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n ?@8 MB>< A>AB028B: Sn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y = CC  FC = 6528,57  956 = 5573 BKA. 3@=. "0: :0: :064>5 ?@54?@8OB85 AB@5<8BAO : ?>2KH5=8N MDD5:B82=>AB8 ?@>872>4AB20 2 1C4CI5<, ?5@5<5==K5 70B@0BK 2 >B=>H5=88 : >1J5<C @50;870F88 4>;6=K 1KBL 2 ?5@A?5:B825 =5 2KH5 8E C@>2=O 2 1997 3., A>AB0282H53> #vc = 1992 / 3109 = 0,64 @54AB>OI85 @0AE>4K 2 A>>B25BAB288 A MB8< A>AB02OB: VAn = Sn * #vc = 6770 * 0,64 = 4333 BKA. 3@=. 5;8G8=C ?@54AB>OI8E @0AE>4>2 =07>25< =><8=0;L=>9. >A;5 MB>3> <>6=> ?>4AG8B0BL @575@2 ?5@A?5:B82=KE @0AE>4>2, >1@07>20==K9 70 AG5B 4>2545=8O =>@<K ?@81K;8 A 0,08 4> A@54=53> 7=0G5=8O A@548 :>=:C@5=B>2 0,14. -B>B @575@2 >?@545;8< :0: @07=>ABL <564C CA;>2=K<8 8 =><8=0;L=K<8 ?5@5<5==K<8 @0AE>40<8, @0AAG8B0==K<8 =0 ?5@A?5:B82C: R = Vcy  VAn = 5573  4333 = 1240 BKA. 3@=.  ?@545;0E AC<<K 1240 BKA. 3@=. ?@54?@8OB85 8<55B 2>7<>6=>ABL ?>2KA8BL @0AE>4K =0 C;CGH5=85 :0G5AB20 B>20@>2, ;81> 225AB8 4>?>;=8B5;L=K5 CA;C38 =0 2K3>4=KE 4;O ?>:C?0B5;O CA;>28OE, 8;8 A=878BL F5=K @50;870F88. B=>H5=85< ?5@A?5:B82=>3> >1J5<0 @50;870F88 : F5=5 70 548=8FC ?@>4C:F88 >?@545;8< CA;>2=>5 =0BC@0;L=>5 :>;8G5AB2> 2K?CA:05<KE (@50;87C5<KE) 8745;89 Qy ?@8 =>@<5 ?@81K;8, @02=>9 A@54=59 =>@<5. "5:CI0O F5=0 2 =0H5< ?@8<5@5 @02=0 18,2 BKA. 3@=. 70 1 AB0=>: (4>?CAB8< CA;>285, GB> ! ?@>872>48B 8A:;NG8B5;L=> A0<CN ?>?C;O@=CN A2>N <>45;L A25@;8;L=>3> AB0=:0  2554), A;54>20B5;L=>,  INCLUDEPICTURE "http://www.cfin.ru/press/marketing/1999-5/09-2.gif" \* MERGEFORMATINET  >4AG8B05< @575@2 2>7<>6=>3> A=865=8O F5=K @50;870F88, 2 ?@545;0E :>B>@>3> <>6=> B0:65 C25;8G820BL 70B@0BK =0 C;CGH5=85 :0G5AB20 B>20@0, ;81> ?@54>AB02;OBL 4>?>;=8B5;L=K5 CA;C38 ?@8 A>E@0=5=88 ?@56=59 F5=K:  INCLUDEPICTURE "http://www.cfin.ru/press/marketing/1999-5/09-3.gif" \* MERGEFORMATINET  @545;L=> 4>?CAB8<0O ?> =87:>9 F5=>2>9 3@0=8F5 ?5@A?5:B82=0O F5=0 70 548=8FC ?@>4C:F88 ?@56=53> :0G5AB20 A>AB028B: Pn = P  AR = 18,2  3,3 = 14,9 BKA. 3@=. @8 MB>9 F5=5 D878G5A:89 >1J5< ?@>406 4>;65= 1KBL C25;8G5= 8 A>AB028B 25;8G8=C =5 <5=55 G5<:  INCLUDEPICTURE "http://www.cfin.ru/press/marketing/1999-5/09-3.gif" \* MERGEFORMATINET   70:;NG5=85 ?@82>48< @0AG5BK ?> A;54CNI59 D>@<C;5: Sn = # + FC + VAn + R. >4AB0282 2 MBC D>@<C;C A>>B25BAB2CNI85 7=0G5=8O ?>:070B5;59, ?>;CG05< @025=AB2>: 6770 = 241 + 956 + 4333 + 1240, 6770 = 6770. =0G8B, ?@>?>@F88 25;8G8= ?>:070B5;59 2K1@0=K 25@=>. !;54C5B B0:65 >B<5B8BL, GB> >1J5< ?@>406 2 45=56=>< 2K@065=88 (?@8 >?@545;5=88 >?B8<0;L=>9 F5=K 8 70B@0B =0 >A=>25 A@54=59 =>@<K ?@81K;8) 2K18@05BAO 2 7028A8<>AB8 >B ?>:C?0B5;LA:>3> A?@>A0 8 2>7<>6=>AB59 ?@>872>4AB20, => =5 =865 @0AG5B=>3> 7=0G5=8O Sn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orter M.E. On competition and strategy//  A Harvard Business Review Paper back, 1991. 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