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$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

CAPI TOLUL 5
&,)5$'($)$&(5,ù,9$/2$5($$' 8*$7

5.1 ANALI ZA CI FREI DE AFACERI

Potrivit normelor contabile în vigoare indicatorul “cifra de afaceri” se


GHWHUPLQ  SH ED]D IRUPXODUXOXL GH VLQWH]  ³&RQW GH SURILW úL pierderi” prin
vQVXPDUHDYkQ] ULORUGHP UIXULFXYDORDUHDSURGXF LHLYkQGXWH&RQWDELOLWDWHD

GH DQJDMDPHQW FDUH VH SUDFWLF  vQ DUD QRDVWU  LPSXQH LQFOXGHUHD vQ FDGUXO

DFHVWXL LQGLFDWRU D YDORULL IDFWXUDWH D P UIXULORU SURGXF LHL VDX VHUYLFLLORU vQ

FDX]  LQGLIHUHQW GH JUDGXO GH vQFDVDUH D FR ntravalorii acestora din partea
FOLHQ LORUILUPHL

,PSRUWDQ D – QLYHOXO DFHVWXL LQGLFDWRU HVWH vQ P VXU  VD GHD R LPDJLQH

GHVSUH SR]L LD SH SLD  D ILUPHL UHVSHFWLYH SULQ LQGLFDWRUXO VSHFLILF QXPLW

³FRWD GH SLD ´  GHVSUH IRU D SH FDUH R UHSUH]LQW  ILU


ma în sectorul respectiv
de activitate.
– PDUHD PDMRULWDWH D ILUPHORU vúL SURSXQ FD RELHFWLYH GH RUGLQ

VWUDWHJLF DWLQJHUHD XQHL DQXPLWH SR]L LL SH SLD  GH D GHYHQL OHDGHU OD QLYHO

JOREDO GH D GH LQH   GLQ SLD D VHJPHQWDW  JHRJUDILF VDX GLQ SLD D XQXL

produs etc.).

7UHEXLH IDFXW  GLVWLQF LD vQWUH cifra de afaceri FDUH UHSUH]LQW  XQ indicator
de efect  úL profit care este un LQGLFDWRU GH HILFLHQ . Sunt frecvente
FD]XULOH vQ FDUH YROXPXO ULGLFDW GH YkQ] UL vQUHJLVWUDW GH F WUH R ILUP  HVWH

SO WLW SULQ Q iveluri minime de profitabilitate sau chiar prin pierderi din
DFWLYLW LOHRSHUD LRQDOH

Utilizatori –PDQDJHPHQWXOILUPHLFRPSDUWLPHQWXO GHYkQ] ULFRQWDELOLWDWHD

ILUPHLFRQFXUHQ LSRWHQ LDOLLQYHVWLWRULRUJDQLVPHILQDQ DWRDUHHWF


&LIUDGHDIDFHULúLYDORDUHDDG XJDW

5.1.1 Analiza st UXFWXUDO úLGLQDPLF DFLIUHLGHDIDFHUL

Analiza de tip structural VH UHDOL]HD]  SH ED]D XQXL FULWHULX FDUH FODVLILF 

YkQ] ULOH WRWDOH DOH ILUPHL UHDOL]DWH vQ FXUVXO XQHL SHULRDGH GH WLPS FOLHQ L

SURGXVHSLH HGHGHVIDFHUHHWF

,QIRUPD LLOHIXUQL]DWHGHF WUHDQDOL]DVWUXFWXUDODVXQWPXOWLSOH

9PRGLILF UL DOH SRQGHULL GH LQXWH GH GLIHULWHOH SURGXVH P UIXUL  vQ WRWDOXO

YkQ] ULORU

9HILFLHQ DFDPSDQLLORUGHSXEOLFLWDWHSHUVRQDOL]DWH

9LHUDUKL]DUHD FOLHQWHOHL ILUPHL vQ RUGLQHD LPSRUWDQ HL FX DMXWRUXO PHW odei
ABC);
9HILFLHQ D UH HOHORU GH GLVWULEX LH XWLOL]DWH vQ XUPD DQDOL]HL ED]DWH SH

criteriul geografic).
%
Produs 1995 1996 1997 1998
A
B
C
TOTAL 100 100 100 100

0HWRGD SULQFLSDO  XWLOL]DW  SHQWUX UHDOL]DUHD DQDOL]HL GH WLS VWUXF tural este
PHWRGD$%& 3DUHWWR $FHDVWDLHUDUKL]HD] vQRUGLQHGHVFUHVF WRDUHYkQ] ULOH

UHDOL]DWH F WUH SULQFLSDOLL FOLHQ L VDX ]RQH JHRUJUDILFH  GHWHUPLQkQG XOWHULRU

YDORDUHD FXPXODW  D YkQ] ULORU 6H XUP UHúWH SXQHUHD vQ HYLGHQ  D WUHL ]RQH

majore, diVWLQFWGHOLPLWDWHGHJUXSDUHDFOLHQ LORUUHVSHFWLY

• zona A – FDUH JUXSHD]  FOLHQ LL FHL PDL LPSRUWDQ L FDUH GH LQ GHFL

SRQGHUHD FHD PDL PDUH vQ WRWDOXO YkQ] ULORU UHDOL]DWH GH ILUP  SRQGHUH

QXPHULF  –SRQGHUHYDORULF  – 65%;


• zona B – în cDUH VH VLWXH]  FOLHQ LL PHGLL FDUH GHWLQ R SRQGHUH vQ WRWDOXO

SRUWRIROLXOXL GH FOLHQ L GH FFD    úL DSUR[LPDWLY DFHHDúL SRQGHUH vQ
-
WRWDOXOYDORULFDOYkQ] ULORUUHDOL]DWH  - 25% );
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

• zona C – FDUH FRQFHQWUHD]  FOLHQ L QXPHURúL GDU FDUH GH LQ FXPXODW o


SRQGHUH SX LQ VHPQLILFDWLY  vQ WRWDOXO FLIUHL GH DIDFHUL  - pondere
QXPHULF úLUHVSHFWLY –SRQGHUHYDORULF 

Exemplu
ÌQYHGHUHDLOXVWU ULLPHWRGRORJLHLGHDQDOL] VWUXFWXUDO DFLIUHLGHDIDFHULYRP

SUH]HQWDvQFHOHFHXUPHD] FD]XOXQHLSXEOLFD LLFXQRVFXWHSHSLD DMXUQDOHORU

 DOH F UHL YkQ] UL HYLGHQ LDWH OD GRX  PRPHQWH WHPSRUDOH
1
din România
GLIHULWHVXQWGHWDOLDWHvQWDEHOXOXUP WRU

9kQ] ULOHSHFOLHQ LvQLDQXDULHúLLXQLH


nr.exemplare
Client Total ianuarie % Total iunie %
1 547,719 25.40% 399,235 20.49%
2 179,278 8.31% 134,000 6.88%
3 151,113 7.01% 122,501 6.29%
4 140,000 6.49% 127,604 6.55%
5 77,382 3.59% 65,500 3.36%
6 70,486 3.27% 72,406 3.72%
7 42,383 1.97% 43,500 2.23%
8 41,486 1.92% 49,800 2.56%
9 39,368 1.83% 36,666 1.88%
10 37,047 1.72% 32,097 1.65%
11 34,659 1.61% 35,555 1.82%
12 32,038 1.49% 32,654 1.68%
13 29,576 1.37% 12,560 0.64%
14 28,076 1.30% 19,980 1.03%
15 23,990 1.11% 22,350 1.15%
16 22,720 1.05% 11,500 0.59%
17 22,341 1.04% 18,665 0.96%
18 22,240 1.03% 23,449 1.20%
19 21,875 1.01% 12,500 0.64%
20 20,355 0.94% 73.45% 5,800 0.30% 65.60%
21 20,000 0.93% 31,780 1.63%
22 19,471 0.90% 27,680 1.42%
23 19,000 0.88% 31,544 1.62%
24 17,908 0.83% 27,666 1.42%
25 16,314 0.76% 39,567 2.03%
26 15,700 0.73% 16,778 0.86%
27 15,623 0.72% 17,988 0.92%
28 15,199 0.70% 16,456 0.84%
29 14,702 0.68% 15,289 0.78%
30 14,438 0.67% 17,886 0.92%
31 13,643 0.63% 12,786 0.66%
32 13,177 0.61% 12,989 0.67%
33 12,644 0.59% 13,455 0.69%
34 12,303 0.57% 18,765 0.96%

   
  

 
    
  ! " #$ %
      #$  (
1
d Dinu – &$'
    *! +,-%
.   % , /  # ,10222
economico-) ) '
&LIUDGHDIDFHULúLYDORDUHDDG XJDW

Client Total ianuarie % Total iunie %


35 12,175 0.56% 14,009 0.72%
36 12,172 0.56% 11,098 0.57%
37 12,000 0.56% 13,288 0.68%
38 11,718 0.54% 12,888 0.66%
39 10,824 0.50% 11,099 0.57%
40 10,607 0.49% 10,888 0.56%
41 10,553 0.49% 22,544 1.16%
42 9,678 0.45% 8,978 0.46%
43 9,594 0.44% 1,776 0.09%
44 9,478 0.44% 8,889 0.46%
45 9,365 0.43% 7,989 0.41%
46 9,000 0.42% 9,056 0.46%
47 8,500 0.39% 18,032 0.93%
48 8,415 0.39% 8,021 0.41%
49 8,342 0.39% 8,344 0.43%
50 8,318 0.39% 17.66% 8,454 0.43% 24.43%
51 7,868 0.36% 2,459 0.13%
52 7,513 0.35% 1,289 0.07%
53 7,191 0.33% 6,555 0.34%
54 7,185 0.33% 8,955 0.46%
55 7,110 0.33% 7,845 0.40%
56 6,660 0.31% 6,889 0.35%
57 6,380 0.30% 6,988 0.36%
58 6,068 0.28% 5,698 0.29%
59 6,036 0.28% 6,045 0.31%
60 5,904 0.27% 5,998 0.31%
61 5,823 0.27% 5,876 0.30%
62 5,690 0.26% 5,431 0.28%
63 5,402 0.25% 4,333 0.22%
64 5,214 0.24% 5,091 0.26%
65 5,182 0.24% 5,432 0.28%
66 5,133 0.24% 5,000 0.26%
67 5,040 0.23% 5,000 0.26%
68 4,593 0.21% 5,000 0.26%
69 4,575 0.21% 5,000 0.26%
70 4,471 0.21% 5,000 0.26%
71 4,387 0.20% 4,880 0.25%
72 4,309 0.20% 4,880 0.25%
73 3,931 0.18% 4,880 0.25%
74 3,526 0.16% 4,880 0.25%
75 3,266 0.15% 4,989 0.26%
76 3,118 0.14% 4,500 0.23%
77 3,072 0.14% 4,500 0.23%
78 2,847 0.13% 4,500 0.23%
79 2,780 0.13% 4,000 0.21%
80 2,652 0.12% 3,800 0.20%
81 2,638 0.12% 2,400 0.12%
82 2,549 0.12% 2,400 0.12%
83 2,540 0.12% 2,400 0.12%
84 2,400 0.11% 2,400 0.12%
85 2,358 0.11% 2,250 0.12%
86 2,287 0.11% 2,210 0.11%
87 2,136 0.10% 1,280 0.07%
88 2,102 0.10% 1,200 0.06%
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

Client Total ianuarie % Total iunie %


89 2,002 0.09% 1,200 0.06%
90 1,929 0.09% 1,200 0.06%
91 1,925 0.09% 1,200 0.06%
92 1,874 0.09% 2,000 0.10%
93 1,839 0.09% 2,000 0.10%
94 1,742 0.08% 2,200 0.11%
95 1,720 0.08% 2,250 0.12%
96 1,527 0.07% 2,450 0.13%
97 1,489 0.07% 2,489 0.13%
98 1,311 0.06% 2,200 0.11%
99 1,294 0.06% 1,355 0.07%
100 1,210 0.06% 1,450 0.07%
8.9% 10.0%
2,156,791 100% 1,948,531 100%

Conducerea firmei care tip UHúWH SXEOLFD LD UHVSHFWLY  D VROLFLWDW

FRPSDUWLPHQWXOXL GH PDUNHWLQJ V  UHDOL]H]H R DQDOL]  D UH HOHL GH GLVWULEX LH

utilizate.
3HQWUXDQDOL]DVWUXFWXUDO V DXSUHOXFUDWLQIRUPD LLGLVSRQLELOHSHQWUXVWUXFWXUD
-
pe difuzori a desfacerilor în perioada ianuarie - iunie 1997.

3H ED]D PHWRGHL $%& 3DUHWR  HVWH HYLGHQ LDW  VLWXDUHD VWUXFWXULL YkQ] ULORU

SXEOLFD LHL ³$OID 1HZV´ vQ DSURSLHUHD FXUEHL WHRUHWLFH GHFL HVWH HYLGHQ LDW  R

putere de negociere la nivel mediu cu difuzorii. Pe baza acestei metode sunt


delLPLWDWH FHOH WUHL ]RQH UH]XOWDWH OD QLYHOXO OXQLL LDQXDULH  úL UHVSHFWLY
LXQLH úLDQXPH

Zona A GLIX]RULL PDUL SULPLL  GLQ QXP UXO GH FOLHQ L  GH GLIX]RUL 

DFRSHU  GLQYkQ]


- UL

Zona B GLIX]RULL PHGLL XUP WRULL  GLQ QXP UXO GH FOLHQ L  GH

GLIX]RUL DFRSHU  GLQYkQ]


- UL

Zona C GLIX]RULL PLFL  GLQ QXP UXO WRWDO  GLIX]RUL  DFRSHU  GRDU

9- GLQYkQ] UL

ÌQ JUXSD PDULORU GLIX]RUL SRQGHUHD FHD PDL LPSRUWDQW  UHYLQH vQ PRG ILUHVF

FRPSDQLHL 52',3(7 UH HDXD QD LRQDO   GH GLIX]DUH D SUHVHL R FRPSDQLH FX

FDSLWDO GH VWDW  FDUH GLQ SXQFW GH YHGHUH JOREDO DVLJXU   -25% din
desfaceri.
(VWH VHPQLILFDWLY GH UH LQXW IDSWXO F  SROLWLFD ILUPHL HVWH GH UHGXFHUH D

GHSHQGHQ HLGHSULQFLSDOXOGLIX]RU
&LIUDGHDIDFHULúLYDORDUHDDG XJDW

ÌQ OHJDWXU  FX UH HDXD SURSULH GH GLVWULEX LH WRQHWH SURSULL  DFHDVWD

UHSUH]LQW  GRDU   GLQ YkQ]


- ULOH WRWDOH FRQILUPkQG WRWRGDW  R SROLWLF 

ED]DW  SH FRQVWUXLUHD XQHL UH HOH FRQWUDFWXDOH vQ FDUH PDQDJHPHQWXO

DFWLYLW LLGHGLIX]DUHUHYLQHPLFLORULQYHVWLWRUL

Analiza dLQDPLF SXQHvQHYLGHQ RWHQGLQ GHFUHúWHUHDSRQGHULLGLIX]RULORU

de talie medie (Zona B).

ianuarie 1997 iunie 1997

Zona A: Zona A:
73% din 66% din
YkQ] UL YkQ] UL

Zona B:
18% din Zona B:
YkQ] UL
24% din
YkQ] UL

Zona C: Zona C:
9% din 10% din
YkQ] UL
YkQ] UL

Analiza de tip dinamic VH UHDOL]HD]  SH ED]D indicilor  GH YDULD LH FX ED]D

IL[ VDXFXED]DvQODQ SUHFXPúLDP ULPLORUPHGLL .

$QDOL]D WUHEXLH HIHFWXDW  vQ XQLW L FRPSDUDELOH GH YDORDUH PDL DOHV GDF 

ILUPDUHVSHFWLY DFWLYHD] vQFDGUXOXQXLPHGLXHFRQRPLFLQIOD LRQLVW

¾'DF  UDWD LQIOD LHL vQ SHULRDGD DQDOL]DW  D DYXW YDORUL PDL PLFL GH  

atunci rat DUHDO GHYDULD LHDFLIUHLGHDIDFHULVHRE LQHDVWIHO

5$7$5($/  5$7$120,1$/  – 5$7$,1)/$ ,(,


$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

¾'DF  vQ VFKLPE QLYHOXO LQIOD LHL D IRVW ULGLFDW SHVWH    DWXQFL

determinarea ratei reale se va face utilizând formula lui FI SHER:

RATA NOMI NAL – 5$7$,1)/$ ,(,

5$7$5($/  

5$7$,1)/$ ,(,

$VWIHO GDF  vQ FXUVXO XQXL DQ GH ]LOH UDWD QRPLQDO  GH FUHúWHUH D FLIUHL GH

DIDFHULDXQHLILUPHDIRVWGH LDUUDWDLQIOD LHLDIRVW GH DWXQFL

UDWDGHFUHúWHUHvQWHUPHQL reali DLQGLFDWRUXOXLPHQ LRQDWQXDIRVWGH

ci numai de 15 %.

5.1.2 $QDOL]DIDFWRULDO

0RGHOHGHDQDOL] 

1) CA = Σ qvi x pvi - SHQWUXSURGXF LHHWHURJHQ

CA qvi

pvi

2) CA = Qv x pv -SHQWUXSURGXF LHRPRJHQ

2.1) pv = Σ gi (% ) x pvi – pUH  PHGLX GH YkQ]DUH GHWHUPLQDW FD PHGLH

SRQGHUDW

CA Qv

Pv gi

pvi

3) CA = Qv x pv
3.1) Qv = Of x α JUDGXOGHYDORULILFDUHDSURGXF LHLIDEULFDWH
&LIUDGHDIDFHULúLYDORDUHDDG XJDW

3.2) 4I &GLVSRQLELO β JUDGXOGHXWLOL]DUHDFDSDFLW


[ LLGHSURGXF LH

CA Qv Qf &GLVSRQLELO

α β

pv gi

pvi

5.1.3 $QDOL]D FLIUHL GH DIDFHUL D SXQFWXOXL FULWLF DO UHQWDELOLW LL úL

JUDGXOXLGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH

3
Determinarea pragului minim de rentabilitate în XQLW i fizice :

'DF Y
–FKHOWXLDODYDULDELO XQLWDU  SHSURGXV

Pv –SUH XOXQLWDUGHFRPHUFLDOL]DUH

F – suma cheltuielilor fixe

F
CA =
Pv − v

3UHVXSXQHP F  SUH XO XQLWDU GH YkQ]DUH este de 25.000 lei; suma
cheltuielilor fixe este de 145.000.000 lei, iar FKHOWXLDOD YDULDELO 

XQLWDU de 15.000 lei.


$WXQFL FLIUD GH DIDFHUL vQ XQLW L IL]LFH  DIHUHQW  SUDJXOXL PLQLP GH

rentabilitate va fi de:

145.000
CA =  XQLW LIL]LFH
25.000 − 15.000
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

Presupunând nivelul fizic al FDSDFLW LL GLVSRQLELOH DO ILUPHL

UHVSHFWLYH GH  XQLW L IL]LFH UH]XOW F  HVWH QHFHVDU XQ JUDG

GHXWLOL]DUHDFDSDFLW LLGHSURGXF LHGH

Exprimarea sub IRUP YDORULF VHSRDWHRE LQHDSOLFkQGIRUPXOD

F
CA =
v
1−
pv,

DGLF  în exemplul luat anterior,

145.000.000 145.000.000
CA = = = 362.500.000 lei.
1 − 0 ,6 0 ,4

ÌQ FD]XO ILUPHORU FDUH FRPHUFLDOL]HD]  R JDP  YDULDW  GH SURGXVH UHOD LD GH

GHWHUPLQDUH D SUDJXOXL PLQLP DO UHQWDELOLW LL VDX SXQFWXO FULWLF DO

UHQWDELOLW LL GHYLQH

F
CA =
1 − Rv,

în care Rv – rata medie a cheltuielilor variabile  PHGLH GHWHUPLQDW  FD

SULQ SRQGHUDUHD GLIHULWHORU SURGXVH FDUH IRUPHD]  FLIUD GH DIDFHUL D ILUPHL FX

valorile individuale ale ratelor cheltuielilor variabile.

I ndicatori Produs A Produs B Total


9kQ] UL &$  – mii lei 250.000 250.000 500.000
6WUXFWXUDYkQ] ULORU 50 % 50 % 100 %
Cheltuieli variabile – mii lei 225.000 100.000 325.000
Cheltuieli fixe – mii lei X X 75.000
Rata cheltuielilor var. 90 % 40 % 65 %
&LIUDGHDIDFHULúLYDORDUHDDG XJDW

3ULQ XUPDUH vQ H[HPSOXO OXDW QLYHOXO YkQ] ULORU DIHUHQWH SUDJXOXL PLQLP GH

UHQWDELOLWDWHVHGHWHUPLQ DVWIHO

75.000.000 75.000.000
CA = = = 214.285.710 lei
1 − 0 ,65 0 ,35

5.1.4 6WUDWHJLL vQ GRPHQLXO FLIUHL GH DIDFHUL úL D SUH XOXL G e vânzare.
$QDOL]DHODVWLFLW LL

&HL GRL IDFWRUL GH LPSRUWDQ  VWUDWHJLF  FH GHWHUPLQ  QLYHOXO YkQ] ULORU XQHL

firme sunt:
- FDQWLWDWHDFRPHUFLDOL]DW  - Qv
- SUH XOGHYkQ]DUH – Pv

&DQWLWDWHD FRPHUFLDOL]DW  HVWH FRQVHFLQ D PDQLIHVW ULL XQHL PXOWLWXGLQL GH

f DFWRULúLDF LXQLvQWUHFDUHPHQ LRQ P

¾FDQWLWDWHDIDEULFDW

¾ nivelul stocurilor
¾ volumul de ansamblu al cererii
¾LQWHQVLWDWHDFRQFXUHQ LDO

¾ campanii de publicitate
¾ politicile de promovare
¾DOLDQ HOHVWUDWHJLFH

ÌQ FHHD FH SULYHúWH SUH XO GH YkQ]DUH se impune D IDFH PHQ LXQHD F  vQ

UHDOLWDWH HVWH YRUED GH XQ SUH  PHGLX GH YkQ]DUH FDOFXODW SH ED]D XQXLD GLQ

FULWHULLOH XUP WRDUH SURGXVH FRPHUFLDOL]DWH FOLHQ L SHULRDGD GH WLPS SHQWUX

FDUHVHGHWHUPLQ HWF

0HWRGHGHVWDELOLUHDSUH XOXLGHYkQ]DUH

I NTERNE: ED]DWHSHFRVWXOGHSURGXF LH

EXTERNE: ED]DWHSHFRQFXUHQ L

bazate pe consumatori
$QDOL]DHFRQRPLF úLILQDQFLDU DILUPHL

- costuri NI VELUL - FRQFXUHQ L

- marketing 35( 8/8, - distribuitori


- strategie DE - consumatori
VÂNZARE - OHJLVOD LH

Elasticitatea cererii ODYDULD LLOHGHSUH 

- VH GHWHUPLQ  FX DMXWRUXO FRHILFLHQWXOXL GH HODVWLFLWDWH RE LQXW FD UDSRUW

vQWUHYDULD LDFDQWLW LLFRPHUFLDOL]DWHúLFHDDSUH XOXLGHYkQ]DUH

∆qv
Ec = -
∆pv

'DF (F DWXQFLFHUHUHDHVWHSHUIHFWHODVWLF 

'DF (F DWXQFLFHUHUHDHVWHSHUIHFWLQHODVWLF 

Analiza pe baza cuplului cantitate – SUH HVWHvQP VXU V UHOHYHVWUDWHJLLOH

comerciale ale firmei.

1. &DQWLWDWHYkQGXW ULGLFDW SUH XULFkWPDLDSURSLDWHGHFRVWXUL

3HQWUX UHDOL]DUHD XQXL YROXP ULGLFDW DO YkQ] ULORU PDL DOHV vQ VHFWRDUH GH

activitate caracterizate printr- XQJUDGULGLFDWGHFRQFXUHQ PXOWHILUPHDSOLF 

marje minime de profit pe produs. Sunt sectoarele în care cel mai adesea
ILUPHOHGLVSXQGHFDSDFLW L LPSRUWDQWHGHSURGXF LHúLvQFDUHVHPDQLIHVW úL

HIHFWXO HFRQRPLLORU GH VFDU  FDUDFWHUL]DWH SULQWU R


- SRQGHUH ULGLFDW  D

cheltuielilor fixe.

2. &DQWLWDWH YkQGXW  UHODWLY UHGXV  SUH XUL FDUH LQFOXG PDUMH

ridicate de profit
$FHDVW  YDULDQW  HVWH VSHFLILF  XQHL VWUDWHJLL GH FRQFHQWUDUH SH DQXPLWH

VHJPHQWH GH SLD  QLúH  vQ FDUH GHúL YROXPXO FHUHULL QX HVWH ULGLFDW ILUPD

UHXúHúWH V  RE LQ  PDUMH LQWHUHVDQWH GH SURILW FD XUPDUH D DERUG ULL

GLIHUHQ LDWH D VHJPHQWXOXL UHVSHFWLY GH SLD  (VWH FD]XO FHO PDL DGHVHD DO

produselor de lux.
&LIUDGHDIDFHULúLYDORDUHDDG XJDW

3. &DQWLWDWHYkQGXW ULGLFDW SUH XULPDUL

$FHDVW  SRVLELO  FRPELQD LH D FHORU GRL IDFWRUL VH GDWRUHD]  H[LVWHQ HL XQHL

cereri ridicate, dar cel mai aGHVHD HYROX LD GH DFHVW WLS HVWH FRQMXQFWXUDO 

QHSXWkQG IL OXDW  vQ FRQVLGHUDUH SH WHUPHQ OXQJ (VWH FDUDFWHULVWLF 

VHFWRDUHORU GH DFWLYLWDWH DIODWH vQ SULPHOH ID]H DOH FLFOXOXL GH YLD  YH]L

A.D.Little).

4. &DQWLWDWHFRPHUFLDOL]DW UHGXV SUH XULGHYkQ] are minime


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