EDITORIAL

UNIVERSITAT POLITÈCNICA DE VALÈNCIA

 Mónica García Melón Jordi Peris Blanes
Jorge Alcaide Marzal Rafael Monterde Díaz
Tomás Gómez Navarro Pablo Ferrer Gisbert
Daniel Collado-Ruíz Eliseo Gómez-Senent Martínez

FUNDAMENTOS DEL DISEÑO

EN LA INGENIERÍA

EDITORIAL
UNIVERSITAT POLITÈCNICA DE VALÈNCIA
Figura De la portada elaborada a partir de un modelo
Extraído de http://artist-3d.com

Primera edición, 2009 ȻUHLPSUHVLyQ201

© de la presente edición:
Editorial Universitat Politècnica de València
www.editorial.upv.es

Distribución: pedidos@editorial.upv.es
Tel. 96 387 70 12

© Mónica García Melón

Jorge Alacide Marzal
Tomás Gómez Navarro
Daniel Collado-Ruíz
Jordi Peris Blanes
Rafael Monterde Díaz
Pablo Ferrer Gisbert
Eliseo Gómez-Senent Martínez

Imprime: %\SULQW3HUFRPVO

ISBN: 978-84-8363-386-1
Depósito Legal: V-0484-2009
Ref. editorial: 989BBB

Queda prohibida la reproducción, distribución, comercialización,

transformación, y en general, cualquier otra forma de explotación, por
cualquier procedimiento, de todo o parte de los contenidos de esta obra
sin autorización expresa y por escrito de sus autores.

Impreso en España
 Ë1',&(



&$3Ë78/2 ,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$  

 ,1752'8&&,Ï1$/',6(f2  
     $57(6$1Ë$,1'8675,$<',6(f2  
     ',6(f$5  
 ',6(f2(1/$,1'8675,$ 
    /$,1'8675,$ 
     /265(726'(/$,1'8675,$  
 ',6(f$5352'8&726,1'8675,$/(6 
     7,326'(352'8&726,1'8675,$/(6  
     (/&,&/2'(',6(f2'(/26352'8&726,1'8675,$/(6  
     (/&,&/2'(/26352'8&726,1'8675,$/(6 
     /26352%/(0$6'(/',6(f2(1/$,1*(1,(5Ë$  
 &$6235È&7,&2029,/,'$'85%$1$ 
     3/$17($0,(172  
     62/8&,Ï135238(67$  
 %,%/,2*5$)Ë$  


&$3Ë78/2 7(25Ë$'(/352<(&72  

 ,1752'8&&,Ï1  
 %$6(6'(/&212&,0,(172 
     &,(1&,$'(/',6(f22352<(&72  
     /$7(25Ë$</$,1*(1,(5Ë$'(6,67(0$6  
     7(25Ë$6'(/352<(&72  
 7(25Ë$'(/$6',0(16,21(6'(/352<(&72  
     $3/,&$&,21(6'(/$7(25Ë$'(/352<(&72(675$7(*,$6
3$5$/$5(62/8&,Ï1'(352%/(0$6  
     35,1&,3,26'(/352<(&72 
 5(680(1  


&$3Ë78/2 0(72'2/2*Ë$6'(/352<(&72  

 ,1752'8&&,Ï1  
 ',9(5626(1)248(6'(/352&(62'(',6(f2(1
,1*(1,(5Ë$  
     (/02'(/2'(0-)5(1&+  
     (/',6(f2(1,1*(1,(5Ë$6(*Ò11&5266  
     (/',6(f2727$/'(638*+  
     (/(1)248(6,67(0È7,&2'(*3$+/<:%(,7=  
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

     /266,67(0$67e&1,&26'(:+8%.$<:(('(5  

     (/02'(/2'(',6(f20(&È1,&2'('*8//0$1  
     /$35238(67$'(1)0522=(1%85*<-((.(/6  
     &8$'525(680(1'(352&(62635238(6726  
 81$35238(67$6,17(7,=$'$'(/352&(62'(/352<(&72  
 %,%/,2*5$)Ë$  


&$3Ë78/2 $1È/,6,6'(,1)250$&,Ï1<(63(&,),&$&,21(6  

 /$%Ò648('$'(,1)250$&,Ï1 
     ,1752'8&&,Ï1  
     (/35202725  
     /26868$5,26  
     352'8&726(;,67(17(6(1(/0(5&$'2  
     /(*,6/$&,Ï1<1250$7,9$  
     38%/,&$&,21(6(63(&Ë),&$6  
     3$7(17(6 
     /$(;3(5,(1&,$.12:+2:  
 /$6(63(&,),&$&,21(6'(/352<(&72 
     &Ï02 '(),1,5 /$6 (63(&,),&$&,21(6 '( ',6(f2 '(/
352<(&72 
     (/ &217(1,'2 '( 81$6 (63(&,),&$&,21(6 '( ',6(f2 '(
352'8&72  
     '2&80(17$&,Ï1'(/$6(63(&,),&$&,21(6  
     /$ *(67,Ï1 '( /$6 (63(&,),&$&,21(6 (1 (/ 352&(62 '(
',6(f2  
     /$75$=$%,/,'$''(/$6(63(&,),&$&,21(6  
 %,%/,2*5$)Ë$  


&$3Ë78/2 &5($7,9,'$'  

 ,1752'8&&,Ï1  
 /260(&$1,6026'(/$0(17(  
     02'(/260(17$/(6  
     5,*,'(=<)/(;,%,/,'$'  
 (/3(16$0,(172&5($7,92&202352&(62 
     3(16$0,(1729(57,&$/)5(17($3(16$0,(172+25,=217$/  
     (/352&(62'(3(16$0,(172&5($7,92  
 %/248(26$/$&5($7,9,'$'  
     %/248(263523,26'(/6(5+80$12  
     %/248(26'(25,*(1$)(&7,922(02&,21$/  
     %/248(26'(25,*(1&2*1,7,92  
     %/248(26'(%,'2$/(17251262&,$/  
 7e&1,&$6'(&5($7,9,'$' 

 
 Ë1',&(

     %5$,167250,1*  

     75,= 
     275260e72'26  
 %,%/,2*5$)Ë$  


&$3Ë78/2 *(1(5$&,Ï1'(62/8&,21(6 

 ,1752'8&&,Ï1  
 ,'(17,),&$&,Ï1'(/$6)81&,21(6'(/352'8&72(/
$1È/,6,6)81&,21$/ 
     '(6&5,3&,Ï1'(/$7e&1,&$  
    (/&21&(372'(6,67(0$  
     (7$3$6'('(6$552//2'(/$1È/,6,6)81&,21$/  
     &21&/86,21(6  
     (-(03/2$63,5$'25  
     (-(03/2&255(3$6,//26 
 %Ò648('$'(62/8&,21(6325)81&,21(6/26&8$'526
025)2/Ï*,&26  
     '(6&5,3&,Ï1'(/$7e&1,&$  
     (7$3$6'('(6$552//2'(/26&8$'526025)2/Ï*,&26  
     (-(03/2$63,5$'25  
     (-(03/20$48,1,//$'($)(,7$5  


&$3Ë78/2 (9$/8$&,Ï1'($/7(51$7,9$6  

 ,1752'8&&,Ï1  
 (9$/8$&,Ï1(&21Ï0,&$(67,0$&,Ï1'(&267(6 
     (67,0$&,Ï1'(&267(6(1/$6',67,17$6)$6(6'(352<(&72  
     &/$6(6'((67,0$&,21(6  
     0e72'26'((67,0$&,Ï1'(&267(6  
 (9$/8$&,Ï108/7,&5,7(5,2 
     &21&(3726%È6,&2662%5('(&,6,Ï1  
     &/$6,),&$&,Ï1'(/26352%/(0$6'('(&,6,Ï1  
     0(72'2/2*Ë$'(720$'('(&,6,Ï108/7,&5,7(5,2  
     0e72'26'('(&,6,Ï108/7,&5,7(5,2',6&5(72680$
321'(5$'$  
     (-(03/2'($3/,&$&,Ï1 
 (/)$&725'(5,(6*2(1/$(9$/8$&,Ï1'(352<(&72  
     &5,7(5,26'('(&,6,Ï1%$-25,(6*2(,1&(57,'80%5( 
     (-(03/2'($3/,&$&,Ï1 
 02'(/2'((9$/8$&,Ï1&267(%(1(),&,2  
     &$62'((678',2  
 %,%/,2*5$)Ë$  


 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

&$3Ë78/2 ',6(f23$5$/$&$/,'$' 


 ,1752'8&&,Ï1  
 '(63/,(*8('(/$)81&,Ï1'(&$/,'$'48$/,7<
)81&7,21'(3/2<0(1724)' 
 /$&$6$'(/$&$/,'$''(6$552//2<$3/,&$&,Ï1  
     (678',2'(/868$5,2  
     (678',2'(/0(5&$'2 
     &È/&8/2'(/263$5È0(75267e&1,&26  
 862'(/265(68/7$'26(63(&,),&$&,21(67e&1,&$6
'(',6(f2  
 %,%/,2*5$)Ë$  


&$3Ë78/2 ',6(f23$5$(/0(',2$0%,(17(  

 18(675$+8(//$(1(/3/$1(7$<(/'(6$552//2
6267(1,%/(  
 (/&21&(372'(&,&/2'(9,'$  
 /$0(','$'(/26,03$&726$0%,(17$/(6  
     0$75,=0(7  
     $1È/,6,6'(&,&/2'(9,'$$&9  
     (&2,1',&$'25(6  
 '(/$7(25Ë$$/$35È&7,&$&Ï026(',6(f$3$5$(/
0(',2$0%,(17(  
     &8È1'2 &216,'(5$5 /26 ,03$&726 $0%,(17$/(6 (1 (/
352&(62'(',6(f2  
     (675$7(*,$6'((&2',6(f2  
 81(-(03/2'((&2',6(f20(',$17((&2,1',&$'25(6 
     2%7(1&,Ï1'(/$60$7(5,$635,0$6  
     )$%5,&$&,Ï1'(/$63,(=$6 
     75$163257('(/$63,(=$6 
     0217$-(  
     75$163257('(/$63,(=$6+$67$/26381726'(9(17$
<'(&216802  
     862'(/$/È03$5$  
     5(7,52 '( /$ /È03$5$ < (175$'$ (1 (/ &,5&8,72 '(
*(67,Ï1'(5(6,'826  
     38(67$(1&20Ò0  
 %,%/,2*5$)Ë$  


&$3Ë78/2 *(67,Ï1'(/9$/25 

 ,1752'8&&,Ï1 
      $17(&('(17(6+,67Ï5,&26  

 
 Ë1',&(

      &21&(372'(9$/25  

      9$/25<)81&,21$/,'$'  
 *(67,Ï1'(/9$/25 
      32/Ë7,&$6<(675$7(*,$63$5$0(-25$5(/9$/25  
      *(67,Ï1 '( 5(&85626 +80$126 3$5$ 0(-25$5 (/
9$/25   
      *(67,Ï1'(/$,1)/8(1&,$'(/(172512'(/352<(&72
3$5$0(-25$5(/9$/25  
      +(55$0,(17$6'(',6(f23$5$0(-25$5(/9$/25  
 $1È/,6,6'(9$/25  
      $1È/,6,6'(9$/25(1/$,1*(1,(5Ë$'(/9$/25  
      $1È/,6,6'(/$61(&(6,'$'(6'(/26868$5,26
0$75,=&/,(17(61(&(6,'$'(6  
      $1È/,6,6'(/$6)81&,21(6'(/352'8&720$75,=
1(&(6,'$'(6)81&,21(6  
      $1È/,6,6'(/2668%6,67(0$6<&20321(17(6'(/
352'8&720$75,=)81&,21(66,67(0$6&267(6  
      5(68/7$'26'(/$1È/,6,6'(9$/25  
 35238(67$6'(0(-25$ 
 &$6235È&7,&2 
      ,1752'8&&,Ï1$/&$6235È&7,&2 
      (181&,$'2'(/352%/(0$  
      $1È/,6,6'(/26&267(6'(/266,67(0$6'(/
352'8&72  
     62/8&,Ï1'(/352%/(0$ 
 %,%/,2*5$)Ë$ 


&$3Ë78/2 *(67,Ï1'((48,326  

 ,1752'8&&,Ï1 
      È5($6'(/$',5(&&,Ï1<*(67,Ï1'(352<(&726  
 )81&,21(6<5(&85626'($8725,'$''(/',5(&725
'(352<(&726  
      )81&,21(6'(/$',5(&&,Ï1'(/(48,32  
      32'(5<$8725,'$'  
      )$&725(6'($32<2$/',5(&725'(/352<(&72  
 (/352<(&72(1/$62&,('$''(/&212&,0,(172  
      8118(923$5$',*0$(/&212&,0,(172&202$&7,92
35,1&,3$/'(/352<(&72  
      ¢48e&212&,0,(172"  
 /$',1È0,&$'(75$%$-2(1(48,32  
      9(17$-$6<'(69(17$-$6'(/75$%$-2(1(48,32  
      (/352&(62'()250$&,Ï1'(81(48,32 
     &$5$&7(5Ë67,&$6'(/26(48,326$/7$0(17(()(&7,926 

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

      /2652/(6*583$/(6 

      (/3$3(/'(/2652/(6(1(/352&(62'(5(62/8&,Ï1
'(352%/(0$6  
 (//,'(5$=*2(1(/352<(&72  
      '(),1,&,Ï1'(/,'(5$=*2  
      ',)(5(17(6(6&8(/$63$5$(17(1'(5(//,'(5$=*2  
      (//,'(5$=*26,78$&,21$/  
 &21&/86,21(6 
 %,%/,2*5$)Ë$ 




 






        

&$3Ë78/2  

,1752'8&&,Ï1$/',6(f2
(1/$,1*(1,(5Ë$



,1752'8&&,Ï1$/',6(f2  
  $57(6$1Ë$,1'8675,$<',6(f2  
  ',6(f$5  
   &RQFHSWRGHGLVHxR  
   &LHQFLDGHOGLVHxR 
',6(f2(1/$,1'8675,$ 
  /$,1'8675,$ 
   /RVVLVWHPDVSURGXFWLYRV  
   /DIXQFLyQGHLQJHQLHUtD  
   /RV*UXSRVGH,QWHUpV  
   /DLPSRUWDQFLDGHOFOLHQWH  
  /265(726'(/$,1'8675,$  
   /DVGHPDQGDVGHODLQGXVWULD  
   (OUHWRGHODVRVWHQLELOLGDG 
',6(f$5352'8&726,1'8675,$/(6  
  7,326'(352'8&726,1'8675,$/(6  
  (/&,&/2'(',6(f2'(/26352'8&726,1'8675,$/(6  
  (/&,&/2'(/26352'8&726,1'8675,$/(6  
   &LFORGHYLGDHFRQyPLFRGHXQSURGXFWR  
   &LFORGHYLGDItVLFRGHXQSURGXFWR  
  /26352%/(0$6'(/',6(f2(1/$,1*(1,(5Ë$ 
   3UREOHPDSUR\HFWXDO\SUREOHPDWHFQROyJLFR  
   /DPHWRGRORJtDGHGLVHxR 
&$6235È&7,&2029,/,'$'85%$1$ 
  3/$17($0,(172  
  62/8&,Ï135238(67$  
%,%/,2*5$)Ë$  














































 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

,1752'8&&,Ï1$/',6(f2

$57(6$1Ë$,1'8675,$<',6(f2

 (Q ODV GHILQLFLRQHV GH FLYLOL]DFLyQ VH VXHOHQ LQFOXLU DGHPiV GH ODV LGHDV \
FRVWXPEUHVTXHFDUDFWHUL]DQDORVSXHEORVVXVDUWHVFLHQFLDV\REMHWRVDUWLILFLD
OHV$UWLILFLDOHVVHUHILHUHDORKHFKRRFUHDGRSRUHOVHUKXPDQRFRPRFRQWUDVWH
FRQORTXHVHSXHGHREVHUYDU\HQFRQWUDUHQHOUHVWRGHODQDWXUDOH]D1DWXUDO(V
GHFLU HV LQKHUHQWH DO GHVDUUROOR KXPDQR \ OD FLYLOL]DFLyQ OD FDSDFLGDG SDUD FUHDU
FRQRFLPLHQWRREMHWRV\RUJDQL]DFLRQHVDUWLILFLDOHV

 (Q OD FUHDFLyQ GH OR DUWLILFLDO HO VHU KXPDQR SULPHUR IXH DUWLVWD \ DUWHVDQR (O
REMHWLYR SULQFLSDO GH ODV FRVDV TXH FUHDED HUD VDWLVIDFHU QHFHVLGDGHV SURSLDV R
FRPR PXFKR GH VX FODQ /DV SLQWXUDV REMHWRV \ WpFQLFDV H[LWRVDV VH FRSLDEDQ
SULQFLSDOPHQWHSRUWUDGLFLyQRUDO+DEtDGLVHxRHQORTXHKDFtDQSHURQRFRQFLHQ
FLDHVSHFtILFDGHHOOR&RQHOGHVDUUROORGHODFLYLOL]DFLyQ\ODVFLXGDGHVHLPSHULRV
VXUJHQORVSULPHURVGLVHxDGRUHVSHURWRGDYtDQRFRQHVHHVWDWXV/DFRPSOHMLGDG
VRFLDO SHUPLWH TXH VH HVWDEOH]FDQ ORV RILFLRV \ TXH SUROLIHUHQ \ FRPSOLTXHQ ODV
QHFHVLGDGHV HQ SDUDOHOR FRQ OD GHPDQGD GH REMHWRV \ VHUYLFLRV /DV FLXGDGHV
FRQFHQWUDQ HO LQWHUFDPELR GH UHFXUVRV QDWXUDOHV H LGHDV \ HQ HVH FRQWH[WR VH
FRQVROLGDQORVRILFLRVGHDUTXLWHFWRLQYHQWRU\FRQVWUXFWRUGHPiTXLQDVFRQVWUXF
WRUGHEDUFRVORVRILFLRVJUHPLDOHVHWF'HHVWDpSRFDSUHYLDDODHUD&ULVWLDQD
VRQORVSULPHURVGLVHxRVWDO\FRPRKR\VHHQWLHQGHQFRQVXVGLEXMRV\SODQRV
RUJDQL]DFLyQGHLQVWUXFFLRQHVGHIDEULFDFLyQPDTXHWDVHWF






)LJXUD3UHQVDGHWRUQLOORVHJ~QXQDGHVFULSFLyQGLVHxR
GH+HUyQGH$OHMDQGUtDVLJOR,D&

)XHQWH*yPH]6HQHQWHWDO



 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 7DPELpQHVSDUDOHODDODFLYLOL]DFLyQODDSDULFLyQGHODLQGXVWULD,QGXVWULDHVOD
KDELOLGDG \ HO FRQMXQWR GH DFWLYLGDGHV QHFHVDULDV SDUD WUDQVIRUPDU ORV SURGXFWRV
QDWXUDOHV R QR \ REWHQHU RWURV SURGXFWRV R VHUYLFLRV (V PX\ LQGXVWULRVR TXLHQ
WUDEDMDPXFKRVDEHKDFHUODVFRVDVELHQ\HQJUDQFDQWLGDG$VtFRQHODXPHQWR
GHODGHPDQGD\HOGHVDUUROORGHOOLEUHFRPHUFLRODLQGXVWULDLQVWDXUyODHVWUDWHJLD
GH KDFHU PXFKR PiV GH OR TXH VH QHFHVLWD SDUD HO DXWRFRQVXPR FRQ HO ILQ GH
LQWHUFDPELDUOR SRU RWURV SURGXFWRV \ VHUYLFLRV 'H HVWD IRUPD OD LQGXVWULD VH IXH
GLIHUHQFLDQGRGHODDUWHVDQtD\ODEXUJXHVtDIXHVXVWLWX\HQGRDORVJUHPLRVFRPR
DJHQWHVRFLDOSDUDODSURGXFFLyQ/DVXVWLWXFLyQQXQFDKDVLGRFRPSOHWDHODUWH\
ODDUWHVDQtDVLJXHQWHQLHQGRVXGHPDQGD\FRQYLYHQHQHOPHUFDGRORVSURGXFWRV
LQGXVWULDOHV\DUWHVDQRVYHUILJXUD



 

)LJXUD'RVSURGXFWRVFRPHUFLDOHVDFWXDOHVGHYLGULRDUWHVDQRHOGH
DL]TXLHUGDLQGXVWULDOHOGHODGHUHFKD

)XHQWH(ODERUDFLyQSURSLD


 6LQGXGDHOGHVSHJXHGHILQLWLYRGHODLQGXVWULDFRPRVHFWRUHFRQyPLFRVRFLDOH
LQFOXVRFXOWXUDOOOHJDFRQOD5HYROXFLyQ,QGXVWULDO5,\HOWULXQIRGHO&DSLWDOLVPR
/D 5, VH GHEH D ORV HIHFWRV GH IHQyPHQRV FRPR OD FRORQL]DFLyQ \ OD VHJXQGD
UHYROXFLyQ DJUDULD SHUR WDPELpQ \ HQ EXHQD SDUWH DO GLVHxR FRQFUHWDPHQWH DO
GLVHxR\GLIXVLyQGHODPiTXLQDGHYDSRU(QHIHFWRODWHFQRORJtDGHYDSRUSHUPL
WH GLVHxDU PiTXLQDV TXH SXHGHQ KDFHU VX IXQFLyQ FDVL HQ FXDOTXLHU ULQFyQ GHO
SODQHWD (VWDV PiTXLQDV \D QR WLHQHQ GHSHQGHQFLD GH OD HQHUJtD GH OD VDQJUH
KXPDQD\GHDQLPDOHVRGHORVUHFXUVRVQDWXUDOHVFRUULHQWHVDFXiWLFDVYLHQWRV
VRO HWF $Vt HO VHU KXPDQR PXOWLSOLFD VX FDSDFLGDG GH VDWLVIDFHU QHFHVLGDGHV
GRQGH TXLHUD TXH HVWp \D QR KD\ UHFXUVR LQDFFHVLEOH SXHEOR DLVODGR GLVWDQFLD
LQVDOYDEOH R SURGXFWR HVFDVR (O GHVFXEULPLHQWR GHO QXHYR PXQGR FRQ OD FRQVL
JXLHQWHVHJXQGDUHYROXFLyQDJUDULDODOOHJDGDGHOWRPDWHHOPDt]ODSDWDWDHWF
\OD5,VRQHQHIHFWRUHYROXFLRQHVGHOGHVDUUROORKXPDQRFRPRVHSXHGHREVHUYDU
HQODJUiILFDGHODILJXUD


 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

3UR\HFWR*HQRPD

,QLFLRGHOD ,QWHUQHW
 5HYROXFLyQDJUDULD 7HOpIRQR\
HOHFWULILFDFLyQ ,QLFLRGHOD
 $OIDUHUtD
LQIRUPiWLFD
'HVFXEULPLHQWR
 ,QYHQFLyQGHO GHORVJpUPHQHV
DUDGR (QHUJtDQXFOHDU
,QLFLRGHO
,QLFLRGHOULHJR IHUURFDUULO 'HVFXEULPLHQWR
32%/$&,Ï1PLOORQHV

 0iTXLQDGH:DWW GHO$'1

DV FLXGDGHV
,QLFLRGHODUHYROXFLyQ 3HQLFLOLQD
,QLFLRGHOD LQGXVWULDO
PHWDOXUJLD
 ,QLFLRGHOD ,QYHQFLyQGHO
,QLFLRGHOD UHYROXFLyQDJUDULD DHURSODQR
HVFULWXUD
'HVFXEULPLHQWR
,QYHQFLyQGHO
 ,QLFLRGHODV GHOQXHYRPXQGR
DXWRPyYLO
PDWHPiWLFDV
3HVWHQHJUD
$SRJHRGH*UHFLD $SRJHRGH5RPD



           


)LJXUD/DHYROXFLyQGHODSREODFLyQKXPDQD\ORVKLWRVHQODWHFQRORJtD

)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGLYHUVDVIXHQWHV


 /D LQGXVWULD QR KD GHMDGR GH FUHFHU GHVGH TXH ODV PiTXLQDV IXHURQ GLVWLQ
JXLHQGRODVQXHYDVWpFQLFDVGHSURGXFFLyQGHODDUWHVDQtD$HVWHGHVDUUROORKDQ
FRQWULEXLGRRWURVIDFWRUHVLJXDOPHQWHLPSRUWDQWHVFRPRSRUFLWDUDOJXQRVHOOLEUH
PHUFDGRHOVLVWHPDGHSDWHQWHVRODFRORQL]DFLyQTXHSHUPLWLyDFXPXODUFDSLWDODO
LQLFLRGHODLQGXVWULDOL]DFLyQLPSRQLHQGRXQRVSUHFLRVPX\EDMRVSDUDODVPDWHULDV
SULPDV/DLQGXVWULDVHHULJHHQXQRGHORVVHFWRUHVIXQGDPHQWDOHVGHOELHQHVWDU
GH XQ SDtV KDVWD HO SXQWR TXH VH VXHOH GLVWLQJXLU ORV SDtVHV HFRQyPLFDPHQWH
GHVDUUROODGRVGHOUHVWRGHQRPLQiQGRORVSDtVHVLQGXVWULDOL]DGRV

 (O GLVHxR KD HVWDGR SUHVHQWH VLHPSUH HQ OD FLYLOL]DFLyQ \ KD HYROXFLRQDGR HQ
SDUDOHORDODLQGXVWULDODKLVWRULDGHODLQGXVWULDHVHQEXHQDSDUWHODKLVWRULDGHO
GLVHxR\YLFHYHUVD


',6(f$5

 +R\ OD ,QGXVWULD HVHOFRQMXQWR GH ORVFRQRFLPLHQWRV ODVKHUUDPLHQWDV ODV LQ
IUDHVWUXFWXUDVODVLQVWDODFLRQHVORVSURGXFWRVODVRUJDQL]DFLRQHV\HOPRGHORGH
LQWHUFDPELRGH UHFXUVRVTXH SHUPLWHQ SURGXFLUHQJUDQGHVFDQWLGDGHV ELHQHV \VHU
YLFLRV~WLOHVSDUDXVRVFLYLOHVRPLOLWDUHVGHVDIRUWXQDGDPHQWH7RGRHVWHFRORVDO
VHFWRU KD VLGR SUR\HFWDGR \ HMHFXWDGR \ HV H[SORWDGR PDQWHQLGR \ UHWLUDGR SRU
SHUVRQDV3RUWDQWRODPHWRGRORJtDGHSUR\HFWRHQLQGXVWULDODIRUPDHQTXHODV
SHUVRQDVGLVHxDQORVELHQHV\VHUYLFLRVHVXQDGHODVKDELOLGDGHVEiVLFDVGHORV
WpFQLFRVGHODLQGXVWULD$FRQWLQXDFLyQVHYDDUHIOH[LRQDUVREUHHOVLJQLILFDGRDF
WXDOGHOWpUPLQRGLVHxRHQODLQGXVWULD

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

&RQFHSWRGHGLVHxR

 3DUDODLQJHQLHUtDLQGXVWULDOGLVHxDUWLHQHXQVLJQLILFDGRPX\VHPHMDQWHDSUR
\HFWDU(VWRQRHVDVtHQWRGRVODVGLVFLSOLQDV&RPRDUJXPHQWDQ$OFDLGHHWDOHQ
HOSULPHUYROXPHQGHVXOLEUR'LVHxRGH3URGXFWRVHDVRFLDJHQHUDOPHQWH
GLVHxRD

 • 7UDEDMRVREUHHVWpWLFDPHMRUDGHODDSDULHQFLDGHORVREMHWRVGHXVRFRWLGLDQR
 • 0HMRUDGHODULTXH]DVHPiQWLFDGHOSURGXFWR
 • 'LEXMRSDUDUHSUHVHQWDURFRPXQLFDUDOJR
 • 'LVFLSOLQDTXHUHODFLRQDORVREMHWRVFRQFXDOTXLHUDVSHFWRGHOHQWRUQRKXPDQR

 'HHVWRVFRQFHSWRV\FRQQRWDFLRQHVVHSRGUtDGHGXFLUTXHHOGLVHxDGRUHVXQ
HVSHFLDOLVWD TXH FRQWULEX\H DO GHVDUUROOR GHO SURGXFWR HQ VXV DVSHFWRV IRUPDOHV
$VtHOGLVHxDGRUD\XGDDODWRPDGHGHFLVLRQHVVREUHPDWHULDOHVWH[WXUDVFROR
UHVJHRPHWUtDVHWFGHVGHODGLVFLSOLQDGHODHVWpWLFDODVHPiQWLFDRODHUJRQRP
tD SHUR QR FRQWULEX\H GHVGH OD GLVFLSOLQD GHO DQiOLVLV GH PHUFDGRV HO DQiOLVLV
HFRQyPLFRODPHFiQLFDODHOHFWUyQLFDHWF

 6LQHPEDUJRQRHVDVtHQHOFDPSRGHODLQJHQLHUtDORVGLVHxDGRUHVSDUWLFLSDQ
HQODGHWHUPLQDFLyQGHODFRPSHWHQFLDHQHOPHUFDGRGHILQHQODVQHFHVLGDGHVGH
ORVXVXDULRVGHFLGHQTXpIXQFLRQHVUHDOL]DUiHOQXHYRSURGXFWRFRQVXOWDQ\DSOLFDQ
QRUPDVUHDOL]DQPRGHORVFRPSOHMRVSRURUGHQDGRUFDOFXODQORVSDUiPHWURVPiV
UHOHYDQWHVHQVD\DQFRQSURWRWLSRV\PDTXHWDVGHFLGHQODDSDULHQFLDPHMRUDQOD
HUJRQRPtDHYDO~DQFRVWHVHWFHWF3RUWDQWRVXWUDEDMRDGHPiVGHORVDVSHFWRV
IRUPDOHV GHO SURGXFWR LQFOX\H ORV DVSHFWRV IXQFLRQDOHV WpFQLFRV OHJDOHV \ HFR
QyPLFRV\~OWLPDPHQWHORVPHGLRDPELHQWDOHV

 6LVHDQDOL]DQORVVLJQLILFDGRV\FRQQRWDFLRQHVGHOWpUPLQR3UR\HFWDUVHREWLH
QHQHQWUHRWURV

 'HILQLUREMHWLYRVGHVHDEOHV\SOD]RVWUD]DUSODQHVSDUDFRQVHJXLUOR

 ,QYHQWDUGLEXMDU\HVWDEOHFHULQVWUXFFLRQHVSDUDKDFHUUHDOLGDGXQREMHWRRVHUYLFLR

 +DFHUSUHSDUDWLYRVGHWHUPLQDUORVUHFXUVRVQHFHVDULRV\DVLJQDUORVDWDUHDV
SDUDFRQVHJXLUDOJR

 'RFXPHQWDUPHGLDQWHSODQRVSURFHGLPLHQWRVHWFODVWDUHDVSDUDFRQVHJXLU
XQREMHWLYR

 (VWRVVLJQLILFDGRVHVWiQPiVFHUFDGHODDFWLYLGDGUHDOGHXQGLVHxDGRUGHSURGXF
WRV LQGXVWULDOHV 3RU WDQWR GLVHxDU \ SUR\HFWDU SURGXFWRV LQGXVWULDOHV VRQ VLQyQL
PRVSDUDODLQJHQLHUtDLQGXVWULDO\DVtVHFRQVLGHUDHQHVWHOLEUR$QiORJDPHQWH
GLVHxDGRUSUR\HFWLVWDHLQJHQLHURGHSURGXFWRVRQWpUPLQRVVLQyQLPRV\VHXVDUiQ
LQGLVWLQWDPHQWH $GHPiV SRU GLVHxR VH SXHGH KDFHU UHIHUHQFLD DO SURFHVR GH
GLVHxR \ DO UHVXOWDGR GHO PLVPR 3RU WDQWR FXDQGR VHD QHFHVDULR VH GLVWLQJXLUi

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

HQWUHSURFHVRGHGLVHxRRGHSUR\HFWRGLVHxRRSUR\HFWR\REMHWRGHOGLVHxRX

REMHWRGHOSUR\HFWRFRPRVHLOXVWUDHQODILJXUD

)LODPHQWR

&DUFDVD
GH9LGULR

6RSRUWHGH
YLGULR

3ROR
HOpFWULFR

$LVODQWH

3RORHOpFWULFR

'LVHxDUSURFHVRGHGLVHxR 'LVHxR 2EMHWRGHOGLVHxR

3UR\HFWDUSURFHVRGHOSUR\HFWR 3UR\HFWR 2EMHWRGHOSUR\HFWR 

)LJXUD7UHVDFHSFLRQHVGHOWpUPLQRGLVHxRRSUR\HFWR

)XHQWH(ODERUDFLyQSURSLD

 &XDQGRVHTXLHUDUHIHULUDRWURWLSRGHGLVHxRGLVWLQWRDOGHVDUUROORGHSURGXFWRV
LQGXVWULDOHV VH XVDUiQ FDOLILFDWLYRV TXH DFODUHQ D TXp GLVFLSOLQD R DFWLYLGDG HFR
QyPLFDVHDOXGH$VtSRU HMHPSORVHKDEODUiGH GLVHxRLQGXVWULDOSDUDUHIHULUVH D
ORVDVSHFWRVIRUPDOHVGHORVSURGXFWRVLQGXVWULDOHVGLVHxRJUiILFRSDUDHOGLVHxR
GHLPiJHQHV\WH[WRVSDUDODFRPXQLFDFLyQRODSXEOLFLGDGGLVHxRGHSURGXFFLyQ
SDUDHOGLVHxRGHODVDFWLYLGDGHVSURGXFWLYDV GLVHxRGHPRGDSDUDHOGLVHxRGH
SURGXFWRV\FRPSOHPHQWRVGHOYHVWLGRGLVHxRDUWtVWLFRSDUDHOGLVHxRPiVOLEUHH
LQQRYDGRUGHDVSHFWRVIRUPDOHVHWF

&LHQFLDGHOGLVHxR

 'DGD OD LPSRUWDQFLD GH OD FUHDFLyQ GH OR DUWLILFLDO SDUD HO GHVDUUROOR KXPDQR
GHVGHORVRUtJHQHVGHODFLYLOL]DFLyQKDKDELGRSHQVDGRUHVTXHKDQHVWXGLDGRHO
SURFHVR GH GLVHxR HVWH IHQyPHQR VH H[SOLFD FRQ PiV GHWDOOH HQ HO FDStWXOR VL
JXLHQWH(VWRVDQiOLVLV\SURSXHVWDVQRUPDOPHQWHKDQHVWDGRLQFOXLGRVHQWUDWDGRV
JHQHUDOLVWDVVREUHFRQVWUXFFLyQPHFiQLFDQiXWLFDHWF\FRPRPXFKRPHUHFLHURQ
XQ FDStWXOR HVSHFtILFR1R VHUi KDVWD OD 5HYROXFLyQ ,QGXVWULDO VDOYR H[FHSFLRQHV
ELHQ FRQRFLGDV FRPR 9LWUXELR /HRQDUGR GD 9LQFL *DOLOHR \ RWURV TXH OD FLHQFLD
GHOGLVHxRVHDREMHWRHVSHFtILFRGHHVWXGLR\SXEOLFDFLRQHV

 'HVGHHQWRQFHVQXPHURVRVDXWRUHVGHOFDPSRGHODLQJHQLHUtDODDUTXLWHFWXUD
ODSVLFRORJtDRODPLFURHFRQRPtDKDQUHDOL]DGR\SXEOLFDGRREUDVVREUHHOGLVHxR
\HQSDUWLFXODUVREUHHOGLVHxRGHSURGXFWRVLQGXVWULDOHV(VWRVWUDEDMRVUHFLELHURQ
IRUPDGHPDQXDOWUDWDGRWHyULFRFROHFFLyQGHHMHPSORV\UHFRPHQGDFLRQHVHWF\

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

KDQFRQWULEXLGRHQFRQMXQWRDHODERUDUXQDGLVFLSOLQDFRPSOHMDFRQXQDPSOLRHVSHFWUR
GH DFWLYLGDGHV \ DSOLFDFLRQHV (VWD IUXFWtIHUD SURGXFFLyQ KD REVHUYDGR XQ IXHUWH
FUHFLPLHQWR GHVGH ORV DxRV  \  GHO VLJOR ;; FRPSOHWDGR FRQ OD DSDULFLyQ \
GLIXVLyQGHQRUPDVHVSHFtILFDVGHGLVHxRSXEOLFDGDVHQORVSDtVHVLQGXVWULDOL]DGRV

 1R HV REMHWR GH HVWH FDStWXOR UHYLVDU ORV PHMRUHV WUDWDGRV GH HVWD GLVFLSOLQD
SRUTXH \D VH KDFH HQ HO FDStWXOR VLJXLHQWH 6LQ HPEDUJR Vt LQWHUHVD DGHODQWDU
DOJXQDVGHODVGHILQLFLRQHV\UHIOH[LRQHVGHORVSULQFLSDOHVDXWRUHVVREUHHOGLVHxR
GH SURGXFWRV LQGXVWULDOHV (QJLQHHULQJ 'HVLJQ HQ WpUPLQRV DQJORVDMRQHV (VWD
FROHFFLyQ GHFDUDFWHUtVWLFDV GHO GLVHxR VDFDGD GH ODV REUDV GH HQWUH RWURV *y
PH]6HQHQW$OFDLGHHWDO3DKO\%HLW]SHUPLWHLOXVWUDUODFRPSOHMLGDGGHOGLVHxR
$GHPiVVHUYLUiSDUDDUJXPHQWDUODQHFHVLGDGGHPHWRGRORJtDV\KHUUDPLHQWDVGH
GLVHxR TXH SHUPLWDQ UHGXFLU HO ULHVJR \ JHVWLRQDU OD LQFHUWLGXPEUH LQKHUHQWH GHO
GLVHxRVLQPHQRVFDEDUVXSRWHQFLDOSDUDFUHDUDOJRQXHYR7RGDVODVFLWDVTXHVH
OLVWDQ D FRQWLQXDFLyQ DSRUWDQ FRQFHSWRV VREUH HO GLVHxR R PDWLFHV VREUH HVRV
FRQFHSWRV$VtSDUDORVDXWRUHVGHODGLVFLSOLQDGLVHxDU«

  «HVODHODERUDFLyQGHXQDGHFLVLyQGHFDUDDODLQFHUWLGXPEUHFRQJUDQ
GHVSHQDOL]DFLRQHVSDUDHOHUURU0$VLPRZ

  « HV XQD DFWLYLGDG FUHDWLYD TXH VXSRQH OD FRQVHFXFLyQ GH DOJR QXHYR \
~WLOVLQH[LVWHQFLDSUHYLD5HVZLFN

  «HVGDUUHVSXHVWDDXQFRQMXQWRGHSUREOHPDVPXOWLGLVFLSOLQDUHVUHODFLR
QDGRVHQWUHVt*yPH]6HQHQW

  « HV UHIOH[LRQDU \ GHVFULELU XQD HVWUXFWXUD TXH SRWHQFLDOPHQWH LQFRUSRUD
XQDVFDUDFWHUtVWLFDVGHVHDGDV+XEND\(GHU

  «DIHFWDDFDVLWRGDVODViUHDVGHODYLGDKXPDQD3DKO\%HLW]

  « XWLOL]D ODV OH\HV GH OD FLHQFLD \ VH EDVD HQ XQD H[SHULHQFLD HVSHFLDO
3DKO\%HLW]

  «LPSOLFDXQDFRQWLQXDUHODFLyQHQWUHORTXHVHTXLHUHFRQVHJXLU\FyPR
VH TXLHUH FRQVHJXLUOR DSDUHFLHQGR VLHPSUH HO REMHWLYR GHO GLVHxR HQ XQ
GRPLQLRIXQFLRQDO\ODVROXFLyQItVLFDDHVHREMHWLYRHQXQGRPLQLRItVLFR
/DDFWLYLGDGGHGLVHxRVXSRQHYLQFXODUHVWRVGRVGRPLQLRVDFXDOTXLHUQL
YHOMHUiUTXLFRGHOSURFHVRGHGLVHxR136XK

  «VHHQWLHQGHHQWpUPLQRVGHSURFHVRFRPRODWUDQVIRUPDFLyQGHLQIRU
PDFLyQ GHVGH OD FRQGLFLyQ GH QHFHVLGDGHV GHPDQGDV UHTXHULPLHQWRV \
UHVWULFFLRQHV KDFLD OD GHVFULSFLyQ GH XQD HVWUXFWXUD FDSD] GH VDWLVIDFHU
HVDVGHPDQGDV+XEND\(GHU

  « HV XQD DFWLYLGDG VLVWHPiWLFD TXH VH LQLFLD FRQ OD LGHQWLILFDFLyQ GH ODV
QHFHVLGDGHVGHOPHUFDGR\FXOPLQDFRQODYHQWDGHOSURGXFWRSDUDVDWLVID
FHUGLFKDQHFHVLGDG63XJK

  «VHHQWLHQGHFRPRFRQFHELUODLGHDGHDOJ~QDUWHIDFWRRVLVWHPD\H[SUH
VDUODGHIRUPDTXHVHSXHGDIDEULFDU5RR]HQEXUJ\(HNHOV

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

  «HVFUHDUXQPRGHORTXHVHXVDFRPRSDWUyQSDUHUHSURGXFLUXQREMHWRR
VHUYLFLRWDQWDVYHFHVFRPRVHDQHFHVDULR*yPH]6HQHQW

  «HVXQDDFWLYLGDGTXHDUPRQL]DSURGXFWRSURFHVRSHUVRQDO\RU
JDQL]DFLyQ63XJK


',6(f2(1/$,1'8675,$

/$,1'8675,$

/RVVLVWHPDVSURGXFWLYRV

 8QSURGXFWRLQGXVWULDOVHUHDOL]DHQXQVLVWHPDSURGXFWLYR63XQDLQGXVWULD
/RV 63 UHDOL]DQ XQD VHULH GH IXQFLRQHV R DFWLYLGDGHV SDUD OOHYDU D FDER VX SUR
GXFFLyQ(VWDYDULHGDGGHIXQFLRQHV\ODLPSRUWDQFLDGHFDGDXQDKDFHQTXHORV
63VHRUJDQLFHQHQWRUQRDHOODV/DVLJXLHQWHILJXUDPXHVWUDHVWDVIXQFLRQHVDO
JXQRV GH ORV IOXMRV HQWUH HOODV PDWHULDOHV \R LQIRUPDFLyQ \ ODV UHODFLRQHV FRQ
FOLHQWHV\SURYHHGRUHVGHO63


3529(('25(6 &/,(17(6
(QWUHJD
SHGLGRV
3HGLGRV 3HGLGRV
3URJUDPDGH
YHQWDV
)81&,Ï1'(9(17$6
)81&,Ï1'(&2035$6
$3529,6,21$0,(172

3HGLGRV
)81&,Ï1'(

3URJUDPD 3HWLFLyQQXHYRVSURGXFWRV
2UGHQGH

)81&,Ï1'(',675,%8&,Ï1
GH
FRPSUDV
FRPSUDV )81&,Ï1'(
,1*(1,(5Ë$

)81&,21(6'(*(67,Ï1< ',6(f2'(352'8&72
&21752/'(/$352'8&&,Ï1
(VSHFLILFDFLRQHVGHGLVHxR

',6(f2'(352&(62
3ODQLILFDFLyQ\
'DWRVGH $FFLRQHV (VSHFLILFDFLRQHVGHIDEULFDFLyQ
SURJUDPDFLyQ
IDEULFDFLyQ GHFRQWURO
6FKHGXOH
6XPLQLVWUR
&RQWUROGH,QYHQWDULR
GHPDWHULDOHV
)81&,Ï1'(
)81&,Ï1'($/0$&e1
$/0$&e10 )81&,Ï1'(352'8&&,Ï1
352'8&72),1$/
35,0$6
&RVWHV $OPDFHQDPLHQWRSURGXFWRV

)81&,Ï1'( &REURV
)81&,21(6),1$1&,(5$6
&217$%,/,'$'

3DJRV



)LJXUD)XQFLRQHVGHXQVLVWHPDSURGXFWLYR

)XHQWH$GDSWDGDGH&DSX]

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

/DIXQFLyQGHLQJHQLHUtD

 'HWRGDVODVIXQFLRQHVGHXQ63XQDGHODVTXHHVWiQUHFLELHQGRFDGDYH]PiV
DWHQFLyQ\ODTXHRFXSDDHVWHOLEURHVODGHLQJHQLHUtDHQFDUJDGDGHODLQQRYD
FLyQGLVHxR\DGDSWDFLyQGHOSURGXFWRDO63/DIXQFLyQGHLQJHQLHUtDWLHQHFRPR
REMHWRSULQFLSDOGDUUHVSXHVWDDORVSUREOHPDVTXHSODQWHDQODVGHPDQGDVGHORV
GLIHUHQWHV FOLHQWHV GH OD HPSUHVD 3DUD HOOR LQQRYDQ \ GLVHxDQ ORV SURGXFWRV \
VHUYLFLRVGHODHPSUHVDDVtFRPRVXVSURFHVRVSURGXFWLYRV(VWDVGHPDQGDVOH
OOHJDQDWUDYpVGHODIXQFLyQGHYHQWDVTXHWLHQHHOFRQWDFWRGLUHFWRFRQORVFOLHQ
WHV GH OD IXQFLyQ GH SURGXFFLyQ \ GH OD IXQFLyQ GH GLUHFFLyQ \ JHVWLyQ 3HUR QR
EDVWD FRQ VDWLVIDFHU HVWDV GHPDQGDV DGHPiV VH GHEH WHQHU HQ FXHQWD ODV GH
PDQGDV\FRQGLFLRQHVTXHLPSRQHQWRGRVORVDJHQWHVLQWHUHVDGRVHQODLQGXVWULD
SURYHHGRUHV DGPLQLVWUDFLyQ S~EOLFD FRPSHWHQFLD PHGLRV GH FRPXQLFDFLyQ HWF
)LQDOPHQWH OD IXQFLyQ GH LQJHQLHUtD GHEH FRQVHJXLU HVWDV UHVSXHVWDV LQWHJUDQGR
WDPELpQ ODV QHFHVLGDGHV GHO UHVWR GH IXQFLRQHV GH OD HPSUHVD FRPR FRPSUDV
ILQDQ]DVGLVWULEXFLyQDOPDFpQRUHFXUVRVKXPDQRV(OSURGXFWRGHEHUVHUSURGX
FLEOHGHIRUPDFRPSHWLWLYDHQODHPSUHVD$VtHOREMHWRGHODIXQFLyQGHLQJHQLHUtD
HV GDU UHVSXHVWD D XQ FRQMXQWR DPSOLR \ FRPSOHMR GH GHPDQGDV SULRUL]DQGR ODV
PiVLPSRUWDQWHVSHURVLQGHVFXLGDUFXPSOLUXQRVPtQLPRVSDUDWRGDV

 8Q SURGXFWR R VHUYLFLR LQGXVWULDO VH KD LGHDGR SDUD FXEULU XQ FRQMXQWR GH GH
PDQGDV8QDGHPDQGDHVODH[SUHVLyQGHOGHVHRGHVDWLVIDFHUXQDQHFHVLGDG\OD
YROXQWDGGHHVIRU]DUVHSDUDHOORGDQGRDFDPELRPRQHGDRWURSURGXFWRRVHUYLFLR
WUDEDMRWDOHQWRHWF1RVHGHEHFRQIXQGLUQHFHVLGDG\GHPDQGDKD\QHFHVLGDGHV
TXHQRVHVDEHFRQFUHWDURH[SUHVDU\QROOHJDQDVHUGHPDQGDV<SXHGHKDEHU
GHPDQGDV DUWLILFLDOHV TXH QR WLHQHQ XQD QHFHVLGDG UHDO GHWUiV R PDOLQWHUSUHWDQ
XQDQHFHVLGDGH[LVWHQWH

 /D IXQFLyQ GH LQJHQLHUtDGHEHVDEHU WUDEDMDU FRQ HVWD GLFRWRPtD 3DUD HOOR VH
GHEHQ LGHQWLILFDU ODV QHFHVLGDGHV \ GHPDQGDV HVWDEOHFHU FDQDOHV GH FRPXQLFD
FLyQ\HODERUDU(VSHFLILFDFLRQHVGH'LVHxRTXHODVH[SOLTXHQ\VLUYDQGHREMHWLYRV
SDUD HO GLVHxDGRU (VWH HV HO SURFHVR QXFOHDU GHO GLVHxR \ SRU H[WHQVLyQ GH OD
IXQFLyQ GH LQJHQLHUtD \ D HVWR VH OH GHGLFDQ RWURV DSDUWDGRV GH HVWH FDStWXOR \
RWURVFDStWXORVGHOOLEURFRPRHO\

 /DVLJXLHQWHILJXUDPXHVWUDODLPSRUWDQFLDGHODIXQFLyQGHGLVHxRHQODVFDUDF
WHUtVWLFDV ILQDOHV GHO SURGXFWR SRU HMHPSOR ORV FRVWHV /DV FDUDFWHUtVWLFDV ILQDOHV
GHO SURGXFWR VRQ WUDVFHQGHQWDOHV HQ VX p[LWR \D TXH VRQ OD IRUPD FRQ TXH HO
SURGXFWRVDWLVIDFHODVGHPDQGDV\QHFHVLGDGHV<HOp[LWRGHOSURGXFWRHVIXQGD
PHQWDOHQHOp[LWRGHODLQGXVWULD

 /DILJXUDPXHVWUDGRVFXUYDVODGH&RVWHV&RPSURPHWLGRV\ODGH&RVWHV&DX
VDGRVSDUDXQSURGXFWRLQGXVWULDOFRPSOHMRFRPRHVXQDXWRPyYLO/DSULPHUDKDFH
UHIHUHQFLDDTXHORVFRVWHVVHFRPSURPHWHQFXDQGRVHWRPDQODVGHFLVLRQHVHQHO
FLFOR GH YLGD GHO SURGXFWR $Vt HOHJLU XQ PDWHULDO X RWUR HQ OD HWDSD GH GLVHxR
FRPSURPHWHUi TXH HO SURGXFWR WHQJD XQ FRVWH X RWUR /D VHJXQGD FXUYD KDFH
UHIHUHQFLDDORVFRVWHVTXHHIHFWLYDPHQWHUHSHUFXWHQHQHOSUHFLRILQDOGHOSURGXFWR

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

SRUHMHPSORODFRPSUDGHOPDWHULDOHOFRVWHGHODPDQRGHREUDHOFRVWHGHOGLVHxR
HOFRVWHGHODGLVWULEXFLyQHWF




&267(35(9,672'(/352'8&72

V
HWLGR
URP
RPS
WHV&
&RV
 RV
G
VD
DX
&
V WHV
&R




3ODQLILFDFLyQ $OPDFHQDMH
'LVHxR &RPSUDV )DEULFDFLyQ
3URGXFFLyQ \'LVWULEXFLyQ

'(3$57$0(1726'(/$(035(6$


)LJXUD)XQFLRQHVGHXQVLVWHPDSURGXFWLYR

)XHQWH$GDSWDGDGH&DSX]



 &RPR VH SXHGH REVHUYDU HO FRVWH TXHGD FRPSURPHWLGR HQ VX PD\RUtD HQ HO
GLVHxRGHOSURGXFWR1HJRFLDQGRELHQVHSXHGHUHGXFLUDOJRHOFRVWHGHODVFRP
SUDV SRU HVR KD\ XQ FLHUWR PDUJHQ UHIOHMDGR HQ OD FXUYD H LJXDOPHQWH SXHGH
RFXUULU HQ OD SURGXFFLyQ \ HO DOPDFHQDMH \ GLVWULEXFLyQ SHUR GRQGH UHDOPHQWH VH
WRPDQODVGHFLVLRQHVTXHUHSHUFXWHQHQHOFRVWHILQDOGHOSURGXFWRHVHQODHWDSD
GH GLVHxR 6LQ HPEDUJR OD HWDSD GH GLVHxR QR VXHOH VHU FDUD HQ ORV FRVWHV GHO
SURGXFWR \ Vt OR VRQ ORV PDWHULDOHV ORV FRVWHV GH SURGXFFLyQ HWF 3RU HVR ODV
LQGXVWULDV GHVWLQDQ PXFKR HVIXHU]R D UHGXFLU HVRV FRVWHV FXDQGR VHJ~Q HVWD
JUiILFDVHUtDPiVUHFRPHQGDEOHGHVWLQDUHOHVIXHU]RDPHMRUDUHOGLVHxRWRPDQGR
GHFLVLRQHVTXHFRPSURPHWDQPHQRUHVFRVWHV

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 $QiORJDPHQWHRFXUUHFRQWRGDVODVFDUDFWHUtVWLFDV GHOSURGXFWR\HVWDJUiILFD
HVVHPHMDQWHDODTXHVHREWHQGUtDGHDQDOL]DUODFDOLGDGODVHJXULGDGHOLPSDFWR
DPELHQWDOHWF(QORVVLJXLHQWHVFDStWXORVVHGLVFXWHFRQPiVGHWDOOHHVWDLQIOXHQ
FLDGHOGLVHxRHQHOSURGXFWRILQDO&RQHVWDLOXVWUDFLyQVHSUHWHQGHGHPRVWUDUTXH
ODIXQFLyQGHLQJHQLHUtDTXHLQFOX\HLQQRYDFLyQ\ GLVHxRHVEiVLFDHQHOIXQFLR
QDPLHQWRGHOVLVWHPDSURGXFWLYR6LQHPEDUJRODVUHVWDQWHVIXQFLRQHVGHO63VRQ
LPSRUWDQWHV\ORVSURGXFWRVGHEHQDGDSWDUVHDODVFRQGLFLRQHVWpFQLFDVHFRQyPL
FDVKXPDQDVHWFGHO63TXHORVSURGXFH

/RV*UXSRVGH,QWHUpV

 (VLQWHUHVDQWHDKRUDUHIOH[LRQDUVREUHORVFOLHQWHVGHXQDLQGXVWULD/DLQGXVWULD
PRGHUQDHVXQDFRPSOHMDLQWHUDFFLyQGHPX\GLYHUVRVDJHQWHVFDGDXQRFRQVXV
SURSLRV LQWHUHVHV /D VLJXLHQWH WDEOD LOXVWUD GH IRUPD UHVXPLGD OD GLVSDULGDG GH
LQWHUHVHVGHORVJUXSRVDIDYRUGHXQDGHWHUPLQDGDLQGXVWULDHQDOJXQRVWH[WRVVH
UHFRPLHQGDGHQRPLQDUFOLHQWHVDWRGRVHOORV

7DEOD*UXSRVGHLQWHUpVGHXQDLQGXVWULD

*UXSRGHLQWHUpV 2EMHWLYR 0HGLRV
0iVFRPSHWLWLYLGDG
,QGXVWULDOHVR 0D\RUSURGXFFLyQ
$XPHQWDUORVEHQHILFLRV
HPSUHVDULRV 0D\RUFDOLGDG
0HQRUFRVWH
&RPSUDGRUHV 3URGXFWRV\6HUYLFLRVGH&DOLGDG
0RQHGD
&OLHQWHV\ 6DWLVIDFHQGHPDQGDV
2WURVSURGXFWRV\VHUYLFLRV
8VXDULRV 6DWLVIDFHQQHFHVLGDGHV
3XHVWRVGHWUDEDMRDWUDFWLYR )RUPDFLyQ
(PSOHDGRVGH 6HJXUR 7DOHQWR
LQGXVWULD 5HDOL]DGRU (VIXHU]R
%LHQUHPXQHUDGR ,QWHUpV
$XPHQWDUORVEHQHILFLRV
6RFLRV
'LYLGHQGRVGHVXVDFFLRQHV $SRUWDUFDSLWDO
$FFLRQLVWDV
9DORUGHODVDFFLRQHV
$\XGDV
,QIUDHVWUXFWXUDV
'HVDUUROORGHOVHFWRULQGXVWULDO
/HJLVODFLyQ\QRUPDV
0iVSXHVWRVGHWUDEDMR
6HUYLFLRVS~EOLFRV
$GPLQLVWUDFLRQHV 0iVLPSXHVWRV
)RUPDFLyQ
S~EOLFDV 0iVELHQHV\VHUYLFLRV
6HJXULGDG\MXVWLFLD
0HUFDGRDEDVWHFLGR
 5HVLGXRV
0iVFRQRFLPLHQWR\GHVDUUROOR 
6DQLGDG
(WF

)XHQWH(ODERUDFLyQSURSLD



/DLQGXVWULDHVHQPXFKDVUHJLRQHVHOSULQFLSDOPRWRUGHLQQRYDFLyQ\GHVDUUROOR

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 /RVOHJtWLPRVLQWHUHVHVGHORVDJHQWHVOLVWDGRVHQODWDEODDPHQXGRFROLVLRQDQ
HQWUH Vt ( LJXDOPHQWH SXHGHQ FROLVLRQDU FRQ ORV WDPELpQ OHJtWLPRV LQWHUHVHV GH
RWURV DJHQWHV TXH QR GHVHDQ ORV LPSDFWRV QHJDWLYRV GH OD LQGXVWULD OD GHJUDGD
FLyQDPELHQWDOODGHVDSDULFLyQGHORVVLVWHPDVSURGXFWLYRVDUWHVDQDOHVORVDFFL
GHQWHVODERUDOHVHWF'HODFRQWLQXDQHJRFLDFLyQHQFDGDFDVRHQWUHORVDJHQWHV
LPSOLFDGRVRGHOLQGHVHDEOHFRQIOLFWRVXUJHODLQGXVWULDFRPRVHFRQRFHKR\

 3RUWDQWRVRQQXPHURVRV\GLYHUVRVORVJUXSRVGHLQWHUpVGHXQDLQGXVWULDFR
P~QPHQWHUHIHULGRVSRUHOWpUPLQRDQJORVDMyQVWDNHKROGHUV'HKHFKRDPHQXGR
QRVHFRQVLGHUDQODVQHFHVLGDGHVGHWRGRVHOORV\HVWRHVIXHQWHGHGHVFRQWHQWR
SDUD FLHUWRV VWDNHKROGHUV \ GH GLILFXOWDGHV SDUD OD RUJDQL]DFLyQ (Q OD OLWHUDWXUD
HVSHFLDOL]DGDVHKDQHQFRQWUDGROLVWDVGHFKHTXHRFRQPiVGHSRVLEOHVJUXSRV
GHLQWHUpV,QGXGDEOHPHQWHQRVHSXHGHSURGXFLUSDUDFRQWHQWDUDWRGRVHQWRGDV
VXV GHPDQGDV SUREDEOHPHQWH DOJXQDV LQFOXVR QR VHDQ OHJtWLPDV SHUR Vt VH
GHEHFRQVLGHUDUDWRGRVHQXQDSULPHUDDSUR[LPDFLyQ\GHVFDUWDUORVSRUFRPSDUD
FLyQFRQRWURVVWDNHKROGHUVHQXQSURFHVRGHSULRUL]DFLyQ6HJXLGDPHQWHVHFLWDQ
DOJXQRVGHORVJUXSRVGHLQWHUpVPiVIUHFXHQWHVHQLQGXVWULD

 *UXSRVGH,QWHUpVLQWHUQRV
  3HUVRQDOGHOVLVWHPDSURGXFWLYR
  $FFLRQLVWDV
  6LQGLFDWRVLQWHUQRV

 *UXSRVGHLQWHUpVH[WHUQRV
  (PSUHVDV TXH DSR\DQ R DVHVRUDQ DO VLVWHPD SURGXFWLYR ILQDQ]DV PHUFDGRV
 OH\HVVHJXULGDGOLPSLH]DVHUYLFLRVWpFQLFRVHWF
  &OLHQWHVGLUHFWRV
  8VXDULRVILQDOHVVLVHSURGXFHQVXEVLVWHPDVRFRPSRQHQWHV
  &RPSHWHQFLD
  3URYHHGRUHV
  'LVWULEXLGRUHV
  &RQVXOWRUtDVGHFHUWLILFDFLyQDFUHGLWDFLyQKRPRORJDFLyQHWF
  6LQGLFDWRVJHQHUDOLVWDV
  $GPLQLVWUDFLyQORFDOUHJLRQDOHWF
  $VRFLDFLRQHVGHFRQVXPLGRUHVHFRORJLVWDVHWF
  $VRFLDFLRQHVGHYHFLQRV
  0HGLRVGHFRPXQLFDFLyQ


/DVHPSUHVDVTXHIDEULFDQFRPSRQHQWHVRVHUYLFLRVTXHIRUPDQSDUWHGHRWURVSURGXFWRVILQDOHVORV
TXHOOHJDQDOXVXDULRILQDOGHEHQWHQHUHQFXHQWDODVGHPDQGDVGHVXVFOLHQWHVSHURWDPELpQODVGH
ORVXVXDULRVILQDOHVFOLHQWHVLQGLUHFWRVTXHFRPSUDQDVXVFOLHQWHV

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 &DGD XQR GH HVWRV JUXSRV GH LQWHUpV WLHQHQ QHFHVLGDGHV GLIHUHQWHV FRPR OR
VHUiQ VXV GHPDQGDV \ SXHGH VXSRQHU XQ SUREOHPD LQVROXEOH UHDOL]DU SURGXFWRV
SDUDODVDWLVIDFFLyQGHWRGRV6LQHPEDUJRKD\XQDFODYHTXHQRVHGHEHROYLGDU
VRQ QXPHURVRV ORV JUXSRV GH LQWHUpV TXH SUHILHUHQ TXH OD LQGXVWULD VLJD SURGX
FLHQGR(QHIHFWRWLHQHQLQWHUpVHQHOOR\DVHDSRUTXHFRPSUDQDO63OHYHQGHQ
UHFDXGDQ VXV LPSXHVWRV REWLHQHQ VDODULRV HWF 3RU WDQWR HQ OD PD\RUtD GH ODV
RFDVLRQHV VHUi SRVLEOH QHJRFLDU VROXFLRQHV GH FRPSURPLVR TXH PHMRUHQ OD SRVL
FLyQ\DO63HQVXFRQMXQWR

/DLPSRUWDQFLDGHOFOLHQWH

 2EYLDPHQWHGHWRGRVORVJUXSRVGHLQWHUpVHOTXHGHEHUHFLELUSULRULGDGHVHO
GHORVFOLHQWHVGLUHFWRV(QHVWHOLEURVHGHGLFDQGLYHUVRVFDStWXORVDODVWpFQLFDV
SDUD DYHULJXDU \ FRQYHUWLU HQ HVSHFLILFDFLRQHV GH GLVHxR OD GHQRPLQDGD 9R] GHO
&OLHQWHYHUFDStWXORV\HQSDUWLFXODU(QHVWHDQiOLVLVGHODVGHPDQGDVGHORV
FOLHQWHVVHLQFOX\HQDFWLYLGDGHVSDUDWUDWDUGHDYHULJXDUDVtPLVPRVXVQHFHVLGD
GHV\H[SUHVDUODVHQIRUPDGHGHPDQGDVH[SOLFiQGRODV\HYDOXDQGRVXLPSRUWDQFLD

 (VLPSRUWDQWHTXHODLQGXVWULD\HQHOODHOGLVHxDGRUHQWLHQGDQTXHORVSURGXFWRV
\VHUYLFLRVVHDGTXLHUHQSRUHOYDORUTXHVXSRQHQSDUDHOFOLHQWH/RVHVIXHU]RVGH
LQQRYDFLyQ \ GLVHxR GHEHQ HQFDPLQDUVH D DXPHQWDU HVH YDORU VDWLVIDFLHQGR DO
FOLHQWH\KDFLpQGROHILHODODLQGXVWULDYHUFDStWXOR


/265(726'(/$,1'8675,$

/DVGHPDQGDVGHODLQGXVWULD

 /DV GHPDQGDV D ODV TXH VH HQIUHQWDQ ODV LQGXVWULDV HYROXFLRQDQ OyJLFDPHQWH
GHDFXHUGRFRQODHYROXFLyQGHODVRFLHGDG\ORVPHUFDGRV+R\ODLQGXVWULDJHQH
UDOPHQWHVHHQIUHQWDDPHUFDGRVVDWXUDGRVHQORVTXHGLIHUHQFLDUVHGHODFRPSH
WHQFLD HV FDGD YH] PiV GLItFLO 5HYLVDQGR ORV ~OWLPRV  DxRV VH SXHGH JHQH
UDOL]DU\DILUPDUTXHHOUHWRGHODLQGXVWULDGHORVDxRVHUDSURGXFLUPiVSDUD
DEDVWHFHUORVPHUFDGRV&RQHOLQLFLRGHORVDxRVORVPHUFDGRVVHOOHQDURQ\
ORVLQGXVWULDOHVWXYLHURQTXHUHGXFLUVXVFRVWHVGHSURGXFFLyQSDUDVHJXLUFRPSL
WLHQGR(QORVDxRVVXUJLHURQODVHVWUDWHJLDVGHFDOLGDGSDUDWUDWDUGHUHGXFLU
FRVWHVD~QPiV\SDUDRIHUWDUPHMRUHVSURGXFWRVPiVVDWLVIDFWRULRV7DPELpQVH
LPSODQWy GHILQLWLYDPHQWH OD FXOWXUD GH OD LQQRYDFLyQ\ GH OD UDSLGH] SDUDVDFDU HO
QXHYR SURGXFWR SULPHUR DO PHUFDGR SULPDFtD TXH RWRUJDVH HO OLGHUD]JR 6LQ HP
EDUJRHVWRVyOR\DQREDVWDKR\ORVPHUFDGRVHVWiQWDQVDWXUDGRVGHSURGXFWRV
GHWDQWDFDOLGDGTXHODIRUPDGHFRPSHWLU\SHUPDQHFHUHQHOORVHVRIHUWDUSURGXFWRV
PX\ YDULDGRV DGDSWDGRV D ODV QHFHVLGDGHV GH FDGD FOLHQWH SDUWLFXODU +D\ TXH
DSRVWDUSRUODIOH[LELOLGDG\HOVHUYLFLRSHUVRQDOL]DGR



 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 6H LPSRQHQ ODV JUDQGHV VXSHUILFLHV GH YHQWD FRQ DPSOLRV FDWiORJRV GH SUR
GXFWR VHUYLFLR SUH \ SRVWYHQWD \ GLVHxRV TXH SHUPLWDQ GLYHUVDV FRQILJXUDFLRQHV
GHXQPLVPRSURGXFWR&RQWRGRODFUHFLHQWHVHQVLELOLGDGKDFLDHODPELHQWH\ORV
SUREOHPDVVRFLDOHVHVWiOOHYDQGRDTXHORVFRQVXPLGRUHVWDPELpQUHFODPHQDODV
LQGXVWULDVTXHPLQLPLFHQVXVLPSDFWRVDPELHQWDOHV\VRFLDOHVYHUILJXUD(O
QXHYRUHWRVXSHUDHOGLVHxRGHSURGXFWRVHTXLOLEUDGRVHQWUHFRVWHFDOLGDG\SOD]R
$KRUD VH GHEH FRQVHJXLU XQ QXHYR HTXLOLEULR RIHUWDU VROXFLRQHV TXH DGHPiV UH
VXOWHQHVSHFtILFDVSDUDFDGDFRQVXPLGRU\GHQXORLPSDFWRDPELHQWDO\VRFLDO

 7(1'(1&,$6
(675$7e*,&$6 0$0%7(\62&,('$'

6(59,&,2

5$3,'(= )/(;,%,/,'$'
&$/,'$'
&$/,'$'

(&2120,$

352'8&7,9,'$'

     0$0%7(<

62&'$'

&$/,'$' 7,(032

&267( 7,(032
&267( 

)LJXUD(YROXFLyQGHORVUHWRVGHODLQGXVWULD

)XHQWH$GDSWDGDGH&DSX]


 3RURWURODGRODLQGXVWULDHVWiJOREDOL]DGD(VWRVLJQLILFDHQSULPHUOXJDUTXH
SXHGH FRPSUDU \ YHQGHU HQ FDVL FXDOTXLHU SXQWR GHO SODQHWD SHUR HQ VHJXQGR
OXJDU TXH FXDOTXLHUD SXHGH VHU FRPSHWHQFLD DXQTXH QR SURGX]FD FRQ ODV PLV
PDV UHJODV FRPR UHVXOWDGR GH ORV DFXHUGRV LQWHUQDFLRQDOHV GH OLEUH FRPHUFLR
7DPELpQ VLJQLILFD TXH OD LQGXVWULD VH SXHGH YHU DIHFWDGD SRU YDULDEOHV PX\ OHMRV
GHVXDOFDQFHODHFRQRPtDLQWHUQDFLRQDOFRQIOLFWRVSROtWLFRVFRQIOLFWRVSRUORVUH
FXUVRVQDWXUDOHVFDPSDxDVPHGLiWLFDVHWF2WDPELpQVLJQLILFDTXHSXHGHDSUHQ
GHU\FRQWUDWDUWDOHQWRHQFXDOTXLHUVLWLRGHOSODQHWD

 (VWH LPSRQHQWH GHVDUUROOR GH OD FRPSOHMLGDG \ OD FDQWLGDG GH OD SURGXFFLyQ
LQGXVWULDOSDUDOHODDODPD\RUFRPSOHMLGDG\FDOLGDGHVXVSURGXFWRVKDVXSXHVWR
XQDHQRUPHGHPDQGDGHGLVHxRGHSURGXFWRVLQGXVWULDOHV(VWHGLVHxRDOSULQFLSLR
OR UHDOL]DEDQ HVSHFLDOLVWDV GH RWUDV GLVFLSOLQDV +R\ FDGD YH] PiV HV UHDOL]DGR
SRU HVSHFLDOLVWDV HQ LQJHQLHUtD GH SURGXFWR $FWXDOPHQWH HO GLVHxR HV PRWRU GH
LQQRYDFLyQLQGXVWULDO\XQRGHORVLQVWUXPHQWRVGHFRPSHWLWLYLGDGPiVLPSRUWDQWHV

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

6H SXHGH DILUPDU TXH HO FHUHEUR GH ODV LQGXVWULDV VH FRPSDUWH DKRUD HQWUH OD
IXQFLyQGHGLUHFFLyQ\IXQFLyQGHLQJHQLHUtD,QFOXVRORVVHFWRUHVLQGXVWULDOHVPiV
DWRPL]DGRV\FRQVHUYDGRUHVHQWUHRWUDVUD]RQHVSRUVHJXLUVDFDQGRUHQGLPLHQWR
GH SUiFWLFDV DUWHVDQDOHV VHFWRU GHO PXHEOH WH[WLO FHUiPLFD DOLPHQWDFLyQ HWF
KDQGHVDUUROODGRODIXQFLyQGHGLVHxRHQVXVRUJDQL]DFLRQHVRODKDQVXEFRQWUD
WDGRFRPRHVWUDWHJLDSDUDVHJXLUVLHQGRFRPSHWLWLYRV

 /DVLJXLHQWHOLVWDPXHVWUDORVUHWRVLQPHGLDWRVGHODLQGXVWULD\GHOGLVHxDGRU
HQ HOOD (Q FRQMXQWR SXHGH SDUHFHU XQ WUDEDMR LQVXSHUDEOH SHUR HQ OD SUiFWLFD
VHJ~Q HO VHFWRU LQGXVWULDO XQRV VRQ PiV XUJHQWHV H LPSRUWDQWHV TXH RWURV /DV
LQGXVWULDVTXHPHMRULQQRYHQ\DGDSWHQVXVSURGXFWRVDHVWRVUHWRVVHJXLUiQHQHO
PHUFDGR ODV RWUDV VH HVWDQFDUiQ H LUiQ GHVDSDUHFLHQGR 'H DFXHUGR FRQ ODV
GLYHUVDV IXHQWHV FRQVXOWDGDV ORV QXHYRV UHWRV GH OD LQGXVWULD DFWXDO VH OLVWDQ D
FRQWLQXDFLyQ

  
/D&DOLGDGVLHPSUHVHUHQXHYDFRPR /DJOREDOL]DFLyQHQHOPHUFDGRJOREDOKD\

UHWRSDUDODLQGXVWULD   &OLHQWHV

  0HMRUHVIXQFLRQHV   3URYHHGRUHV
  0D\RUQ~PHURGHIXQFLRQHV   'LVWULEXLGRUHV
  0D\RUXVDELOLGDG   6RFLRVLQGXVWULDOHV
  0D\RUIOH[LELOLGDG\DGDSWDFLyQ   $FFLRQLVWDV\FDSLWDO
SHUVRQDO   0DQRGHREUD
  0D\RUGXUDFLyQ   7DOHQWR\FRQRFLPLHQWR
  0D\RUILDELOLGDG 
  0D\RUVHJXULGDG (OVHUYLFLRSRVWYHQWD

   $PSOLDQGRODJDUDQWtD
/DDPSOLDFLyQGHODJDPDRIHUWDGD   0HMRUDQGRODDFWXDOL]DFLyQ
SHUVRQDOL]DQGRHOSURGXFWRRVHUYLFLR
  0HMRUDQGRODUHSDUDELOLGDG
GLVWLQJXLHQGR
   0HMRUDQGR OD ORJtVWLFD GH UHFRJLGD
  3RUFXOWXUDV\JXVWRV GLVWULEXFLyQ\GHYROXFLyQ

  +RPEUHGHPXMHU   ,QFOX\HQGRVLVWHPDVGHDXWRGLDJQyVWLFR
  -RYHQGHPDGXUR HQORVSURGXFWRV
  0iVFDOLGDGRPiVHFRQyPLFR 
 /DLPDJHQFRUSRUDWLYD

/DYHQWDSRULQWHUQHW   &UHDFLyQGHPDUFD

  5HIRU]DQGRODVHJXULGDGGHODV   *HQHUDFLyQGHFRQILDQ]D
WUDQVDFFLRQHV   )LGHOL]DFLyQGHFOLHQWHV\VDWLVIDFFLyQGH
  $XPHQWDQGRODSUHVHQFLDHQODUHG VWDNHKROGHUV
  0HMRUDQGRODORJtVWLFDGHUHFRJLGD   (YLWDUERLFRWVRFDPELRVGHSUHIHUHQFLD
 GLVWULEXFLyQ\GHYROXFLyQ   &DSWDFLyQ\UHWHQFLyQGHWDOHQWR
  0HMRUDQGRODLPDJHQGHORV   'LVPLQXFLyQGHODSUHVLyQGHODV
SURGXFWRV DGPLQLVWUDFLRQHV
 
 
 
 
 


 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 
/DVRVWHQLELOLGDG 0HMRUFRQWULEXFLyQVRFLDO
 
  0HQRU LPSDFWR DPELHQWDO 0HQRU   ,QFOXVLyQGHDQFLDQRV\GLVFDSDFLWDGRV
FRQVXPR GH UHFXUVRV QDWXUDOHV \   ,JXDOGDGGHRSRUWXQLGDGHVVLQGLVWLQFLyQ
PHQRU HPLVLyQGHFRQWDPLQDQWHVD SRU VH[R HGDG UD]D SROtWLFD UHOLJLyQ
 ORODUJRGHVXFLFORGHYLGD  HWF
  ([WUDFFLyQ\HODERUDFLyQGHPDWHULDV   0HFHQD]JR FXOWXUDO GHSRUWLYR DUWtVWLFR
SULPDV  HWF
  3URGXFFLyQ   2WURV UHWRV HVSHFtILFRV GH FDGD VHFWRU
  'LVWULEXFLyQ LQGXVWULDO

  8VR\PDQWHQLPLHQWR
0D\RUVHJXULGDG

  5HWLURDOILQDOGHODYLGD~WLO
   0HQRVDFFLGHQWHV
  0HQRVHQIHUPHGDGHVODERUDOHV


(OUHWRGHODVRVWHQLELOLGDG

 'HORVGLIHUHQWHVUHWRVTXHHQIUHQWDODLQGXVWULDVLQGXGDXQRGHORVPiVFRP
SOLFDGRVLPSRUWDQWHV\XUJHQWHVHVODFRQWULEXFLyQDOGHVDUUROORVRVWHQLEOH(QODV
FXPEUHVPXQGLDOHVGH5tRGH-DQHLUR%UDVLOHQ\HQ-RKDQQHVEXUJR6XGi
IULFD HQ  OD JUDQ PD\RUtD GH ORV HVWDGRV PXQGLDOHV \ HQ SDUWLFXODU WRGRV ORV
LQGXVWULDOL]DGRV UDWLILFDURQ R OOHJDURQ D DFXHUGRV SDUD PLQLPL]DU OD SUHVLyQ DP
ELHQWDOGHVXVHFRQRPtDVVREUHHOSODQHWD'HHVWHFRPSURPLVRVHKDQGHULYDGROD
SURIXVLyQGHGLUHFWLYDV\OH\HVDPELHQWDOHVDFWXDOHVODVFDPSDxDVGHSURWHFFLyQ
GHODPELHQWHORVJUDYiPHQHVDODVDFWLYLGDGHVFRQWDPLQDQWHVHWF$FWXDOPHQWH
ORVGLVHxDGRUHVGHODVPHGLDQDV\JUDQGHVHPSUHVDVGHEHQGLVHxDUSDUDFXPSOLU
HVSHFLILFDFLRQHVUHODFLRQDGDVFRQHOPHGLRDPELHQWHFXDQGRQRHVHOPHGLRDP
ELHQWH OD QXHYD DSXHVWD HVWUDWpJLFD SDUD GLIHUHQFLDU HO SURGXFWR 'LVPLQXLU OD
SUHVLyQDPELHQWDOVREUHHOSODQHWDHVHOSULPHURGHORVUHWRVUHODFLRQDGRVFRQOD
VRVWHQLELOLGDG

 /DSUHVLyQDOSODQHWDVHFRQFUHWDHQHOFRQVXPRGHUHFXUVRVQDWXUDOHV\HQOD
HPLVLyQ GH VXVWDQFLDV FRQWDPLQDQWHV /RV UHFXUVRV QDWXUDOHV UHQRYDEOHV GHEHQ
VHUH[SORWDGRVDXQDWDVDPHQRUTXHODTXHQHFHVLWDHOSODQHWDSDUDUHQRYDUORV
GHORFRQWUDULRVHVREUHH[SORWDQ\VRQDJRWDGRVSRUHMHPSORODPDGHUDRODSHVFD
/RV UHFXUVRV QR UHQRYDEOHV GHEHQ FRQVXPLUVH HQ XQD WDVD WDO TXH Gp WLHPSR D
HQFRQWUDU XQ VXVWLWXWR DQWHV GH TXH VH WHUPLQHQ SRU HMHPSOR HO 3HWUyOHR R HO
&REUH<HVWRWHQLHQGRHQFXHQWDTXHDFWXDOPHQWHVyORXQGHODSREODFLyQ
PXQGLDOWLHQHXQDHOHYDGDFDOLGDGGHYLGDEDVDGDHQHOFRQVXPRGHODJUDQPD
\RUtDGHORVUHFXUVRVQDWXUDOHV

 /DVVXVWDQFLDVFRQWDPLQDQWHVSXHGHQVHUVyOLGDVOtTXLGDVRJDVHRVDV\DIHF
WDQQHJDWLYDPHQWHDODVDOXGGHWRGRVORVVHUHVYLYRV\DODFDOLGDG\GLVSRQLELOL
GDG GH ORV UHFXUVRV QDWXUDOHV 6H GHEHQ HPLWLU VXVWDQFLDV FRQWDPLQDQWHV D XQD
WDVDWDOTXHHOSODQHWDODVSXHGDDVLPLODU\GHJUDGDU'HQXHYRVHGHEHWHQHUHQ
FXHQWDTXHVyORHOGHODSREODFLyQSURGXFHODJUDQPD\RUtDGHORVUHVLGXRV
JOREDOHVFRPRUHVXOWDGRGHODVWHFQRORJtDVTXHOHSURYHHQVXDOWDFDOLGDGGHYLGD

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 /DHVFDVH]GHUHFXUVRVQDWXUDOHVQRHVXQSUREOHPDQXHYRODJXHUUDSRUORV
UHFXUVRVHVWiOLJDGDDODKLVWRULDGHODKXPDQLGDG/RVJUDQGHVGHVFXEULPLHQWRV\
YLDMHVRORVDQWLJXRVLPSHULRVWHQtDQFRPRREMHWLYRHOFRQRFLPLHQWRGHOWHUULWRULROD
H[WHQVLyQGHOSRGHU\ODFXOWXUDSHURLJXDOPHQWHODE~VTXHGDGHQXHYRVUHFXUVRV
QDWXUDOHV/DPiVUHFLHQWHFRORQL]DFLyQHQWUHORVVLJORV;,;\;;WHQtDFRPRPRWRU
IXQGDPHQWDO OD H[SORWDFLyQ GH ORV UHFXUVRV GH RWUDV UHJLRQHV \ SXHEORV SDUD DOL
PHQWDUOD5HYROXFLyQ,QGXVWULDO<WRGDYtDKR\VREUHYLYHQGRFHQDVGHFRQIOLFWRV
LQWHUQRV H LQWHUQDFLRQDOHV TXH WLHQHQ FRPR FDXVD HQWUH RWUDV OD GLVSXWD SRU ORV
UHFXUVRVSHWUyOHRDJXDJDVGLDPDQWHVVXHORFXOWLYDEOHHWF/RVUHFXUVRVQDWX
UDOHV GH KHFKR VH PDQWLHQHQ D SUHFLRV IRU]DGDPHQWH EDMRV PHGLDQWH DFXHUGRV
LQWHUQDFLRQDOHV HQ ORV TXH QHJRFLDQ FRQ YHQWDMD ORV SDtVHV TXH ORV WUDQVIRUPDQ
LQGXVWULDOL]DGRV IUHQWH D ORV SDtVHV TXH ORV H[SORWDQ (V XQD SDUDGRMDFRQRFLGD
TXHORVSDtVHVULFRVHQUHFXUVRVVRQSREUHVHQGHVDUUROORKXPDQRDXQTXHDOJX
QRV VHFWRUHV PLQRULWDULRV GH VX VRFLHGDG Vt GLVIUXWHQ GH XQD HOHYDGD FDOLGDG GH
YLGD

 8QDSUXHEDGHODHVFDVH]FUHFLHQWHGHUHFXUVRVTXHSUHRFXSDDORVLQGXVWULD
OHV \ HFRQRPLVWDV VH REVHUYD HQ OD HYROXFLyQ GH ORV SUHFLRV 1R VyOR DVXVWD HO
UiSLGRFUHFLPLHQWRGHOSUHFLRGHORVFRPEXVWLEOHVSULPDULRVSHWUyOHRJDVFDUEyQ
XUDQLRHWFLJXDORFXUUHFRQHOUHVWRGHPDWHULDVSULPDV/DVLJXLHQWHILJXUDPXHV
WUDHVWDWHQGHQFLDFUHFLHQWHGHORVSUHFLRVPHGLRVGHODVPDWHULDVSULPDVGHVFRQ
WDGD OD LQIODFLyQ \ H[FOXLGRV ORV FRPEXVWLEOHV 3DUD LQYHUWLU HVWD WHQGHQFLD \ ORV
LPSDFWRV QHJDWLYRV TXH FRQOOHYD VH GHEH DKRUUDU HQ HO FRQVXPR GH UHFXUVRV
FRQVXPLUUHFXUVRVUHQRYDEOHV\PLQLPL]DUHOFRQVXPRGHUHFXUVRVQRUHQRYDEOHV



3UHFLRV GH ODV PDWHULDV SULPDV HQ

(XURSD HQ PHGLD (XURV FRQVWDQWHV
UHODWLYRVDODxREDVH

2EVpUYHVH TXH GXUDQWH OD GHVDFHOH
UDFLyQ HFRQyPLFD GHO SHULRGR 
 ORV SUHFLRV VH PDQWXYLHURQ HV
WDEOHV \ EDMRV SDUD YROYHU D FUHFHU
FRQ HO GHVDUUROOR HFRQyPLFR JOREDO
LQLFLDGRHQ



)LJXUD/DFUHFLHQWHGHPDQGDGHUHFXUVRVQDWXUDOHVHOHYDVXSUHFLRHQHOPHUFDGR

)XHQWHZZZEXQGHVEDQNGH


 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 ,JXDOPHQWHSUHRFXSDQWHHVODSUHVLyQHMHUFLGDVREUHHOSODQHWDSRUODSURGXF
FLyQGHVXVWDQFLDVFRQWDPLQDQWHV$pVWDDGHPiVVHVXPDODSUHVLyQVREUHORV
UHFXUVRVQDWXUDOHVSDUDFXHVWLRQDUODVRVWHQLELOLGDGGHOGHVDUUROORKXPDQRDFWXDO
0XFKRVVRQORVLPSDFWRVDPELHQWDOHVORFDOHV\JOREDOHVTXHDPHQD]DQODYLGDGH
ORVVHUHVYLYRVLQFOXLGDODHVSHFLHKXPDQD/DGHJUDGDFLyQDPELHQWDOKDFDXVDGR
KLVWyULFDPHQWH\DFWXDOPHQWHKDPEUXQDVSODJDVHSLGHPLDV\FDWiVWURIHVQDWXUD
OHVHQFLHUWDVUHJLRQHV3HURDGHPiVDQLYHOJOREDOSRQHHQSHOLJURODYLGDFRPR
VHFRQRFHKR\/DVLJXLHQWHJUiILFDPXHVWUDXQDGHODVSHRUHVDPHQD]DVDPELHQ
WDOHVJOREDOHVFDXVDGDVSRUHOVHUKXPDQRHOFDPELRFOLPiWLFR

&2 \&DPELRFOLPiWLFRHQDxRV
(VWDVWUHVJUiILFDVWLHQHQXQ
7HPSHUDWXUDPHGLDUHODWLYDDODxRž)

PLVPR HMH TXH LQFOX\H ORV

~OWLPRVDxRVHMHKRUL &DPELRFOLPiWLFR
]RQWDO

'HDUULEDDDEDMRODSULPHUD
JUiILFD PXHVWUD FRPR KD
HYROXFLRQDGRODWHPSHUDWXUD
PHGLD GHO SODQHWD HQ WpUPL
QRVUHODWLYRVDODWHPSHUDWX
UDPHGLDHQHODxR

/D VHJXQGD JUiILFD PXHVWUD
OD HYROXFLyQ GH OD FRQFHQ
WUDFLyQ PHGLD GH &2 HQ OD
3DUWtFXODVGH&2 HQ330P

DWPyVIHUD &RQFHQWUDFLyQ&2

/D WHUFHUD JUiILFD PXHVWUD
ODVHPLVLRQHVGH&2\VXV
WDQFLDV FDUERQDGDV D SDUWLU
GHO FRQVXPR GH FRPEXVWL
EOHV IyVLOHV \ GH OD TXHPD
GH VHOYD \ PDWRUUDO SDUD
DXPHQWDU OD WLHUUD FXOWLYDEOH
\GHSDVWRUHR

[0LOPLOORQHVGHWRQHODGDV

6H REVHUYD TXH OD FRUUHOD (PLVLRQHV&DUERQR

FLyQHVHYLGHQWH\HOFDPELR
FOLPiWLFRHVWiLPSXOVDGRSRU &RPEXVWLEOHVIyVLOHV &DPELRHQXVRGHOVXHOR

OD DFWLYLGDG KXPDQD GHVGH

OD5HYROXFLyQ,QGXVWULDO




)LJXUD(ORULJHQKXPDQRGHOFDPELRFOLPiWLFR

)XHQWHZZZXVJFUSJRY

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 6H QHFHVLWD SRU WDQWR XQ FDPELR HFRQyPLFR FXOWXUDO \ WHFQROyJLFR TXH GHV
DFRSOHHOGHVDUUROORKXPDQRGHODFRQWDPLQDFLyQ3DUDHOORWDPELpQHVQHFHVDULR
SURPRFLRQDU HO DKRUUR TXH QR VyOR UHGXFH HO FRQVXPR GH UHFXUVRV VLQR TXH
DGHPiVUHGXFHODSURGXFFLyQGHFRQWDPLQDQWHV6HGHEHXVDUQXHYDVVXVWDQFLDV
PHQRVFRQWDPLQDQWHVLQQRYDUHQSURGXFFLyQ\ORJtVWLFD\IRPHQWDUODUHXWLOL]DFLyQ
HO UHFLFODMH \ OD UHYDORUL]DFLyQ SDUD FHUUDU HO FLFOR ItVLFR GH ORV PDWHULDOHV \ OD
HQHUJtDYHUILJXUD

 3HURVLHOULWPRGHFRQVXPR\FRQWDPLQDFLyQGHORVSDtVHVLQGXVWULDOL]DGRVHVWi
OHMRVGHVHUVRVWHQLEOHSDUDHOSODQHWDXQQXHYRGHVDItRVXUJHFRQHOUiSLGRGH
VDUUROORGHODHFRQRPtDGHGRVSDtVHVVXSHUSREODGRV&KLQDH,QGLD(VWRVSDtVHV
KDQ HQFRQWUDGR XQD IyUPXOD GH FUHFLPLHQWR FRQ p[LWR HFRQyPLFR TXH SODQWHD
FRPRSRVLEOHTXHVXSREODFLyQPiVGHPLOORQHVGHVHUHVKXPDQRVDOFDQFH
QLYHOHVGHYLGDFRPSDUDEOHVDORVGHORVSDtVHVLQGXVWULDOL]DGRVTXHQRVXPDQQL
GH OHMRV WDQWD SREODFLyQ /D VROXFLyQ QR SXHGH HVWDU HQ QHJDUOHV HO GHUHFKR DO
FRQVXPR GH UHFXUVRV R D FRQWDPLQDU VLQR HQ HQFRQWUDU VROXFLRQHV WpFQLFDV TXH
SHUPLWDQ TXH PXFKD PiV SREODFLyQ VDWLVIDJD VXV QHFHVLGDGHV GH IRUPD PXFKR
PiVHILFLHQWH

 /DLQGXVWULDHVODDFWLYLGDGKXPDQDTXHPiVUHFXUVRVFRQVXPH\PiVFRQWD
PLQDQWHV SURGXFH SRU FRPSDUDFLyQ FRQ OD H[WUDFFLyQ \ SURFHVDGR GH PDWHULDV
SULPDVPLQHUtDDJULFXOWXUDSHVFDGHUtDHWFODUHDOL]DFLyQGHVHUYLFLRVFRQVXO
WRUtD DGPLQLVWUDFLyQ S~EOLFD RFLR HWF \ OD UHVLGHQFLD YLYLHQGDV GHVSOD]DPLHQ
WRVFRQVXPRGRPpVWLFRHWF3RUWDQWRHOUHWRSDUDODLQGXVWULDHVLQHOXGLEOH/RV
FDStWXORV  \  DERUGDQ ODV WpFQLFDV \ KHUUDPLHQWDV GHO GLVHxR SDUD FRQVHJXLU
HVWHWUDVFHQGHQWHREMHWLYR

 &RPRUHIOH[LyQILQDOVHKDFHUHIHUHQFLDDODVLQGXVWULDV\HPSUHVDVTXH\DKDQ
LQLFLDGR HO FDPELR KDFLD XQD SURGXFFLyQ VRVWHQLEOH (O tQGLFH EXUViWLO 'RZ -RQHV
'-LQFOX\HDXQDVHULHGHHPSUHVDVTXHFXPSOHQXQRVUHTXLVLWRV\FRLQFLGHTXH
WRGDVVRQOtGHUHVJOREDOHVHQWDPDxRHQVXVHFWRUHFRQyPLFR'HO'-VHKDGHUL
YDGRXQQXHYRtQGLFHHOËQGLFHGH6RVWHQLELOLGDG'RZ-RQHV'RZ-RQHV6XVWDL
QDELOLW\ ,QGH[ '-6, TXH HQJORED HQ VX YHUVLyQ :RUOG '-6, D  HPSUHVDV GH
DQDOL]DGDVDIHFKDGHVHSWLHPEUHGH(VWDVHPSUHVDVWUDQVQDFLRQD
OHVVRQODVPiVVRVWHQLEOHVHQWUHODVGHO'-1RLPSOLFDTXHVHDQHPSUHVDVVRVWH
QLEOHVSHURVtTXHKDQKHFKRGHODVRVWHQLELOLGDGXQDHVWUDWHJLDSDUDGLIHUHQFLDUVH
/RLQWHUHVDQWHGHHVWHtQGLFHHVTXHHVXQp[LWR\VXVHPSUHVDVVRQPiVUHQWD
EOHVTXHODPHGLD(VGHFLUDSRVWDUSRUODVRVWHQLELOLGDGKDFHLJXDOPHQWHFRPSHWL
WLYDVDHVWDVHPSUHVDVVLQRPiV(QHIHFWRODVVLJXLHQWHVILJXUDVPXHVWUDQSRU
XQODGRFyPRVXUHQWDELOLGDGHVOLJHUDPHQWHPHMRUTXHODPHGLDEXUViWLO\SRURWUR
ODGRTXHWRGRVORVVHFWRUHVLQGXVWULDOHVHVWiQSUHVHQWHVHQHOtQGLFH&RQHVWRV
GDWRV VH SUHWHQGH LOXVWUDU TXH HO FDPELR KDFLD OD VRVWHQLELOLGDG HV SRVLEOH \ TXH



(V LQWHUHVDQWH GHVWDFDU TXH (VSDxD HV HO ž SDtV FRQ PiV LQGXVWULDV HQ HO '-6, SRU GHWUiV GH
((885HLQR8QLGR$OHPDQLD6XL]D)UDQFLD\-DSyQSRUHVHRUGHQ


 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

ODV HPSUHVDV TXH PDUFDQ ODV WHQGHQFLDV \D SDUHFHQ HYROXFLRQDU KDFLD XQD SUR
GXFFLyQVRVWHQLEOH6yORFDEHGHVHDUTXHHOFDPELROOHJXHVXILFLHQWHPHQWHUiSLGR







$XWRPyYLOHV\SDUWHV
%DQFRV
5HFXUVRV%iVLFRV
4XtPLFDV
&RQVWUXFWRUDV\PDWHULDOHVFRQV
6HUYLFLRV)LQDQFLHURV
&RPLGD\%HELGD
&XLGDGGHOD6DOXG
%LHQHV\VHUYLFLRVLQGXVWULDOHV
6HJXURV
0HGLRVGHFRPXQLFDFLyQ
*DV\SHWUyOHR
%LHQHVSHUVRQDOHV\GRPpVWLFRV
9HQWDDOGHWDOOH
7HFQRORJtD
7HOHFRPXQLFDFLRQHV
9LDMHV\2FLR
6HUYLFLRS~EOLFR

'RZ -RQHV 'RZ -RQHV ËQGLFHGH 'RZ -RQHV ËQGLFHGH

ËQGLFH*HQHUDO 6RVWHQLELOLGDG 6RVWHQLELOLGDG0XQGLDO
0XQGLDO 0XQGLDO UHYLVLyQSURSXHVWD



)LJXUD(OËQGLFHGH6RVWHQLELOLGDGGH'RZ-RQHV

)XHQWHZZZVXVWDLQDELOLW\LQGH[HVFRP


 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

',6(f$5352'8&726,1'8675,$/(6

7,326'(352'8&726,1'8675,$/(6

 6HSXHGHGLVWLQJXLUHQWUHSURGXFWRVDUWHVDQDOHVHLQGXVWULDOHVVHJ~QTXLpQORV
IDEULTXH FRQ TXp WpFQLFDV \ FRQ TXp REMHWLYRV /RV SURGXFWRV DUWHVDQDOHV QR VH
IDEULFDQ HQ LQGXVWULDV \ XVDQ SRFD R QLQJXQD DXWRPDWL]DFLyQ SRUTXH QR WLHQHQ
FRPRREMHWLYR VHU SURGXFLGRV HQ VHULHPXFKRV \ WRGRV LJXDOHV 3RU HO FRQWUDULR
VXLQWHUpVHVWiHQVHUFDVL~QLFRVRHQHVWDUDGDSWDGRVDFDGDQHFHVLGDGSDUWLFX
ODUXQWUDMHXQDMR\DXQDUHIRUPDHQODYLYLHQGDXQPXHEOHXQHOHPHQWRGHFRUD
WLYRHWF3RUWDQWRVRQSURGXFWRVSHUVRQDOL]DGRV\GHPD\RUSUHFLRYHUILJXUD
/RVSURGXFWRVDUWHVDQRVSRUORJHQHUDOQRQHFHVLWDQXQDPHWRGRORJtDGHGLVHxR
\VRQPiVIUXWRGHODKDELOLGDGHLQVSLUDFLyQGHVXIDEULFDQWH1RVXHOHQUHTXHULU
HTXLSRV PXOWLGLVFLSOLQDUHV GH WUDEDMR QL GLEXMRV R SODQRV SUHYLRV QR VH KDFH XQ
SUHVXSXHVWRGHWDOODGRHWF

 3RUHOFRQWUDULRORVSURGXFWRVLQGXVWULDOHVRELHQWLHQHQJUDQFRPSOHMLGDG\VH
MXVWLILFDHOXVRGHPHGLRVGHSURGXFFLyQLQGXVWULDOHVEXTXHVDYLRQHVDHURJHQH
UDGRUHVRELHQVHIDEULFDQHQJUDQGHVVHULHVEXVFDQGRODGLVPLQXFLyQGHOSUHFLR
XQLWDULR6RQSURGXFWRVQRSHUVRQDOL]DGRVIDEULFDGRVFRQPDTXLQDULDDXWRPiWLFD
GLULJLGRV D VHJPHQWRV GH PHUFDGRV PiV R PHQRV DPSOLRV \ QR D XQD SHUVRQD
FRQFUHWD DXQTXH SXHGHQ LQFOXLU PyGXORV YDULDEOHV TXH SHUPLWDQ DGDSWDU HO SUR
GXFWRDFDGDXVXDULR(VWRVSURGXFWRVVtVHUHDOL]DQDSDUWLUGHXQGLVHxRSUHYLR
PiVRPHQRVFRPSOHMR\GHWDOODGRUHDOL]DGRSRUXQHTXLSRPiVRPHQRVDPSOLR\
PXOWLGLVFLSOLQDU

 (Q HVWH OLEUR VH YD D HVWXGLDU HO GLVHxR SDUD KDFHU ELHQHV LQGXVWULDOHV \ GH
FRQVXPR3HURH[LVWHQPXFKRVWLSRVGHSURGXFWRVLQGXVWULDOHVDOJXQRVPX\GLIH
UHQWHVHQWUHVt\HVWROLPLWDODXWLOLGDG\XQLYHUVDOLGDGGHODVWpFQLFDVGHGLVHxR
(IHFWLYDPHQWH FODVLILFiQGRORV SDUDVLPSOLILFDUVX GHVFULSFLyQ VH SXHGHGLVWLQJXLU
SURGXFWRVLQGXVWULDOHVPDWHULDOHVGHLQPDWHULDOHV\SURGXFWRV~QLFRVGHP~OWLSOHV
3RUPDWHULDOHVVHUHILHUHDSURGXFWRVWDQJLEOHVREMHWRVTXHVHSURGXFHQDSDUWLU
GH OD WUDQVIRUPDFLyQ GH PDWHULDV SULPDV 3RU LQPDWHULDOHV VH UHILHUH D SURGXFWRV
LQWDQJLEOHVVHUYLFLRVTXHVHSURGXFHQDSDUWLUGHODWUDQVIRUPDFLyQGHLQIRUPDFLyQ
\SXHGHQTXHGDUUHFRJLGRVRQRHQXQVRSRUWHItVLFR

 6H FRQVLGHUDQ SURGXFWRV ~QLFRV DTXpOORV TXH VyOR VH SURGXFHQ XQD YH] HV
GHFLUQRSXHGHQHMHFXWDUVHLGpQWLFRVSDUDYDULDVGHPDQGDVSRUTXHFDGDXQDUHTXLHUH
XQDVROXFLyQGLVWLQWD 1R REVWDQWH ORVUHVXOWDGRV GH HVWRV SUR\HFWRVSXHGHQVHU
PX\~WLOHVSDUDSUR\HFWRVVHPHMDQWHV+D\GLYHUVDVUD]RQHVSDUDXQSUR\HFWR~QLFR

  VXFRPSOHMLGDG\WDPDxR
  XQD~QLFDGHPDQGD
  ODQHFHVLGDGGHDGDSWDUORFRQJUDQSUHFLVLyQDXQHOHYDGRQ~PHURGHFRQGL
FLRQHVTXHPX\SUREDEOHPHQWHQXQFDVHUHSHWLUiQ

  ROyJLFDPHQWHFRPELQDFLyQGHHVWDVVLWXDFLRQHV

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 )LQDOPHQWHVHFRQVLGHUDQSURGXFWRVP~OWLSOHVDTXpOORVTXHSXHGHQHMHFXWDUVH
LGpQWLFRVSDUDYDULRVFOLHQWHVDSDUWLUGHXQ~QLFRSUR\HFWRSRUTXHODVGLIHUHQFLDV
HQWUH ORV FOLHQWHV QR VRQ PX\ LPSRUWDQWHV /D VLJXLHQWH WDEOD PXHVWUD DOJXQRV
HMHPSORVSDUDFDGDXQDGHODVFODVLILFDFLRQHVSRVLEOHVDOFRPELQDUDPERVFRQFHS
WRV


7DEOD7LSRVGHSURGXFWRVLQGXVWULDOHV


ÒQLFR 0~OWLSOH

 1DYHVLQGXVWULDOHV  &LUFXLWRLPSUHVR
0DWHULDO

 6XEHVWDFLRQHVWUDQVIRUPDGRUDV  7XHUFDV

 ,QVWDODFLyQGHYDSRU  &DPLRQHV

 %XTXHHVSHFLDOLVWD  5HIULJHUDGRUGRPpVWLFR

 3ODQHVWUDWpJLFR  3URJUDPDVLQIRUPiWLFRV
,QPDWHULDO

 ,QVSHFFLyQWpFQLFD  &XUVRVGHIRUPDFLyQ

 6LVWHPDGHFDOLGDG  %DVHVGHGDWRVJHQHUDOLVWDV

 3ODQGHHPHUJHQFLD  &LHUWRVVHUYLFLRVGHDJHQFLD

)XHQWH(ODERUDFLyQSURSLD


 &DGDXQRGHHVWRVJUXSRVGHSUR\HFWRVGHPDQGDXQWLSRGLIHUHQWHGHPHWRGR
ORJtD \ KHUUDPLHQWDV GH SUR\HFWR \ GH KHFKR GLYHUVRV DXWRUHV GLVWLQJXHQ XQD
WLSRORJtD GH SUR\HFWRV SDUD FDGD WLSR GH SURGXFWRV 6LQ HPEDUJR HQ OD SUiFWLFD
PXFKDV WpFQLFDV GH SUR\HFWRV VRQ DSURSLDGDV SDUD GLYHUVRV WLSRV GH SUR\HFWRV
(Q HVWH OLEUR VH DERUGD OD WLSRORJtD GH SUR\HFWRV GH SURGXFWRV LQGXVWULDOHV
PDWHULDOHV \ P~OWLSOHV (QWUH HVWRV SURGXFWRV PDWHULDOHV \ P~OWLSOHV VH SXHGH
GLVWLQJXLU

 • 3RUFRPSOHMLGDG

   /RV TXH LPSOLFDQ DOWRV LQWHUHVHV HFRQyPLFRV DOWDGLILFXOWDG WpFQLFD \ HOH
YDGDFRPSOHMLGDGRUJDQL]DWLYD/RFRPRWRUDVEDUFRVDYLRQHVHWF

   /RVGHPRGHUDGDREDMDFRPSOHMLGDGWpFQLFD\RUJDQL]DWLYDHOHFWURGRPpV
WLFRVPXHEOHVFRPSOHPHQWRVWH[WLOHVHWFHQJHQHUDOWRGRVORVSURGXFWRV
PHQRVORVDUULEDFLWDGRV


 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 • 3RUGHVWLQR

   /RVSURGXFWRVSDUDXVXDULRVILQDOHVSURGXFWRVTXHVHXVDQGLUHFWDPHQWH\
QRVHLQWHJUDQHQRWURVSURGXFWRV$VXYH]GLYLVLEOHHQ

     3URGXFWRVSDUDVHJPHQWRVDPSOLRVGHPHUFDGRHOHFWURGRPpVWLFRVWHOp
IRQRVPyYLOHVFRPSOHPHQWRVGHYHVWLGRHWF

     3URGXFWRVSDUDVHJPHQWRVPX\UHGXFLGRVGHPHUFDGRPiTXLQDVLQGXV
WULDOHVDJUtFRODVLQVWUXPHQWDOPpGLFRHWF

 • /RVSURGXFWRV SDUDXVXDULRV LQWHUPHGLRV RXVXDULRVJHQHUDOPHQWH LQGXVWULD
OHV HV GHFLU VXEVLVWHPDV FRPSRQHQWHV \ SDUWHV IXHQWHV GH DOLPHQWDFLyQ
OHGVHQJUDQDMHVHMHVDFDEDGRVVXSHUILFLDOHVHQYDVHVHWF

 3DUDWRGRVHVWRVSURGXFWRVVRQ~WLOHVODVPHWRGRORJtDV\KHUUDPLHQWDVTXHVH
UHFRJHQHQHOOLEUR6LQHPEDUJRSRUODH[SHULHQFLDGHORVDXWRUHVODJUDQPD\RU
tDGHORVHMHPSORVTXHLOXVWUDQFDGDWpFQLFDVRQGHSURGXFWRVGHEDMDRPRGHUDGD
FRPSOHMLGDG\GHVWLQDGRVDXVXDULRVILQDOHV


(/&,&/2'(',6(f2'(/26352'8&726,1'8675,$/(6

 1RHVVHQFLOORH[SOLFDUFXiOHVHOFLFORGHXQGLVHxR'HVGHTXHDOJXLHQGHWHFWD
XQDQHFHVLGDGQRVDWLVIHFKDRLQVXILFLHQWHPHQWHVDWLVIHFKDKDVWDTXHXQQXHYR
SURGXFWRVDOHDOPHUFDGRVHVXFHGHXQJUDQQ~PHURGHDFWLYLGDGHV$FWLYLGDGHV
TXHYDUtDQGHXQRVSURGXFWRVDRWURV\GHXQDVLQGXVWULDVDRWUDVSDUDXQPLVPR
SURGXFWR(QHOFDStWXORVHYDDH[SOLFDUHVWHFLFORFRQPiVGHWDOOH3HURFRPR
LQWURGXFFLyQ VH SXHGH DILUPDU TXH SRU HQFLPD GH ODV GLIHUHQFLDV H[LVWHQ XQDV
SDXWDVFRPXQHVTXHSHUPLWHQGLYLGLUHOFLFORGHXQGLVHxRHQGLYHUVDVIDVHV

 6L VH FRQVLGHUD TXH HO GLVHxR DFDED FXDQGR ORV GLEXMRV ODV LQVWUXFFLRQHV GH
IDEULFDFLyQORVSUHVXSXHVWRV\HQJHQHUDOWRGDODGRFXPHQWDFLyQTXHORH[SOLFD
HVGHILQLWLYDHQWRQFHVVHSXHGHGLVWLQJXLUFXDWURIDVHV

  &ODULILFDFLyQGH2EMHWLYRV,GHD
  (VSHFLILFDFLRQHV
  'LVHxRFRQFHSWXDO
  'LVHxRGHGHWDOOH

 /DIDVHGH,GHDHVPX\DPELJXD,JXDOSXHGHVXUJLUXQDLQQRYDFLyQGHXQDYLHMD
LGHD GHVFDUWDGD TXH DKRUD HV YLDEOH TXH GH XQ HQFDUJR LQPHGLDWR UHODFLRQDGR
FRQXQDQXHYDGHPDQGD$XQTXHH[LVWHQWpFQLFDVSDUDUHJXODUODWLHQHXQSURFHVR
GLIXVRHQHOTXHVHFRQWDFWDFRQGLYHUVRVJUXSRVGHLQWHUpVVHSUXHED\FRUULJH
FRQWLQXDPHQWH \ SXGLHUD RFXUULU TXH VH SURSRQJDQ VROXFLRQHV TXH QR VH SDUH
FHUiQQDGDDOSURGXFWRILQDO

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 (Q OD IDVH GH (VSHFLILFDFLRQHV SRU HO FRQWUDULR HO SURFHGLPLHQWR HV PXFKR
PiVOLQHDO\HVWiPiVFRQWURODGR(QHVWDIDVHXQDYH]DFODUDGDODLGHDRFRQMXQ
WRGHLGHDVVHUHDOL]DXQDE~VTXHGDH[KDXVWLYD\PHWyGLFDGHLQIRUPDFLyQUHODWL
YDDWRGRVORVJUXSRVGHLQWHUpVGHODLQGXVWULD\HOSURGXFWR6HSURFHVDODLQIRU
PDFLyQREWHQLGDHQIRUPDGHUHVWULFFLRQHVUHTXLVLWRV\FRQGLFLRQHV\VHLQFOX\HQ
HQODOLVWDGHHVSHFLILFDFLRQHVGHSURGXFWRYHUFDStWXOR(VWDOLVWDGHHVSHFLIL
FDFLRQHV HV XQ HQXQFLDGR GHO SUREOHPD GH GLVHxR D UHVROYHU \ DFW~D FRPR XQ
FRQWUDWR GHGLVHxR (Q RFDVLRQHV OD OLVWD GH HVSHFLILFDFLRQHV HVUHYLVDEOH SRU OR
JHQHUDOQRORHVHQHOFDStWXORVHH[SOLFDHVWRFRQGHWDOOH

 (QODIDVHGHFRQFHSFLyQR'LVHxRFRQFHSWXDOHOHQXQFLDGRGHOSUREOHPDHP
SLH]DDUHVROYHUVHFRQODVSULPHUDVVROXFLRQHVHQIRUPDGHIXQFLRQHVJHRPHWUtDV
JHQHUDOHVPDWHULDOHVSULQFLSDOHVHWF(QHVWDIDVHVHWUDEDMDFRQUDWLRVHVWLPD
FLRQHV \ GLEXMRV DSUR[LPDGRV 1R LPSRUWD WDQWR HO GHWDOOH FRPR HO FRQMXQWR OD
GHILQLFLyQ \ DUPRQL]DFLyQ GH ORV SUHYLVLEOHV VXEVLVWHPDV (O SURGXFWR HPSLH]D D
H[LVWLU FRPR LGHD R FRQFHSWR \ \D VH SXHGH HPSH]DU D HYDOXDU VL FXPSOH ODV
HVSHFLILFDFLRQHV GH SURGXFWR 6L QR ODV FXPSOH VH GHEH UHYLVDU HO GLVHxR R ODV
HVSHFLILFDFLRQHVVLVHSXHGH

 )LQDOPHQWHHQODIDVHGH'LVHxRGHGHWDOOHVHGHVDUUROODHOGLVHxRGHWRGRHO
IXWXUR SURGXFWR KDVWDVXSDUWH PiVHOHPHQWDO LQFOX\HQGR LQVWUXFFLRQHV GH IDEUL
FDFLyQ SUHVXSXHVWRV PDQXDOHV GH XVR HVSHFLILFDFLRQHV SDUD OD KRPRORJDFLyQ
HWF (Q HVWD IDVH VH VXHOHQ UHDOL]DU DGHPiV PRGHORV LQIRUPiWLFRV \ PDTXHWDV
ItVLFDVSDUDSUREDUODVVROXFLRQHVGHGHWDOOH7DPELpQVHVXHOHQKDFHUSUHVHULHV
GHIDEULFDFLyQSRUVLGHORVUHVXOWDGRVGHHVWDSURGXFFLyQH[SHULPHQWDOVHGHUL
YDQFDPELRVGHGHWDOOHSDUDHOGLVHxRRQRWDQGHGHWDOOH(QHVWDIDVHWDPELpQ
VHHODERUDWRGDODGRFXPHQWDFLyQILQDOGHOGLVHxR

 (VIUHFXHQWHTXHODVIDVHVGHGLVHxRVHVRODSHQHQHOWLHPSR\HOXVRGHUHFXU
VRVKXPDQRV\WpFQLFRVYHUILJXUD(VWDGHVFRPSRVLFLyQGHOFLFORGHGLVHxR
DWLHQGHPiVDODVFDUDFWHUtVWLFDVFRPXQHVGHODVDFWLYLGDGHVTXHDODVHFXHQFLD
HQ HO WLHPSR /yJLFDPHQWH SXHVWR TXH OD LQIRUPDFLyQ JHQHUDGD HQ XQDV HV OD
LQIRUPDFLyQGHSDUWLGDGHRWUDVVtVHVXHOHGDUXQDFLHUWDVHFXHQFLDFLyQWHPSRUDO
3HURODSUHVLyQSRUUHGXFLUORVFLFORVGHGLVHxRODQHFHVLGDGGHVDWLVIDFHUQHFHVL
GDGHV GH GLYHUVRV DJHQWHV HQ GLYHUVDV GLVFLSOLQDV LQGXVWULDOHV \ OD SUHVLyQ SRU
UHGXFLU IDOORV \ UHGLVHxRV KD KHFKR HYROXFLRQDU ODV WpFQLFDV GH GLVHxR KDFLD HO
VRODSHGHODVIDVHVHOGHVDUUROORGHPRGHORVLQIRUPiWLFRVFRPSDUWLGRVSRUWRGRV
ORVGLVHxDGRUHV\ODJHVWLyQFHQWUDOL]DGDHQVHUYLGRUHV


(/&,&/2'(/26352'8&726,1'8675,$/(6

 7DQLPSRUWDQWHHVFRQRFHUHOFLFORGHOGLVHxRFRPRHOFLFORGHYLGDGHORVSUR
GXFWRV'HKHFKRpVWDHVXQDGHODVOtQHDVUHFLHQWHVGHLQYHVWLJDFLyQ\UHQRYDFLyQ
GH ORV PiV LPSRUWDQWHV PpWRGRV GH SURGXFFLyQ (O FRQMXQWR GH FRQRFLPLHQWRV
HVWUDWHJLDV \ WpFQLFDV TXH HVWi SURGXFLHQGR VH KD GDGR HQ OODPDU ,QJHQLHUtD GHO
FLFORGHYLGDGHORVSURGXFWRV

 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

 6HSXHGHGHILQLUHOFLFORGHYLGDGHORVSURGXFWRVGHVGHHOSXQWRGHYLVWDGHO
FLFORHFRQyPLFRSDUDODRUJDQL]DFLyQTXHORVRIHUWDRGHVGHHOSXQWRGHYLVWDGHO
FLFOR GH YLGD ItVLFR GHO REMHWR $PERV VRQ FRQRFLGRV \ HVWXGLDGRV GHVGH KDFH
PXFKR WLHPSR SHUR WRGDYtD ODVHPSUHVDVJHVWLRQDQ PXFKR PHMRU HO FLFORHFRQy
PLFRTXHHOFLFORItVLFRSRUGLYHUVDVUD]RQHVTXHVHGLVFXWHQPiVDGHODQWH


&LFORGHYLGDHFRQyPLFRGHXQSURGXFWR

 6HSXHGHGHILQLUHOFLFORGHYLGDHFRQyPLFRGHXQSURGXFWRFRPRHOSHULRGRHQ
HOFXDOHOSURGXFWRWLHQHDOJXQDLQIOXHQFLDHFRQyPLFDGLUHFWDHQODHPSUHVDTXHOR
RIHUWD$VtHOSURGXFWRQDFHHFRQyPLFDPHQWHSDUDODHPSUHVDFXDQGRHPSLH]DD
GHGLFDUOHUHFXUVRVDVXLGHD\HVSHFLILFDFLyQ(OSURGXFWRVHGHILQH\FXHVWDPiV
UHFXUVRVDPHGLGDTXHVHSURJUHVDHQVXVFRQFHSWRVYHUILJXUD6LHOGLVHxR
VHDFHSWDVHFRQWLQ~DVXGHVDUUROOR\VHHODERUDQODVSULPHUDVPDTXHWDVSURWRWL
SRV\SUHVHULHV)LQDOPHQWHVHSUXHED\VHWHUPLQDVXGLVHxRILQDO$HVWDVIDVHV
OHVVLJXHXQDIDVHGHIXHUWHLQYHUVLyQHQODVFRPSUDV\HQODSURGXFFLyQGHOSUR
GXFWR)DVHGHIDEULFDFLyQ\DGTXLVLFLyQ(OSURGXFWRDOFDQ]DODPDGXUH]HFRQy
PLFDFXDQGRVHH[SORWDUHJXODUPHQWH)DVHGHH[SORWDFLyQKDVWDTXHILQDOPHQWH
VHKDFHREVROHWRVHUHWLUDGHOPHUFDGR\PXHUHHFRQyPLFDPHQWHSDUDODHPSUHVD

 /D ILJXUD  PXHVWUD ODV IDVHV GHO FLFOR GH YLGD HFRQyPLFR GH XQ SURGXFWR
PDWHULDO\P~OWLSOHDVtFRPRORVFRVWHVTXHVXSRQHSDUDXQDHPSUHVD&RPRVH
SXHGHREVHUYDUVLELHQHOFLFORHFRQyPLFRHVOLQHDOSXHGHKDEHUXQFLHUWRVRODSH
HQWUHODVIDVHVGHVXHYROXFLyQ

&RVWHV

&RVWHVGHOFLFORGHYLGD~WLO

&RVWHVGHH[SORWDFLyQ

&RVWHVGHIDEULFDFLyQ\
DGTXLVLFLyQ

&RVWHVGHGHVDUUROOR

&RQFHS )DEULFDFLyQ 7LHPSR

FLyQ \DGTXLVLFLyQ
(VSHFLIL 'HVDUUROOR
([SORWDFLyQ\SRVWYHQWD
FDFLyQ \GHWDOOHV 

)LJXUD)DVHV\FRVWHVGHOFLFORGHYLGDHFRQyPLFRGHXQSURGXFWR

)XHQWH$GDSWDGDGH&DSX]

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

 6LVHKDFHXQEDODQFHGHORVFRVWHVGHXQFLFORGHYLGDHFRQyPLFRJHQpULFRVH
SXHGHREWHQHUXQDHYROXFLyQGHORVIOXMRVHFRQyPLFRVGHODHPSUHVDFRPRODTXH
VHPXHVWUDHQODILJXUD$VtDOSULQFLSLRHOSURGXFWRVyORJHQHUDFRVWHV(Q
XQFLHUWRPRPHQWR7VHKDEUiQDFXPXODGRORVFRVWHVGHODFRQFHSFLyQ\GHILQL
FLyQ TXH VH SXHGHQ GHQRPLQDU ,QYHUVLyQ HQ GLVHxR iUHD FXELHUWD SRU OD FXUYD
KDVWD 7&RQ ODV SUXHEDV SURWRWLSRV\ SULPHUDVVHULHV IDEULFDGDVVH WHUPLQD OD
IDVHGHGHVDUUROOR\VHDFXPXODODLQYHUVLyQHQGHVDUUROORGHOSURGXFWRiUHDFXELHUWD
KDVWD7(QFXDQWRHPSLH]DQODVDGTXLVLFLRQHV\ODIDEULFDFLyQORVFRVWHVFUHFHQ
UiSLGDPHQWH\VyORFDPELDQGHWHQGHQFLDFXDQGRVHHPSLH]DQDREWHQHULQJUHVRV
SRUODYHQWDGHOSURGXFWR(QXQFLHUWRPRPHQWR7VHOOHJDDOEDODQFHQHJDWLYR
Pi[LPR\HPSLH]DDHYROXFLRQDUKDFLDODREWHQFLyQGHEHQHILFLRV6LHOSURGXFWR
JHQHUD PiV LQJUHVRV TXH JDVWRV GXUDQWH OD IDVH GH IDEULFDFLyQH[SORWDFLyQ HO
EDODQFH VH KDFH SRVLWLYR D SDUWLU GH XQ FLHUWR WLHPSR 7 6L QR HV DVt JHQHUD
SpUGLGDV\ODHPSUHVDGHEHEXVFDUXQDDOWHUQDWLYDUiSLGDPHQWH$XQVLHOSURGXF
WR JHQHUD EHQHILFLRVVyORVHUi XQp[LWR VL ORVEHQHILFLRV DFXPXODGRVVXSHUDQODV
LQYHUVLRQHV DFXPXODGDV FRQ XQ FLHUWR PDUJHQ TXH GHWHUPLQD OD UHQWDELOLGDG (V
GHFLUHOSURGXFWRGHODILJXUDFXPSOHODVH[SHFWDWLYDVHFRQyPLFDVGXUDQWHVXFLFOR
GH YLGD HFRQyPLFR VL HO iUHD EDMR OD FXUYD D SDUWLU GH 7 HV PD\RU TXH HO iUHD
VREUH OD FXUYD KDVWD 7 \ OD GLIHUHQFLD HQWUH ODV iUHDV FXELHUWDV GHWHUPLQD ODV
JDQDQFLDVDFXPXODGDVQHWDVRVXUHQWDELOLGDGWRGRHVWRVHH[SOLFDFRQPiVGH
WDOOHHQHOFDStWXOR3DVDGRXQFLHUWRWLHPSRHOSURGXFWRVHKDFHREVROHWRSRUTXH
ODV GHPDQGDV TXH OR RULJLQDURQ KDQ HYROXFLRQDGR \ \D QR ODV VDWLVIDFH SRUTXH
RWURVSURGXFWRV\VHUYLFLRVODVDWLVIDFHQPHMRURSRUTXHFDPELDHOSRGHUDGTXLVLWL
YRGHORVFRPSUDGRUHV(QWRGRFDVRHOSURGXFWRLQLFLDVXGHFOLYHHQDFHSWDFLyQ\
YHQWDV\HVUHWLUDGRGHODRIHUWDGHVDSDUHFLHQGRPiVRPHQRVSDXODWLQDPHQWHGHO
PHUFDGR

 /DV HPSUHVDV QR SXHGHQ SHUPLWLUVH WHQHU SHULRGRV GH SpUGLGDV SRU OR TXH
WLHQGHQ D JHVWLRQDU ORV FLFORV HFRQyPLFRV GH VXV SURGXFWRV GH WDO IRUPD TXH
FRQWLQXDPHQWHREWHQJDQEHQHILFLRV/DILJXUDVLPXODHVWDJHVWLyQ$VtPLHQ
WUDVVHIDEULFD\H[SORWDHOSURGXFWR$ODHPSUHVD\DHVWiGLVHxDQGR\SUREDQGR
HO SURGXFWR % GH IRUPD TXH VX ODQ]DPLHQWR FRLQFLGD \ FRPSHQVH HO GHFOLYH GHO
SURGXFWR$3RFRGHVSXpVGHODQ]DUHOSURGXFWR%VHLQLFLDHOGLVHxRGHOSURGXFWR
&\DVtVXFHVLYDPHQWH

 (VWRVFLFORVHFRQyPLFRVVRQWDQGLIHUHQWHVFRPRGLIHUHQWHVVRQORVSURGXFWRV
PDWHULDOHV \ P~OWLSOHV $Vt XQ DXWRPyYLO WLHQH XQDV IDVHV GH FRQFHSWR GLVHxR \
GHVDUUROORGHDOUHGHGRUGHDxRV\XQDIDVHGHH[SORWDFLyQGHHQWUH\DxRV
PLHQWUDV TXH XQ KHUUDMH GH XQ PXHEOHWLHQH XQ GLVHxR GH SRFDVVHPDQDV \ XQD
H[SORWDFLyQGHRPiVDxRV3RURWURODGRQRWRGRVORVSURGXFWRVVHUHQXHYDQ
DO PLVPR ULWPR 6LJXLHQGR FRQ HO HMHPSOR GH ORV KHUUDMHV SDUD PXHEOHV GXUDQWH
GpFDGDVSUiFWLFDPHQWHQRKDEtDQFDPELDGR\ORVPXHEOHVVHPRQWDEDQWRGRVGH
LJXDOIRUPDKDVWDTXHUHFLHQWHPHQWHFRQHOp[LWRGHORVPXHEOHVPRQWDGRVSRUHO
SURSLR XVXDULR ORV KHUUDMHV KDQ HYROXFLRQDGR \ YDULDGR PXFKR VLPSOLILFDQGR HO
PRQWDMH\SHUPLWLHQGRQXPHURVDVRSHUDFLRQHVGHPRQWDMH\GHVPRQWDMHGHPXHEOHV


 
)81'$0(1726'(/',6(f2(1/$,1*(1,(5Ë$

,1*5(626
2
,7
e;
1
&2
6
&72
'8 '(&/,9((1
3 52
%HQHILFLRV /$69(17$6

7 7 7 7
3pUGLGDV 7,(032
,72
e;
6 6,1
&72
'8
3 52

*$6726


)LJXUD&LFORGHYLGDHFRQyPLFRGHXQSURGXFWR

)XHQWH$GDSWDGDGH*yPH]6HQHQW\&DSX]



,1*5(626
3URGXFWR$ 3URGXFWR% 3URGXFWR&

7,(032

*$6726


)LJXUD3URJUDPDFLyQGHORVFLFORVGHYLGDHFRQyPLFRVGHXQVLVWHPDSURGXFWLYR

)XHQWH$GDSWDGDGH*yPH]6HQHQW\&DSX]

 
 &$3Ë78/2,1752'8&&,Ï1$/',6(f2(1/$,1*(1,(5Ë$

&LFORGHYLGDItVLFRGHXQSURGXFWR

 $OLJXDOTXHXQSURGXFWRVHSXHGHHVWXGLDUVHJ~QDSDUHFH\GHVDSDUHFHHQODV
FXHQWDV HFRQyPLFDV GH XQD HPSUHVD VH SXHGH HVWXGLDU WDPELpQ VX HYROXFLyQ
VHJ~QDSDUHFH\GHVDSDUHFHItVLFDPHQWHHQHOSODQHWD$VtXQSURGXFWRVHJHVWD
ItVLFDPHQWHFXDQGRVXVPDWHULDVSULPDVVRQH[WUDtGDVGHOPHGLRQDWXUDO\VHFRQ
YLHUWHQHQVXVWDQFLDV\FRPSRQHQWHVDUWLILFLDOHVGHOIXWXURSURGXFWR)DVHH[WUDF
FLyQ\HODERUDFLyQGHPDWHULDVSULPDVHOSURGXFWRVHIDEULFD\H[LVWHHQOD)DVH
GHSURGXFFLyQ\HPSLH]DVX9LGD~WLOFXDQGRVHXVD)DVHFRQVXPR'XUDQWHVX
YLGD~WLOHOSURGXFWRVHPDQWLHQHRSHUDWLYRSHUROOHJDXQPRPHQWRHQTXHHVWR\D
QRHVSRVLEOHRQRHVGHVHDEOH\HOSURGXFWRGHMDGHXVDUVH\VHUHWLUD)DVHGH
UHWLUR'XUDQWHWRGDVXYLGDItVLFDHOSURGXFWRKDLQWHUFDPELDGRPDWHULDHQHUJtDH
LQIRUPDFLyQ FRQ HO HQWRUQR FRQVXPLHQGR UHFXUVRV \ OLEHUDQGR UHVLGXRV VyOLGRV
OtTXLGRV\JDVHRVRVYHUILJXUD


680,1,6752 352'8&&,Ï1
&216802
'(5(&85626 )$%5,&$&,Ï1

5HVLGXRV 5HVLGXRV 5HVLGXRV

\HPLVLRQHV \HPLVLRQHV \HPLVLRQHV

0DWHULDO
5(&,&/$'2
UHFLFODGR

5HFXUVRV 9HUWHGHURVIRQGR
UHQRYDEOHV \ PDULQRGHSyVLWRV
QRUHQRYDEOHV
9HUWLGR DODLUH
DJXD RVXHOR



)LJXUD)DVHVGHOFLFORGHYLGDItVLFRGHXQSURGXFWR

)XHQWH$GDSWDGDGH&DSX]\*yPH]


 /DVHPSUHVDVVXHOHQSRQHUPXFKRHPSHxRHQODFRUUHFWDJHVWLyQGHOFLFORGH
YLGD HFRQyPLFR GH ORV SURGXFWRV SHUR QR WDQWR HQ OD JHVWLyQ GHO FLFOR GH YLGD
ItVLFR(VWRVHGHEHDGLYHUVDVUD]RQHVTXHVHSXHGHQUHVXPLUHQGRVSULQFLSDOHV
HO GHVFRQRFLPLHQWR GH FyPR LQIOX\H HO FLFOR GH YLGD ItVLFR HQ HO HFRQyPLFR \ OD

 
Para seguir leyendo haga click aquí