FG EJCEWP FGU CEVGWTU NKÃ CW OÃVKGT L NGU KPVÃTÄVU RTQRTGU FGU CEVGWTU
(TCPEG 6ÃNÃEQO 4& %'#.'6+ +/#)%.+25 *2 .CD (TCPEG 56/ 6TQPKEOU
&GRWKU UGRVGODTG *2 .CD (TCPEG UOGUV TGVKTÃ FW RTQLGV UWKVG ´ WPG TGUVTWEVWTCVKQP FW ITQWRG
%GVVG PG RGWV RCU UG HCKTG FG HCÁQP KUQNÃG KPFKXKFWGNNG 2QWT SWOGNNG UQKV NC RNWU TKEJG RQUUKDNG RQWT SWOGNNG POÃECTVG CWEWPG QW RGW FG RQUUKDKNKVÃU NG ITQWRG C HCKV CRRGN CWZ VGEJPKSWGU FG
.G VTCXCKN EQCPKOÃ RCT PQU RCTVGPCKTGU +/#)%.+25 /CKUQP FGU UEKGPEGU FG NOJQOOG GV #F8CNQT C RGTOKU FG UQTVKT FW ECFTG FG VTCXCKN JCDKVWGN .OKOCIKPCKTG GUV UQWXGPV NC UGWNG TGUUQWTEG WVKNKUÃG %JCEWP XKGPV CXGE UC RGTUQPPCNKVÃ UC UGPUKDKNKVÃ GV DKGP GPVGPFW UQP JKUVQKTG NKÃG ´ UC HQTOCVKQP GV FG UQP OÃVKGT
2QWT RTQFWKTG ´ EG PKXGCW NOKFÃG GUV FG UG OGVVTG GP UKVWCVKQP RQWT NCKUUGT UQP KOCIKPCVKQP RTQRQUGT NKDTGOGPV FGU KFÃGU .GU SWGUVKQPPGOGPVU PG UQPV RCU FKTGEVU # VKVTG FOGZGORNG NOWPG FGU RTGOKÂTGU SWGUVKQPU RQUÃGU C ÃVÃ n 5K LOÃVCKU WP OQ[GP FOÃETKVWTG WP QWVKN FOÃETKVWTGW LG UGTCKUW %GVVG SWGUVKQP VTCXCKNNÃG RCT RGVKVU ITQWRGU FG EKPS ´ UGRV RGTUQPPGU C RGTOKU FG ECRVGT WP GPUGODNG FG ECTCEVÃTKUVKSWGU GV ETKVÂTGU FG XCNGWTU VGNU SWG QW GPEQTG GV CUUQEKÃGU ´ NOÃETKVWTG
%G VTCXCKN UOGUV GPUWKVG RTQNQPIÃ GP FKXGTUKHKCPV NGU GZGTEKEGU NGU FKOGPUKQPU FG ITQWRGU NGU OQ[GPU FOGZRTGUUKQPU QTCN ÃETKV EQNNGEVKH QW KPFKXKFWGN FGUUKP EQNNCIG .G RQUVKV GUV WP UWRRQTV DKGP RTCVKSWG RQWT IÃTGT ´ NC HQKU NC RTQHWUKQP GV NGU TGITQWRGOGPVU SWK UWKXTQPV
.GU SWGUVKQPU VQWLQWTU RNWU RTÃEKUGU UQPV EQPUVCOOGPV RQUÃGU FCPU WP ECFTG FOGZRTGUUKQP EQPVGZVWCNKUÃ %OGUV´FKTG ´ EJCSWG HQKU WPG UKVWCVKQP FOWUCIG GUV UQWULCEGPVG .C UEÃPCTKUCVKQP GUV WP OQ[GP TKEJG RQWT RTQXQSWGT UWUEKVGT NOGZRTGUUKQP 0QODTG FG HQKU NGU RCTVKEKRCPVU QPV GW ´ ÃETKTG FGU UC[PÂVGU
.G VTCXCKN FG U[PVJÂUG ´ TÃCNKUGT UWKVG CWZ UÃCPEGU FG ETÃCVKXKVÃ GUV GUUGPVKGN +N HCWV VTKGT ENCUUGT WPG OCUUG FOKPHQTOCVKQPU UQWXGPV CDQPFCPVGU GV VTÂU FKXGTUGU 5ÃCPEGU CRTÂU UÃCPEGU KN [ GP C GW SWCVTG NGU KFÃGU UG FÃECPVGPV +N [ C GP SWGNSWG UQTVG OÖTKUUGOGPV .GU HQPEVKQPU RGTVKPGPVGU ´ TGVGPKT EQOOGPEGPV ENCKTGOGPV ´ UOKFGPVKHKGT #VVGPVKQP ´ EG UVCFG EG UQPV GPEQTG FGU HQPEVKQPU VTÂU IÃPÃTKSWGU RCU OCVÃTKCNKUÃGU
+/#) +PUVKVWV FGU OCVJÃOCVKSWGU CRRNKSWÃGU FG )TGPQDNG %.+2 NG NCDQTCVQKTG CW UGKP FWSWGN VTCXCKNNG WPG ÃSWKRG FG EJGTEJGWTU VTCXCKNNCPV UWT FG PQWXGNNGU
! "# $ # %&'(
) %* O # %&'(
+ ! , - .G FGTPKGT VTCXCKN EQPUKUVG ´ GZRTKOGT FG HCÁQP U[PVJÃVKSWG NG TÃUWNVCV FG EGVVG RTGOKÂTG RJCUG 2NWUKGWTU QWVKNU RGWXGPV ÄVTG WVKNKUÃU 6QWV FÃRGPF FGU OQ[GPU HKPCPEKGTU GV FW VGORU FKURQPKDNG NG DWV HKPCN ÃVCPV FG VQWVG HCÁQP SWG NC FGUETKRVKQP UQKV EQWTVG CVVTCEVKXG GV UKVWG DKGP NGU EQPVGZVGU FOWUCIG FG NOQDLGV 2QWT NG RTQLGV 5V[NQEQO WPG FGUETKRVKQP GP UKZ RNCPEJGU C ÃVÃ RTQFWKVG %G UGTC NOQWVKN RQWT RTÃUGPVGT NG EQPEGRV FCPU NC RJCUG SWK XC UWKXTG EGNNG FG NC XCNKFCVKQP
'P FÃHKPKVKXG EG VTCXCKN CWTC RGTOKU FOCDQWVKT ´ WPG FGUETKRVKQP UKORNG GV RCTVCIÃG FW EQPEGRV +N C CWUUK TÃWPK FÂU NG FÃDWV FW RTQLGV VQWU NGU RCTVGPCKTGU FCPU WP RTQEGUUWU FG RTQFWEVKQP EQNNGEVKXG %GEK C GW FGU GHHGVU VTÂU RQUKVKHU 'P RTGOKGT EG VTCXCKN C RGTOKU WPG OKUG ´ PKXGCW FGU EQPPCKUUCPEGU FG VQWU NGU CEVGWTU RCT GUUGPEG VTÂU FKHHÃTGPVU FG RCT NGWT OÃVKGT GV QTKIKPG 7PG CWVTG EQPUÃSWGPEG KORQTVCPVG GUV SWG NGU RGTUQPPGU QPV CRRTKU ´ UG EQPPCÉVTG UWT NG RNCP RTQHGUUKQPPGN OCKU CWUUK RGTUQPPGN .G URÃEKCNKUVG FGU ECRVGWTU C FKUEWVÃ CXGE NOKPHQTOCVKEKGP SWK C NWKOÄOG ÃEJCPIÃ CXGE NOGTIQPQOGW %GNC UG VTCFWKV FKTGEVGOGPV RCT WPG OGKNNGWTG EQPPCKUUCPEG FGU CVVGPVGU GV FGU UCXQKTUHCKTG FQPE RCT WP OGKNNGWT FKCNQIWG RQWT NG TGUVG FW RTQLGV %NCKTGOGPV WP VTCXCKN ETÃCVKH RGTOGV FOÃEJCPIGT FCPU WP EQPVGZVG RNWU TGN¸EJÃ QÔ NOJWOQWT POGUV RCU KPVGTFKV 7PG F[PCOKSWG FG ITQWRG UOKPUVCWTG RNWU TCRKFGOGPV GV EG FÂU NGU RTGOKGTU LQWTU FW RTQLGV .GU RGTUQPPGU UG EQPPCKUUGPV NGU DCTTKÂTGU VQODGPV RNWU HCEKNGOGPV .GU ÃEJCPIGU FGXTCKGPV ÄVTG HCEKNKVGT ´ NOCXGPKT %GVVG EQPUÃSWGPEG POGUV RCU NC OQKPU KORQTVCPVG RQWT EG SWK GUV FG NOGHHKECEKVÃ INQDCNG
.C OÃVJQFG WVKNKUÃG RQWT NC XCNKFCVKQP FW EQPEGRV FÃHKPK ´ NC RJCUG RTÃEÃFGPVG GUV NC OÃVJQFG %#76+% 'NNG GUV RCTVKEWNKÂTGOGPV DKGP CFCRVÃG
´ NOCPCN[UG FG EQPEGRV KPPQXCPV SWCPF NG RTQFWKV QW NG UGTXKEG POGZKUVG RCU GPEQTG .C SWGUVKQP ´ TÃUQWFTG CNQTU GUV FG DKGP EQORTGPFTG SWGNNGU UQPV NGU UKIPKHKECVKQPU FOWUCIG FG EGVVG KPPQXCVKQP 'V UWTVQWV SWGNNGU UGTQPV NGU EQPFKVKQPU PÃEGUUCKTGU RQWT NGWT CEEGRVCVKQP
.C OÃVJQFG GUV DCUÃG UWT WPG VGEJPKSWG FOGPVTGVKGPU UGOKFKTGEVKHU CW PQODTG FG XKPIV .C FWTÃG OQ[GPPG FG EJCSWG KPVGTXKGY C ÃVÃ FOGPXKTQP J # EG UVCFG NG ENKGPV RQVGPVKGN PG OCPKRWNG RCU FOQDLGVU EQPETGVU KN GUV
%#76+% %QPEGRVKQP CUUKUVÃG RCT NOWUCIG RQWT NGU VGEJPQNQIKGU NOKPPQXCVKQP GV NG EJCPIGOGPV
.C NKUVG FGU SWGUVKQP GUV RTÃFÃHKPKG OCKU RCU PÃEGUUCKTGOGPV CDQTFÃG FCPU NOQTFTG KPKVKCN .C RGTUQPPG KPVGTXKGYÃG UOGZRTKOG NKDTGOGPV
EQPHTQPVÃ ´ NC FGUETKRVKQP FW EQPEGRV .C FGUETKRVKQP GUV NC RNWU UKORNG RQUUKDNG RQWT NCKUUGT QWXGTV CWVCPV SWG HCKTG UG RGWV NGU EJCORU FGU TÃRQPUGU RQWT SWG NGU RGTUQPPGU RWKUUGPV UOGZRTKOGT NKDTGOGPV XQKTG KOCIKPGT GV ETÃGT
.G TÃUWNVCV FG EGVVG GPSWÄVG XC FQPPGT FGU KPFKECVKQPU EG SWOGZRTKOG NC RGTUQPPG KPVGTTQIÃG #W HKPCN QP CWTC WPG KFÃG CUUG\ RTÃEKUG FGU WUCIGU RTQLGVÃU 2QWT SWG NC RGTVKPGPEG UQKV CEETWG NOKPVGTXKGYGT UKVWG NGU SWGUVKQPU FCPU WP EQPVGZVG VQWLQWTU NG RNWU RTÃEKU RQUUKDNG GP RTGPCPV FGU GZGORNGU SWK UQPV RCTNCPVU RQWT NWK # WPG UGETÃVCKTG QP XC RCT GZGORNG RQUGT NC SWGUVKQP UWKXCPVG n 8QWU ÄVGU GP VTCKP FG VTKGT NG EQWTTKGT XQWU OGVVG\ ´ LQWT NC HKEJG9 %QOOGPV RTQEÃFGTKG\XQWU CXGE 5V[NQEQO !
.G SWGUVKQPPCKTG GUV ÃVWFKÃ RQWT EQORTGPFTG GV CPCN[UGT NG FGITÃ FOCUUKOKNCVKQP FW EQPEGRV FCPU SWCVTG FKTGEVKQPU QW SWCVTG HCOKNNGU FG ETKVÂTGU
L TGNCVKQP CXGE NGU VGEJPKSWGU GZKUVCPVGU 3WOGUVEG SWG EOGUV !
L EQPHTQPVCVKQP CXGE NGU RTCVKSWGU CEVWGNNGU %QOOGPV LG RGWZ NOWVKNKUGT ! L CRRTQRTKCVKQP RCT NGU RGTUQPPGU 3WK RGWV NOWVKNKUGT !
L CFCRVCVKQP CWZ GPXKTQPPGOGPVU FGU WVKNKUCVGWTU &CPU SWGNU EQPVGZVGU RTKXÃU GV RTQHGUUKQPPGNU EGVVG KPPQXCVKQP RGWV OOÄVTG WVKNG !
L UCPU GPVTGT FCPU NG FÃVCKN KN [ C EKPS SWGUVKQPU RQWT EJCEWPG FG EGU SWCVTG HCOKNNGU UQKGPV XKPIV SWGUVKQPU GV FQPE XKPIV ETKVÂTGU %#76+%
CUUQEKÃU
$KGP GPVGPFW NGU RGTUQPPGU SWK RCTVKEKRGPV ´ NOGPSWÄVG PG UQPV RCU EJQKUKGU CW JCUCTF %GVVG UÃNGEVKQP UOGHHGEVWG UGNQP FGWZ FKOGPUKQPU
L NG EQORQTVGOGPV IÃPÃTCN FGU RGTUQPPGU EQPHTQPVÃGU ´ NOKPPQXCVKQP
%OGUV NC FKOGPUKQP NC RNWU KORQTVCPVG
L NOQTKIKPG UQEKCNG GV RTQHGUUKQPPGNNG .OQDLGEVKH GUV FG FKXGTUKHKGT GV GPTKEJKT NGU KPHQTOCVKQPU TÃEQNVÃGU GP EKDNCPV FGU EQPVGZVGU FOWVKNKUCVKQP SWK QPV C RTKQTK FW UGPU XKU´XKU FW EQPEGRV +N PQWU C UGODNÃ PCVWTGN FG EJQKUKT FGU RGTUQPPGU SWK FQKXGPV ÃETKTG UQWXGPV GV RCU VQWLQWTU FCPU FGU EQPFKVKQPU EQPHQTVCDNGU CTVKUCP CTEJKVGEVG GPVTG DWTGCW GV VGTTCKP
.G EQORQTVGOGPV RCT TCRRQTV ´ NOKPPQXCVKQP QW NC ECRCEKVÃ FGU RGTUQPPGU
´ CEEGRVGT GV OGVVTG GP WXTG FGU RTQFWKVUUGTXKEGU PQWXGCWZ UG FÃEQORQUGPV GP SWCVTG ITQWRGU CRRQTV FG NC OÃVJQFG %#76+%
L NGU SWK UQPV VTÂU GPENKPURKQPPKGTU FCPU NOCFQRVKQP FGU PQWXGCWVÃU
L NGU SWK UOCRRTQRTKGPV NGU KPPQXCVKQPU CUUG\
TCRKFGOGPV UCPU VTQR UG RQUGT FG SWGUVKQPU %OGUV NC ENCUUG NC RNWU KORQTVCPVG +NU UQPV NG HCEVGWT FG UWEEÂU
L NGU SWK TÃUKUVGPV QW KIPQTGPV FCPU WP RTGOKGT VGORU RWKU SWK HQPV EQOOG VQWV NG OQPFG %G UQPV FGU UWKXGWTU
L GPHKP NGU %G UQPV NGU CPVKU NGU TÃHTCEVCKTGU CW EJCPIGOGPV +NU PG UQPV RCU RQWT CWVCPV KPKPVÃTGUUCPVU ´ ÃEQWVGT ECT KNU COÂPGPV WPG XKUKQP ETKVKSWG SWK DKGP CPCN[UÃG RGWV DKGP CKFGT ´ EQPVQWTPGT NGU HTGKPU FOCEEGRVCVKQP
.C XKPIVCKPG FOGPVTGVKGPU VGTOKPÃU NC RJCUG FOCPCN[UG RGWV EQOOGPEGT
%GNNGEK EQPUKUVG ´ XÃTKHKGT KPVGTXKGY RCT KPVGTXKGY UK EGU ETKVÂTGU UQPV CEEGRVÃU CEEGRVÃU UQWU EQPFKVKQPU FQPE CXGE FGU TÃUGTXGU QW VQWV UKORNGOGPV TGHWUÃU 7P VTÂU ITCPF KPVÃTÄV FG NC OÃVJQFG GUV CW HKPCN FG RQWXQKT FKURQUGT FOWPG XKUKQP VTÂU U[PVJÃVKSWG FGU TÃUWNVCVU +N GUV GP GHHGV RQUUKDNG FOQDUGTXGT FKHHÃTGPVU CPINGU HCOKNNG FG ETKVÂTGU ETKVÂTG UKORNG XKU
´XKU FW EQORQTVGOGPV &OCWVTGU CPCN[UGU QPV ÃVÃ CWUUK FÃFWKVGU FGU TÃRQPUGU RCT GZGORNG NC NKUVG FGU HQPEVKQPPCNKVÃU NGU RNWU CVVGPFWGU
.GU KPVGTXKGYU UQPV VQWU GPTGIKUVTÃU GP CWFKQ RWKU TGVTCPUETKVU %GNC TGRTÃUGPVG WPG OCUUG FOKPHQTOCVKQPU CUUG\ EQPUKFÃTCDNGU SWK FÃRCUUG NCTIGOGPV EG SWK GUV UVTKEVGOGPV PÃEGUUCKTG ´ NC OÃVJQFG %#76+% 6QWVGU EGU KPHQTOCVKQPU UGTQPV VTÂU WVKNGU RQWT NC RJCUG UWKXCPVG
Temps Quantité vendue
Seuil critique en marketing
Visionnaires
Acteurs du succès (pragmatiques)
Conservateurs
%QPEGRVKQP
O O O O O
L ÃNCDQTCVKQP FGU J[RQVJÂUGU O O O! "
L CPCN[UG FGU CEVKXKVÃU #$# %& ! "
L FÃHKPKVKQP HQPEVKQPPGNNG FW UV[NQ NGU HQPEVKQPU TGVGPWGU GV NGWT OQFG FOCEVKXCVKQP XCNKFÃ
O
#W FÃRCTV NC EQPEGRVKQP UOCRRWKG UWT WP GPUGODNG FOJ[RQVJÂUGU SWK RTGPPGPV NGWT UQWTEG FCPU NGU TÃUWNVCVU FGU GPSWÄVGU 'NNGU UQPV GPUWKVG ÃNCDQTÃGU CW EQWTU FG UÃCPEGU FG DTCKPUVQTOKPI URÃEKHKSWGU HCKUCPV KPVGTXGPKT FGU EQORÃVGPEGU ´ NC HQKU VGEJPKSWGU UQEKQNQIKSWGU GV GTIQPQOKSWGU %GU J[RQVJÂUGU RQTVGPV UWT NGU CEVKXKVÃU CUUQEKÃGU CWZ WUCIGU TGVGPWU NGU DGUQKPU HQPEVKQPPGNU NGU EQPVGZVGU FOWVKNKUCVKQP GV NGU KPVGTCEVKQPU FGU WVKNKUCVGWTU CXGE NG UV[NQ 7P CWVTG QDLGEVKH FG EGU UÃCPEGU GUV FG HCKTG ÃOGTIGT RCTCNNÂNGOGPV ´ NOÃNCDQTCVKQP FGU J[RQVJÂUGU VQWV WP GPUGODNG FG SWGUVKQPU VCPV VGEJPKSWGU SWOGTIQPQOKSWGU UWT NGU EJQKZ FG EQPEGRVKQP
.G DWV FG NC FÃOCTEJG FG EQPEGRVKQP ÃVCPV GP UOCRRW[CPV UWT NGU J[RQVJÂUGU FOCRRQTVGT FGU UQNWVKQPU ´ EGU SWGUVKQPU KN GUV KORQTVCPV SWOGNNGU UQKGPV DKGP KFGPVKHKÃGU CW FÃRCTV 'NNGU UGTQPV CRRGNÃGU ´ ÃXQNWGT CW HWT GV ´ OGUWTG FG NOCXCPEGOGPV FW RTQEGUUWU FG OÄOG SWG NGU J[RQVJÂUGU UGTQPV XCNKFÃGU QW OQFKHKÃGU .G VTCXCKN UG HCKV CW VTCXGTU FG UÃCPEGU TÃWPKUUCPV VQWU NGU CEVGWTU FG NC EQPEGRVKQP NOCXCPVCIG ÃVCPV FOQDVGPKT WP EQPUGPUWU GPVTG NGU HQPEVKQPU RTQRQUÃGU GV NGWT HCKUCDKNKVÃ C RTKQTK
.GU TÃUWNVCVU FG EG VTCXCKN FOCPVKEKRCVKQP UGTXGPV GPUWKVG ´ ÃNCDQTGT NOGPXKTQPPGOGPV FOGZRÃTKOGPVCVKQP PÃEGUUCKTG ´ NOCPCN[UG FGU CEVKXKVÃU
L FGU UEÃPCTKQU TGRTÃUGPVCVKHU FGU WUCIGU GV EQPVGZVGU TGVGPWU FÃVCKNNCPV NGU CEVKXKVÃU SWG NGU UWLGVU CWTQPV ´ TÃCNKUGT
L FGU ITKNNGU FOCPCN[UG EQWXTCPV NOGPUGODNG FGU SWGUVKQPU FG HCÁQP ´ IWKFGT NGU GZRÃTKOGPVCVKQPU
L FGU OCSWGVVGU EQPETÃVKUCPV NGU RTKPEKRCWZ EQPEGRVU CKPUK SWG NGU J[RQVJÂUGU FG EQPEGRVKQP
%OGUV ´ VTCXGTU EGV GPXKTQPPGOGPV SWG NGU WVKNKUCVGWTU UGTQPV KPXKVÃU ´ UKOWNGT NOWVKNKUCVKQP SWOKNU HGTCKGPV FW UV[NQ RQWT TÃCNKUGT NGU CEVKXKVÃU EQPETÂVGU RTÃXWGU RCT NGU UEÃPCTKQU FOWUCIG %GVVG FÃOCTEJG DCUÃG UWT NC OKUG GP UKVWCVKQP GV NOQDUGTXCVKQP FOWVKNKUCVGWTU FCPU WP GPXKTQPPGOGPV UKOWNÃ C ÃVÃ ÃNCDQTÃG GV XCNKFÃG RCT NOÃSWKRG /WNVK%QO FW NCDQTCVQKTG %.+25 /KNNKGP
.GU GPSWÄVGU FOWUCIG CXCKGPV FÃL´ RGTOKU FOKFGPVKHKGT NGU RTKPEKRCWZ QDLGEVKHU FGU WVKNKUCVGWTU SWCPV ´ NOWVKNKUCVKQP SWOKNU CPVKEKRCKGPV FW UV[NQ GV NGWTU CVVGPVGU UWT UQP HQPEVKQPPGOGPV
6QWVGHQKU EOGUV GP TÃCNKUCPV FGU CEVKXKVÃU EQPETÂVGU CXGE NG UV[NQ EQOOG NOGPXQK FOWP OGUUCIG NC UCKUKG FOWP TGPFG\XQWU QW NG TGORNKUUCIG FOWP HQTOWNCKTG SWG NGU UWLGVU UG TGPFGPV EQORVG FG NOWVKNKUCVKQP SWOKNU RGWXGPV GP HCKTG +NU UQPV CNQTU RNWU CRVGU ´ GZRTKOGT NGWTU CVVGPVGU QW NGWTU TÃVKEGPEGU RCT TCRRQTV ´ UQP HQPEVKQPPGOGPV GV UQP KPVÃITCVKQP FCPU NGWT SWQVKFKGP
%OGUV FCPU NG ECFTG FG NC RNCVGHQTOG /WNVK%QO FW NCDQTCVQKTG %.+25 SWG FGU GZRÃTKOGPVCVKQPU HCKUCPV KPVGTXGPKT WPG VTGPVCKPG FG UWLGVU EQTTGURQPFCPVU CW RTQHKN XKUÃ QPV CNQTU ÃVÃ OGPÃGU %CGNGP .G DWV FG EG V[RG FOGZRÃTKOGPVCVKQPU ÃVCPV FOQDUGTXGT GV FOCPCN[UGT NG EQORQTVGOGPV FGU WVKNKUCVGWTU NQTU FG NGWT KPVGTCEVKQP CXGE NOQWVKN ´ EQPEGXQKT
&GU VGEJPKSWGU FKXGTUGU UQPV OKUGU ´ EQPVTKDWVKQP FCPU EG V[RG FOGZRÃTKOGPVCVKQP 'P RCTVKEWNKGT RQWT UKOWNGT NC VGEJPQNQIKG FG ECRVWTG FG NOÃETKVWTG QW NC EQOOWPKECVKQP GPVTG NG UV[NQ GV NGU ÃSWKRGOGPVU KPHQTOCVKSWGU NC VGEJPKSWG FG OCIKEKGP FO1\ C ÃVÃ NCTIGOGPV WVKNKUÃG HKIWTG .GU UWLGVU UO[ UQPV UQWXGPV NCKUUÃU RTGPFTG 2CT GZGORNG EGTVCKPU RGPUCKGPV SWG NG UV[NQ EQOOWPKSWCKV TÃGNNGOGPV NGWT ÃETKVWTG CW 2&# CNQTU
%GVVG VGEJPKSWG EQPUKUVG ´ UKOWNGT WPG HQPEVKQP FG NOQWVKN ´ EQPEGXQKT RCT WPG KPVGTXGPVKQP JWOCKPG FG HCÁQP ´ EG SWG NOGHHGV UQKV VTCPURCTGPV RQWT NOWVKNKUCVGWT
SWG FCPU NGU HCKVU WPG ECOÃTC ECRVCKV FKUETÂVGOGPV EG SWG NG UWLGV ÃETKXCKV UWT NG RCRKGT GV NG TGVTCPUETKXCKV ´ FKUVCPEG UWT NG 2&# IT¸EG ´ WPG RTKUG FG EQPVTÏNG RCT NQIKEKGN
O O O O O O XKC
.C VGEJPKSWG FG OCSWGVVCIG SWCPV ´ GNNG C RGTOKU FG EQPETÃVKUGT GV XCNKFGT EGTVCKPU EQPEGRVU EQOOG RCT GZGORNG EGNWK FG VTCPUHGTV FGU PQVGU FGRWKU NG UV[NQ XGTU NOQTFKPCVGWT HKIWTG
'P UKOWNCPV NG VTCPUHGTV FGU PQVGU RTKUGU CW EQWTU FG NC UÃCPEG NG UWLGV RQWXCKV GP GHHGV XQKT CRRCTCÉVTG NC NKUVG FGU PQVGU VTCPUHÃTÃGU GV FÃEKFGT FW VTCKVGOGPV ´ GHHGEVWGT UWT EGU PQVGU 2CT GZGORNG KN RQWXCKV TGFKTKIGT NGU EQQTFQPPÃGU FOWPG RGTUQPPG XGTU UQP ECTPGV FOCFTGUUGU
'VWFG FG ECU NG RTQLGV 5V[NQEQO
#W EQWTU FGU UÃCPEGU NGU UWLGVU ÃVCKGPV KPXKVÃU ´ UOGZRTKOGT GV ´ ÃEJCPIGT CXGE NOGZRÃTKOGPVCVGWT UWT NGU RTQDNÂOGU UQWNGXÃU NGWTU CVVGPVGU NGU CEVKXKVÃU TÃCNKUÃGU
&GU GPTGIKUVTGOGPVU XKFÃQ FG VQWVGU NGU UÃCPEGU QPV ÃVÃ TÃCNKUÃU 2CT GZGORNG WPG ECRVWTG FG NC IGUVWGNNG FOÃETKVWTG UQWU FKHHÃTGPVGU EQPFKVKQPU C RGTOKU FG HQWTPKT ´ NOÃSWKRG VGEJPKSWG WP TGVQWT UWT NOCEEGRVCVKQP RCT NGU UWLGVU FG EGTVCKPGU EQPVTCKPVGU KORQUÃGU RCT NGU NKOKVGU FG NC VGEJPQNQIKG
%GEK NGWT C RGTOKU FG UG TGPFTG EQORVG FG EGNNGU SWK TGRTÃUGPVCKGPV WP QDUVCENG TÃGN ´ NOCEEGRVCVKQP FW EQPEGRV GV FG NC RTKQTKVÃ ´ [ CEEQTFGT 2CT GZGORNG NQTU FG NC UCKUKG FG FGUUKPU FGU NKOKVGU VGEJPKSWGU SWCPV CW RQUKVKQPPGOGPV CDUQNW FW UV[NQ UWT NC UWTHCEG KORQUCKV CW UWLGV FG FGXQKT TGECNKDTGT TÃIWNKÂTGOGPV GP RQKPVCPV ´ WP GPFTQKV HKZG ´ NOCKFG FW UV[NQ UQTVG FOGPETKGT XKTVWGN %GVVG EQPVTCKPVG C VQWV UKORNGOGPV ÃVÃ LWIÃG KPCEEGRVCDNG
%GU GPTGIKUVTGOGPVU XKFÃQ EQPUVKVWGTQPV ÃICNGOGPV WPG UQWTEG VTÂU TKEJG FOÃEJCPIGU GPVTG VQWU NGU OGODTGU FG NOÃSWKRG NQTU FGU UÃCPEGU FG EQPEGRVKQP EQNNGEVKXG 'P GHHGV NG HCKV FG XQKT WP UWLGV ÃRTQWXGT FGU FKHHKEWNVÃU HCEG ´ WP HQPEVKQPPGOGPV SWK PQWU UGODNG ÃXKFGPV KPEKVG ´ TGOGVVTG UGU EJQKZ GP SWGUVKQP
#W VGTOG FG EGU UÃCPEGU FOGZRÃTKOGPVCVKQP WPG OCUUG KORQTVCPVG FOKPHQTOCVKQPU C ÃVÃ TGEWGKNNKG +N UOCIKV GPUWKVG FG NGU CPCN[UGT GV FG NGU U[PVJÃVKUGT RQWT GP FÃFWKTG FGU RTGOKÂTGU KPFKECVKQPU UWT NGU DGUQKPU
HQPEVKQPPGNU GV NGU OQFGU FOKPVGTCEVKQP TGSWKU #HKP FG OKGWZ EQOOWPKSWGT EGU TÃUWNVCVU ´ NOÃSWKRG FG EQPEGRVKQP KNU UQPV KNNWUVTÃU RCT NGU UÃSWGPEGU XKFÃQ NGU RNWU RCTNCPVGU
O
&GU UÃCPEGU KPFKXKFWGNNGU FG EQPEGRVKQP UQWU HQTOG FG LGW ´ NOCKFG FOWPG OCSWGVVG KPVGTCEVKXG QPV RGTOKU CWZ UWLGVU FG UG HCOKNKCTKUGT CXGE NG EQPEGRV FG UV[NQ GV FOGZRTKOGT NGWTU RQKPVU FG XWG GV RTÃHÃTGPEGU UWT UQP HQPEVKQPPGOGPV
%GU EJQKZ QPV GPUWKVG ÃVÃ EQPHTQPVÃU ´ NC TÃCNKUCVKQP FOCEVKXKVÃU EQPETÂVGU FCPU NG ECFTG FGU UEÃPCTKQU EG SWK NGWT C RGTOKU FG NGU XCNKFGT QW FG NGU TGOGVVTG GP SWGUVKQP %GNC NGWT C CWUUK RGTOKU FOGPXKUCIGT NG VTCKVGOGPV FG NOKPHQTOCVKQP ÃETKVG ECRVWTÃG RCT NG UV[NQ GP HQPEVKQP FGU FKHHÃTGPVU EQPVGZVGU FOWUCIG 2CT GZGORNG KNU QPV KFGPVKHKÃ NGU ECU QÔ NC TGEQPPCKUUCPEG FG NGWT ÃETKVWTG GUV TGSWKUG GV NGU ECU QÔ NC ITCRJKG FQKV ÄVTG EQPUGTXÃG
.GU TÃUWNVCVU KUUWU FG EGU UÃCPEGU OGPÃGU CXGE FGU WVKNKUCVGWTU QPV RGTOKU FG FÃICIGT FGU FKTGEVKQPU ´ UWKXTG SWCPV ´ NC FÃHKPKVKQP HQPEVKQPPGNNG FW UV[NQ GV UQP OQFG FOKPVGTCEVKQP 1P TGNÂXG GP RCTVKEWNKGT NGU FKTGEVKQPU UWKXCPVGU
L NOKPVÃTÄV FGU UWLGVU GPXGTU EGTVCKPGU HQPEVKQPU C ÃVÃ XCNKFÃ UÃRCTGT FGU PQVGU CPPWNGT NC PQVG EQWTCPVG CNQTU SWG FOCWVTGU POQPV UWUEKVÃ SWG RGW FOKPVÃTÄV ÃFKVGT NG VGZVG UCKUK UWT NG UV[NQ OGVVTG GP XGKNNG
L FGU VGPFCPEGU UWT NGU OQFGU FG HQPEVKQPPGOGPV ´ CFQRVGT RCT GZGORNG NGU OÃECPKUOGU RQWT NOCEVKXCVKQP FGU FKHHÃTGPVGU HQPEVKQPU FW UV[NQ WVKNKUCVKQP FG OQNGVVG RQWT NG EJCPIGOGPV FG OKPGU NOWVKNKUCVKQP FG UKIPGU OCPWUETKVU RQWT KPXQSWGT FGU EQOOCPFGU
L EGTVCKPU HCEVGWTU GTIQPQOKSWGU UQPV FÃVGTOKPCPVU RQWT NOCEEGRVCVKQP FW UV[NQ EQOOG RCT GZGORNG UQP RQKFU GV UC VCKNNG NG TGVQWT FOKPHQTOCVKQP UWT UQP ÃVCV
L EGTVCKPU JCDKVWFGU IGUVWGNNGU CUUQEKÃGU ´ NOÃETKVWTG UQPV DKGP CPETÃGU GV FQKXGPV ÄVTG RTKUGU GP EQORVG FCPU NGU EJQKZ FG EQPEGRVKQP DCTTGT GHHCEGT WPG KPHQTOCVKQP OGVVTG GP OCTEJG
.QTU FG UÃCPEGU FG EQPEGRVKQP EQNNCDQTCVKXG GP ÃSWKRG RNWTKFKUEKRNKPCKTG EGU EQPENWUKQPU UGTQPV GPUWKVG TGVTCXCKNNÃGU GV EQPHTQPVÃGU CWZ FKHHÃTGPVU RQKPVU FG XWG FG NOÃSWKRG FG EQPEGRVKQP %GEK RGTOGV GP RCTVKEWNKGT FG XCNKFGT NGU EJQKZ FG EQPEGRVKQP GP TGICTF FG EQPVTCKPVGU GV NKOKVGU FG NC VGEJPQNQIKG QW FGU RTKQTKVÃU FG FÃXGNQRRGOGPV HWVWT
.G RTGOKGT DÃPÃHKEG QDVGPW FG EGVVG FÃOCTEJG GV FW FKCNQIWG EQPUVCPV OCKPVGPW GPVTG VQWU NGU CEVGWTU GZRGTVU VGEJPKSWGU FG NC UQEKQNQIKG QW FG NOGTIQPQOKG GV WVKNKUCVGWTU GUV FG HCKTG EQPXGTIGT RNWU TCRKFGOGPV NC EQPEGRVKQP FW UV[NQ FCPU WPG FKTGEVKQP EQPUKUVCPVG CXGE EJCSWG RQKPV FG XWG
$KNCP
.G RTQLGV 5V[NQEQO CDQTFG NC OKVGORU &ÂU NG FÃDWV FW RTQLGV NOGPUGODNG FGU GPVTGRTKUGU GV WPKXGTUKVÃU QPV EQNNCDQTÃ ÃVTQKVGOGPV EQPVKPÖOGPV FCPU EGVVG GZRÃTKGPEG %JCSWG ÃVCRG FGU RTGOKÂTGU KPVWKVKQPU OQPVCIG FW RTQLGV RQWT UC UQWOKUUKQP CW 4046 GP RCUUCPV RCT NC RJCUG FG EQPEGRVKQP RWKU EGNNG FG NC XCNKFCVKQP GV GPHKP EGNNG FG NC EQPEGRVKQP C ÃVÃ HTCPEJKG GP HCKUCPV EQQRÃTGT RTQRQUKVKQP RWKU HGGFDCEM EQNNCDQTCVKQP NGU FGWZ OQPFGU FGU UEKGPEGU VGEJPQNQIKSWGU GV UQEKCNGU
%GV C RTKQTK OÃVJQFQNQIKSWG C ÃVÃ HTWEVWGWZ +N C RGTOKU WPG OGKNNGWTG EQPPCKUUCPEG FGU UCXQKTHCKTG FGU KPVGPVKQPU FG EJCSWG GPVKVÃ KN C CWUUK HCEKNKVÃ NC ETÃCVKQP FG NKGPU RGTUQPPGNU
.G RNWU ITCPF ICKP GUV CWUUK FOQRVKOKUGT ´ NC HQKU NGU TGUUQWTEGU OKUGU ´ FKURQUKVKQP FW RTQLGV GV NC SWCNKVÃ FW VTCXCKN SWG EJCSWG ITQWRG C RQWT
OKUUKQP FG RTQFWKTG 'P GHHGV NGU E[ENGU EQWTVU HTÃSWGPVU GPVTG NGU FKHHÃTGPVU PKXGCWZ FG FÃHKPKVKQP EQPEGRV EQPEGRVKQP GV NGU CURGEVU VGEJPKSWGU HCKUCDKNKVÃ EQORNGZKVÃ FG FÃXGNQRRGOGPV RGTOGVVGPV FOCEEQTFGT GP SWCUK VGORUTÃGN NGU CEVGWTU FW RTQLGV
#NQTU OQFG QW PÃEGUUKVÃ !
0QWU PG TGVGPQPU RCU RNWU NQPIVGORU EG UWURGPU KPUQWVGPCDNG
%NCKTGOGPV EOGUV WPG HQTOG FOQTICPKUCVKQP EQNNCDQTCVKXG SWK HCKV GV HGTC ÃEQNG
&OCKNNGWTU WP CWVTG RTQLGV 4046 XKGPV FOÄVTG CRRTQWXÃ GV NCPEÃ +N C RQWT QDLGEVKH FOÃVWFKGT GV TCHHKPGT NGU OÃVJQFGU IÃPÃTKSWGU FG EQPEGRVKQP GV FG VGUV FGU HWVWTU QDLGVU EQOOWPKECPVU %G RTQLGV RQTVG NG PQO FG %17%17 RQWT
%QPEGRVKQP RCTVKEKRCVKXG QTKGPVÃG WUCIG FG UGTXKEGU FG EQOOWPKECVKQP GV FOQDLGVU WDKSWKUVGU
$KDNKQITCRJKG
%CGNGP , .C RNCVGHQTOG /WNVK%QO LQWTPÃG 24#5% 2ÏNG 4JÏPG#NRGU GP 5EKGPEGU
%QIPKVKXGU )TGPQDNG QEVQDTG
/KNNKGP ' n +PVGTCEVKQP &GUKIP HQT 4GUKFGPVKCN )CVGYC[U CPF *QOG 5GTXKEGU #P 'ZRGTKOGPVCN 5VWF[ HQT CP +PFWUVTKCN 2TQLGEV /EQPHÃTGPEG KPVGTPCVKQPCNG UWT NC OCÉVTKUG FGU U[UVÂOGU EQORNGZGU GV NC TGNCVKQP JQOOGU[UVÂOG 0ÉOGU6+%O
/ !" #$%O &
