Lade Inhalt...

Celebrity Endorsement: Die Auswirkungen von Skandalen und Fehltritten

©2012 Bachelorarbeit 70 Seiten

Zusammenfassung

Der Einsatz von Celebrities als Teil der Markenkommunikationsstrategie ist zur gängigen Praxis vieler Unternehmen geworden. Sie investieren signifikante Beträge, um in Zeiten zunehmender Informationskonkurrenz Gehör zu finden. Dabei erhoffen sie sich nicht nur eine größere Aufmerksamkeit, sondern auch einen Transfer der positiven Eigenschaften des Celebritys auf die beworbene Marke bzw. das Unternehmen. Jedoch können Unternehmen das Privatleben ihres Celebritys nicht kontrollieren und so kann es für das Unternehmen zu unerwünschten Ereignissen kommen. Moralische, ethische oder legale Probleme des Celebritys werden zur Herausforderung, um die Reputation des Produkts bzw. des Unternehmens zu wahren und Konsumenten nicht zu verlieren. Die Theorie des assoziativen Lernens und eine größere Gewichtung negativer Informationen implizieren dabei ein hohes Risiko. Doch welche Erwartungen Konsumenten in solchen Fällen an die Unternehmen stellen und welche Faktoren für sie dabei ausschlaggebend sind, ist unbekannt. Ebenso welche Rückkoppelungen durch die negativen Informationen entstehen können.
Eine qualitative Untersuchung anhand fokussierter Interviews hat Faktoren aufgezeigt, die es für Unternehmen im Falle des Auftauchens negativer Informationen über den Celebrity Endorser zu beachten gilt. Experteninterviews mit Unternehmen haben dagegen die Praxis näher untersucht und dabei sowohl Dissonanzen als auch Analogien aufgedeckt. Es wurde evident, dass die Reaktionsweisen der Unternehmen und somit ihr 'good citizenship behavior' primär für Einstellung und Kaufabsicht der Konsumenten verantwortlich sind. Der Level der Medienaufmerksamkeit bezüglich des negativen Ereignisses zeigte sich dabei als moderierender Faktor. Ebenso wurden die Erwartungen der Konsumenten bei möglichen Falschmeldungen evaluiert.

Leseprobe

Inhaltsverzeichnis


,,, $
,/l81*69(5=(,&+1,6
$EE S 0HDQLQJ97UDQVIHU90RGHOO
6
$EE S )LNWLYHV %HLVSLHO GHU $VVR]LDWLRQVIHOGHU YRQ 3HSVL XQG 0LFKDHO -DFNVRQ 6
$EE GS HUEXQJ XQG $JHQGD 6HWWLQJ
6 :
$EE S (IIHNWH GHU &RUSRUDWH XQG &HOHEULW\ &UHGLELOLW\
6
$EE S LUNXQJVPRGHOO GHU QHJDWLYHQ 3XEOL]LWlW YRQ &HOHEULW\ (QGRUVHUQ
6

(
,1) +581*
Ä:DV QLFKW LQ GLH 0DVVH GULQJW
LVW XQZLUNVDP ³
.DUO -DVSHUV
7KRPDV *RWWVFKDON QDVFKW +DULER *XPPLElUFKHQ GLH .OLWVFKNR %UGHU HQWVSDQQHQ EHL HLQHU
0LOFKVFKQLWWH YRQ )HUUHUR +HLGL .OXP HUIULVFKW VLFK PLW &RFD &ROD XQG )UDQ] %HFNHQEDXHU
WHOHIRQLHUW PLW 1 'LH HUEXQJ PLW SURPLQHQWHQ 3HUV|QOLFKNHLWHQ LVW 0
&
&
5$&.(
6
:" ]XIROJH HLQ ³XELTXLWRXV IHDWXUH RI PRGHUQ PDUNHWLQJ³ 'RFK JLEW HV DXFK 6FKDWWHQVHLWHQ
GLHVHU $UW YRQ .RPPXQLNDWLRQVVWUDWHJLH
HOFKH 5FNNRSSHOXQJHQ HQWVWHKHQ DXI
.RQVXPHQWHQ XQG 8QWHUQHKPHQ ZHQQ JHQDX GLHVH 3URPLQHQWHQ SO|W]OLFK QHJDWLYH 3XEOL]LWlW
HUIDKUHQ 'LHV VROO LQ GHU YRUOLHJHQGHQ $UEHLW XQWHUVXFKW ZHUGHQ
+LVWRULVFKHU +LQWHUJUXQG
'HU (LQVDW] YRQ EHNDQQWHQ 3HUV|QOLFKNHLWHQ LQ GHU HUEXQJ XQG DXFK GHUHQ RIWPDOV QHJDWLYH
3XEOL]LWlW LVW NHLQ UHLQ QHX]HLWOLFKHV 3KlQRPHQ VRQGHUQ EHVLW]W KLVWRULVFKH 2RUOlXIHU GLH ELV
LQ GDV
-DKUKXQGHUW ]XUFNUHLFKHQ 6R ZXUGHQ VFKRQ 1WWR YRQ %LVPDUFN XQG DSROHRQ
WURW] VWULWWLJHU SROLWLVFKHU .XUVH ]X
HUEHWUlJHUQ 0|JOLFKH QHJDWLYH $VVR]LDWLRQHQ EOLHEHQ
GDPDOV VFKHLQEDU XQEHDFKWHW
DUHQ HV ]X GLHVHQ =HLWHQ HKHU 0RQDUFKHQ 6WDDWVPlQQHU XQG
$GHOLJH GLH ]X
HUEH]ZHFNHQ KHUDQJH]RJHQ ZXUGHQ VR EHJDQQ GLH VFKULWWZHLVH
3URIHVVLRQDOLVLHUXQJ GLHVHU $UW YRQ HUEXQJ LQ GHQ :HU9-DKUHQ LQ GHQ 86$ PLW GHP (LQVDW]
YRQ 3HUV|QOLFKNHLWHQ DXV 6SRUW 0XVLN XQG )LOP $XFK LQ 'HXWVFKODQG JHZDQQ GLHVHV 7KHPD
VFKOLHOLFK LQ GHQ :HU9-DKUHQ DQ 5HOHYDQ] XQG 6FKDXVSLHOHULQQHQ ZLH 0DUOHQH 'LHWULFK
EHZDUEHQ KLHU WURW] VNDQGDO|VHU )LOPUROOHQ HUIROJUHLFK 3URGXNWH +
15,=1 7 (7
: :
6
7,)78 *
+
$86 '(5
*
(6&+,&+7(
:: " ,Q GHQ :HU9-DKUHQ ZXUGHQ GDQQ YRU DOOHP 6SRUWOHU
ZLH *HUG 0OOHU XQG )UDQ] %HFNHQEDXHU HQJDJLHUW GRFK DXFK KLHU NDP HV KLQ XQG ZLHGHU ]X
QHJDWLYHU 3XEOL]LWlW GHU
HUEHWUlJHU $QIDQJ GHU :HU9-DKUH VWLHJ VFKOLHOLFK GLH =DKO
ZHUEHQGHU 3HUV|QOLFKNHLWHQ VLJQLILNDQW DQ<
DUHQ LP -DKUH
QXU HWZD GUHL 3UR]HQW GHU
HUEHVSRWV PLW SURPLQHQWHQ 7HVWLPRQLDOV EHVHW]W VR KDW VLFK GLHVHU HUW ELV ]XP -DKUH ::
DXI EHU ]Z|OI 3UR]HQW PHKU DOV YHUYLHUIDFKW %LV KHXWH OlVVW VLFK HLQH ]ZDU JHULQJH DEHU
GHQQRFK NRQWLQXLHUOLFKH 6WHLJHUXQJ YHU]HLFKQHQ 3
(5)10$ &(
3
/86
:: 6
" ,Q GHQ
86$ OLHJW GHU $QWHLO GHU
HUEHVSRWV PLW SURPLQHQWHU %HVHW]XQJ VRJDU VFKRQ EHL HWZD
3UR]HQW 0
1 ( (7 $/
:: 6
" $P EHOLHEWHVWHQ VLQG QDFK ZLH YRU .DPSDJQHQ PLW
6SRUWOHUQ 'RFK JHUDGH KLHU EHVWHKW DXIJUXQG P|JOLFKHU 'RSLQJVNDQGDOH HLQ HUK|KWHV
5LVLNRSRWHQ]LDO 6FKlW]XQJHQ HLQHU 6WXGLH YRQ 7 6 6
3157
:: " ]XIROJH LQYHVWLHUWHQ ::
GLH :: JU|WHQ ZHUEXQJVWUHLEHQGHQ 0DUNHQ GXUFKVFKQLWWOLFK UXQG
0LOOLRQHQ (XUR LQ HLQH
.DPSDJQH PLW HLQHP 3URPLQHQWHQ

5HOHYDQ] GHU 7KHPDWL XQG UREOHPVWHOOXQJ
&HOHEULW\ (QGRUVHU VLQG LQ GHU KHXWLJHQ =HLW LQWHJUDOHU %HVWDQGWHLO YLHOHU
0DUNHQNRPPXQLNDWLRQVVWUDWHJLHQ ,Q =HLWHQ EHLQDKH LQIODWLRQlUHU 2HUZHQGXQJ YRQ
ZHUEOLFKHQ 0DQDKPHQ (
6&+ (7 $/
:: 6
" VHW]HQ 8QWHUQHKPHQ YHUPHKUW DXI GHQ
(LQVDW] SURPLQHQWHU
HUEHWUlJHU XP ]XPLQGHVW GXUFK LKUH .RPPXQLNDWLRQ HLQHQ
'LIIHUHQ]LHUXQJVIDNWRU ]X GHQ YLHOIDFK KRPRJHQHQ $QJHERWHQ GHU HWWEHZHUEHU ]X HUUHLFKHQ
(
5'1*$
6
" 'DV +DXSWDXJHQPHUN ELVKHULJHU )RUVFKXQJ ODJ GHP]XIROJH DXI GHU
8QWHUVXFKXQJ GHU YLHOIlOWLJ SRVLWLYHQ LUNXQJHQ GLH YRQ HLQHP &HOHEULW\ EHL VHLQHP (LQVDW]
DOV HUEHWUlJHU DXVJHKHQ N|QQHQ $
7.,
M%
/1&.
0
&
&
5$&.(
(
5'1*$ (7 $/
:: " 1EJOHLFK GLH %H]LHKXQJ ]ZLVFKHQ HLQHP &HOHEULW\ XQG GHU EHZRUEHQHQ 0DUNH IU
EHLGH 6HLWHQ YRUWHLOKDIW VHLQ NDQQ VR OlVVW VLFK YHUPXWHQ GDVV DXFK DGYHUVDWLYH (IIHNWH
HQWVWHKHQ N|QQHQ 'HQQRFK ZLGPHW VLFK ELVKHU QXU VHKU ZHQLJ /LWHUDWXU P|JOLFKHQ
$XVZLUNXQJHQ ZHQQ HLQ &HOHEULW\ QHJDWLYH 3XEOL]LWlW HUIlKUW 7
,//
M6
+,03
0
1 ( (7
$/
::
+,7( (7 $/
:: " (V LVW XQEHNDQQW ZHOFKH (UZDUWXQJHQ .RQVXPHQWHQ LQ
VROFKHQ )lOOHQ DQ GLH 8QWHUQHKPHQ VWHOOHQ (EHQVR ZHQLJ ZXUGH QDFK HLQHU EHUOHJHQHQ
6WUDWHJLH JHIRUVFKW GLH HV IU 8QWHUQHKPHQ DQ]XZHQGHQ JLOW /
18,(
M1
%(50,//(5
:: " 'LHV
VSLHJHOW VLFK DXFK LQ GHQ VHKU XQWHUVFKLHGOLFKHQ 5HDNWLRQVZHLVHQ GHU 8QWHUQHKPHQ LQ GHU
3UD[LV ZLHGHU< 6R YHUOlQJHUWH GHU 0DUPHODGHQKHUVWHOOHU 6FKZDUWDX VHLQHQ 2HUWUDJ PLW 2HURQD
3RRWK P|JOLFKHUZHLVH DXIJUXQG GHU HJDWLYVFKODJ]HLOHQ LKUHV 0DQQHV QLFKW GLH %UDXHUHL
3DXODQHU NQGLJWH GHQ EHVWHKHQGHQ 2HUWUDJ IULVWORV XP GDV 0DUNHQLPDJH YRU 6FKDGHQ ]X
EHZDKUHQ XQG GHU 7H[WLOGLVFRXQWHU .L. QDKP GHVVHQ XQJHDFKWHW ]XU JOHLFKHQ =HLW GLH
2HUWUDJVYHUKDQGOXQJHQ PLW LKU DXI
'RFK LQ =HLWHQ ZLH GLHVHQ LQ GHQHQ &HOHEULWLHV LQ ]DKOUHLFKH 6NDQGDOH LQYROYLHUW VLQG GLH
0HGLHQ DXFK >HGHP QRFK VR JHULQJHQ )HKOWULWW HLQHU %HUKPWKHLW JU|WH %HDFKWXQJ VFKHQNHQ
LQ GHQHQ GHU =XJDQJ ]X GHQ 0HOGXQJHQ GXUFK PRELOH (QGJHUlWH ]XQHKPHQG XELTXLWlU ZLUG
XQG GLH 2HUEUHLWXQJ GHU ,QIRUPDWLRQHQ GXUFK VR]LDOH HW]ZHUNH EHVFKOHXQLJW ZLUG N|QQWHQ
.RQVXPHQWHQ LQ LKUHU (LQVWHOOXQJ JHJHQEHU GHQ EHZRUEHQHQ 3URGXNWHQ GXUFK GLHVH $UW YRQ
,QIRUPDWLRQHQ EHHLQIOXVVW ZHUGHQ %
$,/(
:: " $XIJHEDXWH 0DUNHQDVVR]LDWLRQHQ XQG 9
ZHUWH N|QQWHQ GXUFK )HKOWULWWH GHU SURPLQHQWHQ 3HUV|QOLFKNHLWHQ JHVFKlGLJW ZHUGHQ 8P
VROFKHQ 6FKDGHQ YRQ GHU 0DUNH DE]XKDOWHQ LVW HV IU 8QWHUQHKPHQ XQHUOlVVOLFK DXFK GLH
(UZDUWXQJHQ GHU .RQVXPHQWHQ EH]JOLFK LKUHU 5HDNWLRQHQ LP )DOOH QHJDWLYHU ,QIRUPDWLRQHQ
EHU GHQ &HOHEULW\ (QGRUVHU ]X EHUFNVLFKWLJHQ (LQH HEHQVR JURH 5ROOH EHL GHU
(LQVWHOOXQJVEHHLQIOXVVXQJ N|QQWHQ GLH 6WlUNH GHU 0HGLHQDXIPHUNVDPNHLW XQG GLH (IIHNWH
HLQHU )DOVFKPHOGXQJ EHU HLQHQ &HOHEULW\ (QGRUVHU VSLHOHQ -HGRFK JLEW HV DXFK ]X GLHVHU
'LV]LSOLQ QXU ZHQLJ HLQVFKOlJLJH /LWHUDWXU (LQH WKHRUHWLVFKH )XQGLHUXQJ LVW IU HLQHQ
HUIROJUHLFKHQ (LQVDW] YRQ &HOHEULWLHV LQ GHU VWUDWHJLVFKHQ 0DUNHQNRPPXQLNDWLRQ GDJHJHQ
XQDEGLQJEDU

G =LHOVHW]XQJ GHU $UEHLW XQG )RUVFKXQJVIUDJHQ
$XIJUXQG GHU GDUJHVWHOOWHQ )RUVFKXQJVOFNH ]X GHQ 5FNNRSSHOXQJHQ QHJDWLYHU 3XEOL]LWlW
YRQ &HOHEULW\ (QGRUVHUQ DXI 8QWHUQHKPHQ XQG .RQVXPHQWHQ LVW HV GDV =LHO GLHVHU $UEHLW
GLHVH VRZRKO WKHRUHWLVFK DOV DXFK HPSLULVFK ]X IOOHQ (V VROO GHXWOLFK ZHUGHQ ZHOFKH
(UZDUWXQJHQ GLH .RQVXPHQWHQ DQ GLH 8QWHUQHKPHQ VWHOOHQ ZHQQ QHJDWLYH ,QIRUPDWLRQHQ
EHU GHQ &HOHEULW\ (QGRUVHU LQ (UVFKHLQXQJ WUHWHQ XQG ZHOFKH )DNWRUHQ GLH 8QWHUQHKPHQ EHL
LKUHU (QWVFKHLGXQJ ZLH PLW GHP &HOHEULW\ ]X YHUIDKUHQ LVW WDWVlFKOLFK EHUFNVLFKWLJHQ
0|JOLFKH 5FNNRSSHOXQJHQ DXI GLH (LQVWHOOXQJ GHU .RQVXPHQWHQ XQG GDV ,PDJH GHV
8QWHUQHKPHQV VROOHQ LGHQWLIL]LHUW ZHUGHQ 'DKHU ODXWHW GLH HUVWH )RUVFKXQJVIUDJH GLHVHU
$UEHLW<
) :LH V8OOWHQ IQWHUQHKPHQ DXY GLH QHJDWL3H EX]OLlLW&W 38Q \HOH]ULW( 6QG8UVHUQ DXV LFKW
GHU .8QVXPHQWHQ UHDJLHUHQ ZHOFKH )DNW8UHQ V8OOWHQ ]HU[FNVLFKWLJW ZHUGHQ ZLH 3HUKDOWHQ
VLFK GLH IQWHUQHKPHQ WDWV&FKOLFK LQ GHU EUD%LV XQG ZLH ZLUNW VLFK GLHV DXY GLH 6LQVWHOOXQJ GHU
.8QVXPHQWHQ XQG GDV "LOG GHV IQWHUQHKPHQV DXV
'HQNEDU LVW DXFK GDVV GLH $XIPHUNVDPNHLW GHU 0HGLHQ EHL GHU $XIQDKPH XQG 2HUDUEHLWXQJ
GHU ,QIRUPDWLRQHQ HLQH WUDJHQGH 5ROOH VSLHOW -H JU|HU GLH 0HGLHQDXIPHUNVDPNHLW XP GHQ
)HKOWULWW HLQHV &HOHEULW\ LVW GHVWR HKHU N|QQWHQ .RQVXPHQWHQ YRQ GHQ QHJDWLYHQ
,QIRUPDWLRQHQ LQ LKUHU (YDOXDWLRQ EHHLQIOXVVW ZHUGHQ 'LH ]ZHLWH )RUVFKXQJVIUDJH ODXWHW
GHPHQWVSUHFKHQG<
)
5
:HOFKH $8OOH VSLHOW GLH ,XYPHUNVDPNHLW GHU 0HGLHQ LP )DOOH QHJDWL3HU 9QY8UPDWL8QHQ
[]HU HLQHQ \HOH]ULW( 6QG8UVHU XQG ZLH ZLUNW VLFK GLHVH DXY GLH :DKUQHKPXQJ XQG 6LQVWHOOXQJ
GHU .8QVXPHQWHQ XQG GDV HUKDOWHQ GHU IQWHUQHKPHQ DXV
=XGHP NRPPW HV DXFK KlXILJ ]X 6SHNXODWLRQHQ XQG )DOVFKPHOGXQJHQ EHU &HOHEULWLHV $XFK
GLHV N|QQWH VFKRQ HLQHQ (LQIOXVV DXI GLH (LQVWHOOXQJ GHU .RQVXPHQWHQ KDEHQ 'DV EHWURIIHQH
8QWHUQHKPHQ PXVV LQ GLHVHP )DOO HLQH (QWVFKHLGXQJ WUHIIHQ ZLH PLW GHU 0HOGXQJ
XP]XJHKHQ LVW DXFK ZHQQ QRFK XQNODU LVW RE VLH VLFK EHZDKUKHLWHW RGHU QLFKW ,QWHUHVVDQW LVW
GDEHL HEHQIDOOV ZLH 8QWHUQHKPHQ HV KDQGKDEHQ ZHQQ VLFK GLH 0HOGXQJ LP DFKKLQHLQ DOV
IDOVFK KHUDXVVWHOOW XQG ZHOFKH 5HDNWLRQ .RQVXPHQWHQ LQ HLQHP VROFKHQ )DOO HUZDUWHQ 8P
GLHV ]X XQWHUVXFKHQ ODXWHW GLH GULWWH )RUVFKXQJVIUDJH<
)
T
:HOFKHV
HUKDOWHQ HUZDUWHQ .8QVXPHQWHQ ]HL QDFKWU&JOLFK ]HNDQQW JHZ8UGHQHQ
)DOVFKPHOGXQJHQ []HU HLQHQ \HOH]ULW( 6QG8UVHU 38Q GHQ IQWHUQHKPHQ XQG ZLH UHDJLHUHQ
IQWHUQHKPHQ LQ GHU EUD%LV WDWV&FKOLFK GDUDXY
$QKDQG GLHVHU )UDJHVWHOOXQJHQ VROOHQ (UNHQQWQLVVH EHU P|JOLFKH 5FNNRSSHOXQJHQ
QHJDWLYHU 3XEOL]LWlW YRQ SURPLQHQWHQ
HUEHWUlJHUQ JHZRQQHQ ZHUGHQ XP VFKOLHOLFK
,PSOLNDWLRQHQ IU HLQ HUIROJUHLFKHV 0DUNHQPDQDJHPHQW LP 8PJDQJ PLW &HOHEULW\ (QGRUVHUQ
]X JHEHQ

$XIEDX GHU $UEHLW
'LH YRUOLHJHQGH $UEHLW VHW]W VLFK DXV HLQHU WKHRUHWLVFKHQ $QDO\VH XQG HLQHU HPSLULVFKHQ
8QWHUVXFKXQJHQ ]XVDPPHQ 6LH JOLHGHUW VLFK LQVJHVDPW LQ IQI 7HLODEVFKQLWWH
'HU WKHRUHWLVFKH 7HLO GHU $UEHLW XQWHUWHLOW VLFK LQ GUHL 7HLODEVFKQLWWH< DFK GLHVHU NXU]HQ
(LQIKUXQJ ZHUGHQ ]XQlFKVW GLH *UXQGODJHQ GHV &HOHEULW\ (QGRUVHPHQWV HU|UWHUW +LHUEHL
VSLHOHQ QHEHQ GHILQLWRULVFKHQ %HJULIIVDEJUHQ]XQJHQ XQG GHU (LQRUGQXQJ GHU 'LV]LSOLQ LQ GHQ
0DUNHWLQJNRQWH[W YRU DOOHP GLH )XQNWLRQHQ XQG =LHOH VRZLH YHUVFKLHGHQH LUNXQJVPRGHOOH
]XU (IIHNWLYLWlW GHV (QGRUVHPHQWV DOV DXFK GLH P|JOLFKHQ 5LVLNHQ HLQH 5ROOH 'DUDXI IROJHQG
ZLUG GHU $VSHNW GHU QHJDWLYHQ 3XEOL]LWlW YRQ &HOHEULW\ (QGRUVHUQ QlKHU EHOHXFKWHW XQG GDEHL
]XQlFKVW DXI GLH WKHRUHWLVFKHQ *UXQGODJHQ HLQHU %HHLQIOXVVXQJ YRQ .RQVXPHQWHQ GXUFK
QHJDWLYH ,QIRUPDWLRQHQ EHU HLQHQ &HOHEULW\ (QGRUVHU XQG DXI YHUVFKLHGHQH (LQIOXVVIDNWRUHQ
GHU
DKUQHKPXQJ QHJDWLYHU ,QIRUPDWLRQHQ HLQJHJDQJHQ 'DEHL ZLUG VRZRKO GLH 5ROOH GHU
0HGLHQ HU|UWHUW DOV DXFK GLH LUNXQJ YRQ )DOVFKPHOGXQJHQ $EVFKOLHHQG ZHUGHQ GLH VLFK
HUJHEHQGHQ 5FNNRSSHOXQJVSUR]HVVH DXI .RQVXPHQWHQ XQG 8QWHUQHKPHQ QlKHU EHWUDFKWHW
,P VLFK DQVFKOLHHQGHQ HPSLULVFKHQ 7HLO ZHUGHQ ]XQlFKVW GLH =LHOVHW]XQJ GHU (UKHEXQJ XQG
GHUHQ 8QWHUVXFKXQJVGHVLJQ YRUJHVWHOOW 'DUDXIIROJHQG ZHUGHQ GLH (UJHEQLVVH HU|UWHUW XQG
LQWHUSUHWLHUW 6FKOLHOLFK ZHUGHQ GLH ZLFKWLJVWHQ (UJHEQLVVH GHU $UEHLW LQ HLQHU
6FKOXVVEHWUDFKWXQJ QRFK HLQPDO ]XVDPPHQJHIDVVW /LPLWDWLRQHQ GDUJHOHJW XQG ,PSOLNDWLRQHQ
IU GLH ]XNQIWLJH )RUVFKXQJ XQG 3UD[LV HLQHV HUIROJUHLFKHQ 0DUNHQPDQDJHPHQWV JHJHEHQ

*
581l/$*(1 l(6
&
(/( 5,7
(
1l 56(0(17
ÄXSHUL8U DG3HUWLVLQJ LV DG3HUWLVLQJ
WKDW ]XLOGV D ´XDOLW( UHSXWDWL8Q Y8U WKH O8QJ KDQG
DV LW SU8GXFHV VDOHV Y8U WKH LPPHGLDWH SUHVHQW /
7H8 "XUQHWW
7HUPLQRORJLH XQG HJULIIVDEJUHQ]XQJHQ GHV &HOHEULW\ (QGRUVHPHQWV
(LQ 7HVWLPRQLDO YRQ ODW WHVWLPRQLXP< =HXJQLV %HZHLV" NDQQ DOOJHPHLQ DOV HLQH 3HUVRQ
YHUVWDQGHQ ZHUGHQ GLH HLQ 3URGXNW EHZLUEW (V NDQQ VLFK KLHUEHL VRZRKO XP HLQHQ ([SHUWHQ
DOV DXFK XP GHQ *HVFKlIWVIKUHU HLQHQ W\SLVFKHQ .RQVXPHQWHQ RGHU HLQHQ &HOHEULW\ KDQGHOQ
)
5,('0$ (7 $/
6
I " (LQ &HOHEULW\ LVW GDEHL HLQH LQ GHU *HVHOOVFKDIW EHUKPWH
3HUV|QOLFKNHLW E]Z HLQ 3URPLQHQWHU (U NDQQ 6FKDXVSLHOHU 0XVLNHU 6SRUWOHU 0RGHO R l
VHLQ 'HU %HJULII (QGRUVHPHQW NDQQ KLQJHJHQ DP EHVWHQ PLW Ä)UVSUHFKHQ³ RGHU
Ä8QWHUVWW]HQ³ LQV 'HXWVFKH EHUVHW]W ZHUGHQ 0
&
&
5$&.(
6
:" GHILQLHUW HLQHQ
&HOHEULW\ (QGRUVHU DOV ³«@´ DQ\ LQGLYLGXDO ZKR HQ>R\V SXEOLF UHFRJQLWLRQ DQG ZKR XVHV WKLV
UHFRJQLWLRQ RQ EHKDOI RI D FRQVXPHU JRRG E\ DSSHDULQJ ZLWK LW LQ DQ DGYHUWLVHPHQW± &HOHEULW\
(QGRUVHPHQW EHGHXWHW GHP]XIROJH YHUHLQIDFKW GLH %HZHUEXQJ HLQHV 3URGXNWHV GXUFK HLQH
EHNDQQWH 3HUV|QOLFKNHLW
7KHRUHWLVFKH )XQGLHUXQJN )XQ WLRQHQ XQG =LHOH GHV &HOHEULW\ (QGRUVHPHQWV
6HLQH WKHRUHWLVFKH )XQGLHUXQJ ILQGHW GDV &HOHEULW\ (QGRUVHPHQW DOV
HUEHVWUDWHJLH LQ GHU
.RPPXQLNDWLRQVSROLWLN DOV 7HLO GHV 0DUNHWLQJ90L[ 'XUFK GLH VWUXNWXUHOOH 2HUlQGHUXQJ GHU
5DKPHQEHGLQJXQJHQ ZLH HLQH (UK|KXQJ GHV
HUEHGUXFNV HLQHU KRKHQ $Q]DKO DQ
HUEHWUHLEHQGHQ XQG EHZRUEHQHQ 0DUNHQ HLQHP YHUPHKUWHQ Ä0H9WRR92HUKDOWHQ³ DXI GHU
$QJHERWVVHLWH XQG GHP ,QIRUPDWLRQ 1YHUORDG DXI GHU DFKIUDJHVHLWH VWHOOW VLFK ]XQHKPHQG
GDV 3UREOHP GHU (IIL]LHQ] XQWHUQHKPHULVFKHU .RPPXQLNDWLRQ %
58+
: : 6
II (
6&+
(7 $/
:: 6
II " =XGHP WUDJHQ VWHLJHQGH
HUEHYROXPHQ XQG QHXH 0HGLHQ9 XQG
.RPPXQLNDWLRQVLQVWUXPHQWH ZLH ,QWHUQHW (YHQWV RGHU 6SRQVRULQJ HEHQIDOOV ]X HLQHU ,QIODWLRQ
NRPPXQLNDWLYHU 0DQDKPHQ EHL XQG LQWHQVLYLHUHQ GHPJHPl GLH ,QIRUPDWLRQVNRQNXUUHQ]
(
6&+ (7 $/
:: 6
II " 'D GHU .RPPXQLNDWLRQVHUIROJ DEHU ]XU 6WDELOLVLHUXQJ E]Z
6WHLJHUXQJ YRQ 0DUNWDQWHLOHQ ]XU 'LIIHUHQ]LHUXQJ 3RVLWLRQLHUXQJ XQG 'XUFKVHW]XQJ HLQHV
3UHLV93UHPLXPV XQDEGLQJEDU LVW VWHOOW HU HLQH ZHVHQWOLFKH *UXQGODJH IU GHQ 0DUNHQ9 E]Z
8QWHUQHKPHQVHUIROJ GDU 0
8 =, *(5
:: 6
I " $XIJUXQG GHVVHQ GDVV ]XQHKPHQGHU
HUEHGUXFN
XQG
5HL]EHUIOXWXQJ
GHQ
*UHQ]QXW]HQ
ZLUNVDP
JHVWDOWHWHU
.RPPXQLNDWLRQVLQKDOWH HUK|KHQ HUKRIIHQ VLFK YLHOH 8QWHUQHKPHQ VLFK DQ GLHVHU 6WHOOH GXUFK
GHQ (LQVDW] YRQ &HOHEULWLHV EHKDXSWHQ ]X N|QQHQ 'RFK ZHOFKH )DNWRUHQ GHWHUPLQLHUHQ GLHVH
HUKRIIWH (IIHNWLYLWlW HLQHV &HOHEULW\ (QGRUVHUV

:
'HU *UXQG IU GLH 3RSXODULWlW GHU HUEXQJ PLW &HOHEULWLHV LVW GLH EHUHFKWLJWH $QQDKPH GHU
0DUNHWHUV GDVV GLH ]X VHQGHQGHQ %RWVFKDIWHQ ZHQQ VLH GXUFK HLQH EHUKPWH 3HUV|QOLFKNHLW
YHUPLWWHOW ZHUGHQ HLQHQ K|KHUHQ *UDG DQ $XIPHUNVDPNHLW XQG GXUFK GLH K|KHUH
$NWLYLHUXQJVNUDIW EHGLQJW HEHQVR HLQH YHUEHVVHUWH 0DUNHQ9 XQG
HUEHERWVFKDIWVHULQQHUXQJ
HU]LHOHQ N|QQHQ 1
+$ ,$
6
(
5'1*$
6
.
$0, 6 (7 $/
6
)
5,('0$
M)
5,('0$
6 :" $XIJUXQG GHU LQGLYLGXHOO ]XJHZLHVHQHQ 5HOHYDQ] HLQHV
&HOHEULW\ GXUFK GHQ 5H]LSLHQWHQ LVW HV GLHVHQ %RWVFKDIWHQ P|JOLFK WURW] GHU VWDUN VHOHNWLYHQ
$XIPHUNVDPNHLW GHV 0HQVFKHQ LQ GDV %HZXVVWVHLQ YRU]XGULQJHQ .
51(%(5
95
,(/ (7 $/
:: 6
" 'LH *ODXEZUGLJNHLW HLQHU HUEXQJ NDQQ HEHQIDOOV DXI GLHVH HLVH JHVWHLJHUW
ZHUGHQ .
$0, 6
6 " 'HQQ 0DUNHQ VLQG LP HVHQWOLFKHQ 2RUVWHOOXQJVELOGHU LQ GHQ
.|SIHQ GHU .RQVXPHQWHQ XQG OHEHQ VRPLW YRQ VWDUNHQ $VVR]LDWLRQHQ =XGHP ZLUG YLHOIDFK
YHUVXFKW GHU 0DUNH GXUFK GLH DVVR]LDWLYH 2HUELQGXQJ ]X HLQHP &HOHEULW\ HLQH HLJHQH
3HUV|QOLFKNHLW ]X YHUOHLKHQ XQG VLH DXI GLHVHP
HJH ]X HPRWLRQDOLVLHUHQ 6R VROO GDV
0DUNHQLPDJH EHL GHQ H[WHUQHQ $QVSUXFKVJUXSSHQ QDFKKDOWLJ GXUFK GLH SRVLWLYHQ
(LJHQVFKDIWHQ GHV &HOHEULW\ JHSUlJW ZHUGHQ 0
&
&
5$&.(
6
$
$.(5
6
)
$ '(5/
:: 6
" 'XUFK GHQ (LQVDW] 3URPLQHQWHU DOV
HUEHWUlJHU N|QQHQ GDPLW
QLFKW QXU H[SOL]LWH %RWVFKDIWHQ 4 HWZD LP *HVDJWHQ 4 YHUPLWWHOW ZHUGHQ VRQGHUQ DXFK
LPSOL]LWH ,QIRUPDWLRQHQ WUDQVSRUWLHUW XQG VR GLH (IIHNWLYLWlW GHU %RWVFKDIW JHVWHLJHUW ZHUGHQ
(V NRQQWH LQ PHKUHUHQ 6WXGLHQ JH]HLJW ZHUGHQ GDVV &HOHEULW\ (QGRUVHU DXFK SRVLWLYHUH
(LQVWHOOXQJHQ JHJHQEHU GHU HQWVSUHFKHQGHQ
HUEXQJ VRZLH JU|HUH .DXIDEVLFKWHQ EHL GHQ
.RQVXPHQWHQ LP 2HUJOHLFK ]X HLQHP
LFKW9&HOHEULW\ 7HVWLPRQLDO JHQHULHUHQ N|QQHQ
$
7.,
M%
/1&.
6 : '
($
M%
,6 $6
:: 6
/
$))(57
(7 $/
:: 6 "
$
*5$ $/
XQG .
$0$.85$
6 :" VRZLH 0
$7+85 (7 $/
6
" KDEHQ
]XVlW]OLFK GLH SRVLWLYHQ $XVZLUNXQJHQ GHV &HOHEULW\ (QGRUVHPHQWV DXI GLH |NRQRPLVFKHQ
=LHOH GHV ZHUEHWUHLEHQGHQ 8QWHUQHKPHQV NRQVWDWLHUHQ N|QQHQ 5LFKWLJ HLQJHVHW]W N|QQHQ
&HOHEULW\ (QGRUVHU IROJOLFK HLQHQ ZLFKWLJHQ %HLWUDJ ]X $XIEDX XQG (QWZLFNOXQJ HLQHV
0DUNHQZHUWV XQG ]XU 6WlUNXQJ GHU HWWEHZHUEVSRVLWLRQ HLQHV 8QWHUQHKPHQV EHLWUDJHQ 7
,//
6 ::"
G LU XQJVPRGHOOH GHU (IIH WLYLWW GHV &HOHEULW\ (QGRUVHPHQWV
'LH (IIHNWLYLWlW GHV &HOHEULW\ (QGRUVHPHQWV OlVVW VLFK DQKDQG YHUVFKLHGHQHU
LUNXQJVPRGHOOH HUNOlUHQ =ZDU VWHOOW NHLQ 0RGHOO HLQHQ DOOXPIDVVHQGHQ (UNOlUXQJVDQVDW]
GDU >HGRFK ]HLJHQ VLH GLH YHUVFKLHGHQHQ 'LPHQVLRQHQ DXI GLH EHLP (LQVDW] HLQHV
3URPLQHQWHQ LQ GHU
HUEXQJ XQG GHP 3HUVXDVLRQVSUR]HVV GHU .RPPXQLNDWLRQ HLQH 5ROOH
VSLHOHQ N|QQHQ
G 6RXUFH &UHGLELOLW\ 0RGHOO
'DV 6RXUFH &UHGLELOLW\ 0RGHOO EHVDJW GDVV GLH (IIHNWLYLWlW HLQHU $XVVDJH QLFKW QXU YRQ GHU
%RWVFKDIW VHOEVW DEKlQJW VRQGHUQ DXFK YRQ GHU HPSIXQGHQHQ *ODXEZUGLJNHLW GHU
.RPPXQLNDWLRQVTXHOOH +
12/$ '
M
(,66
6
II 1
+$ ,$
: 6
" 'HU

3HUVXDVLRQVHIIHNW G K GLH GXUFK GLH
HUEHERWVFKDIW EHDEVLFKWLJWH (LQVWHOOXQJV9 RGHU
2HUKDOWHQVlQGHUXQJ EHL GHQ 5H]LSLHQWHQ UHVXOWLHUW GDEHL GXUFK GHQ 3UR]HVV GHU
,QWHUQDOLVLHUXQJ 'LHVHU YROO]LHKW VLFK ZHQQ GLH 5H]LSLHQWHQ GHQ (LQIOXVV GXUFK GHQ
.RPPXQLNDWRU DXI LKUH (LQVWHOOXQJ XQG LKU HLJHQHV
HUWHV\VWHP DN]HSWLHUHQ 'LH
*ODXEZUGLJNHLW VHW]W VLFK GDEHL DXV ]ZHL 'LPHQVLRQHQ ]XVDPPHQ< 'HU ([SHUWLVH G K GHP
LVVHQ
GHU (UIDKUXQJ RGHU GHQ )lKLJNHLWHQ GHV .RPPXQLNDWRUV XQG GHU
2HUWUDXHQVZUGLJNHLW LP 6LQQH YRQ (KUOLFKNHLW XQG ,QWHJULWlW 6
+,03
::
6
II
(
5'1*$
6
I "
LUG GLH bXHOOH GHU .RPPXQLNDWLRQ G K LQ GLHVHP )DOO GHU
&HOHEULW\ (QGRUVHU DOV JODXEZUGLJ HPSIXQGHQ IKUW GLHV GHP]XIROJH ]X SRVLWLYHQ
(LQVWHOOXQJHQ JHJHQEHU GHU EHZRUEHQHQ 0DUNH E]Z GHP 3URGXNW 1
+$ ,$
6
"
6R ZUGHQ VLFK .RQVXPHQWHQ EHLVSLHOVZHLVH YRQ 6HEDVWLDQ 6FKZHLQVWHLJHU HKHU ]XP .DXI
YRQ )XEDOOVFKXKHQ EHUUHGHQ ODVVHQ DOV YRQ 2HURQD 3RRWK
G 6RXUFH $WWUDFWLYHQHVV 0RGHOO
,P 5DKPHQ GHV 6RXUFH $WWUDFWLYHQHVV 0RGHOO NRQVWDWLHUWH 0
&
*
8,5(
" GDVV GLH
(IIHNWLYLWlW HLQHU %RWVFKDIW HQWVFKHLGHQG YRQ GHU $WWUDNWLYLWlW GHV .RPPXQLNDWRUV DEKlQJW
'LHVH VHW]W VLFK GDEHL DXV GHQ 'HWHUPLQDQWHQ GHU 2HUWUDXWKHLW DOVR GHU .HQQWQLV GHU bXHOOH
EVSZ GXUFK GLH 0HGLHQ GHU 6\PSDWKLH DOV HPSIXQGHQH =XQHLJXQJ DXV GHU SK\VLVFKHQ
(UVFKHLQXQJ UHVXOWLHUHQG XQG GHU ]ZLVFKHQ .RPPXQLNDWRU XQG 5H]LSLHQWHQ HPSIXQGHQHQ
gKQOLFKNHLW DXIJUXQG YHUPHLQWOLFKHU *OHLFKKHLW EHVWLPPWHU 0HUNPDOH ZLH $OWHU *HVFKOHFKW
RGHU HWKQLVFKHU +HUNXQIW ]XVDPPHQ 6LH EHWULIIW IROJOLFK QLFKW QXU GLH SK\VLVFKH $WWUDNWLYLWlW
GHV %RWVFKDIWHUV
VRQGHUQ DXFK &KDUDNWHULVWLNHQ ZLH LQWHOOHNWXHOOH )lKLJNHLWHQ
3HUV|QOLFKNHLWVPHUNPDOH XQG /LIHVW\OH (
5'1*$
6
" 'HU 3HUVXDVLRQVHIIHNW
UHVXOWLHUW KLHUEHL GXUFK GDV 3ULQ]LS GHU ,GHQWLILNDWLRQ GHV 5H]LSLHQWHQ PLW GHP 6HQGHU ,P
.RQWH[W GHV &HOHEULW\ (QGRUVHPHQWV EHGHXWHW GLHV GDVV 0HQVFKHQ HKHU JHQHLJW VLQG
EHVWLPPWH (LQVWHOOXQJHQ RGHU 2HUKDOWHQVZHLVHQ ] % 3URGXNWNDXI" ]X DGDSWLHUHQ ZHQQ VLH
VLFK DXIJUXQG GHU $WWUDNWLYLWlW GHV (QGRUVHUV PLW LKP LGHQWLIL]LHUHQ N|QQHQ 6
+,03
:: 6
II "
G G 0DWFK:8 +\ RWKHVH
)U HLQHQ HUIROJUHLFKHQ (LQVDW] HLQHV &HOHEULW\ ]X
HUEH]ZHFNHQ XQG GHU HUKRIIWHQ
(QWIDOWXQJ GHU SHUVXDVLYHQ
LUNXQJ PXVV GHU 0DWFK98S +\SRWKHVH ]XIROJH LQ GHU
DKUQHKPXQJ GHV .XQGHQ HLQ JUXQGVlW]OLFKHU )LW ]ZLVFKHQ GHP ,PDJH GHV &HOHEULW\ XQG GHU
,GHQWLWlW GHU 0DUNH E]Z GHV 3URGXNWV YRUOLHJHQ 0
,65$
M%
($77
: 6
" -H JU|HU
GDEHL GLH .RQJUXHQ] GHU $VVR]LDWLRQVIHOGHU LVW GHVWR K|KHU LVW GLH ZDKUJHQRPPHQH
*ODXEZUGLJNHLW XQG $WWUDNWLYLWlW GHV &HOHEULW\ XQG GHPHQWVSUHFKHQG ZLUNVDPHU YROO]LHKW
VLFK GHU ,PDJHWUDQVIHU .
$0, 6
M*
837$
6
II 6
,/2(5$
M$
867$'
:: 6
"
%HVWHKW GLHVHU 0DWFK98S QLFKW NDQQ VLFK EHL GHQ .RQVXPHQWHQ GHU (LQGUXFN YHUVWlUNHQ GDVV
GHU &HOHEULW\ DXV UHLQ ILQDQ]LHOOHP ,QWHUHVVH KDQGHOW )
$ '(5/
:: 6
"

G 0HDQLQJ:7UDQVIHU 0RGHOO
'HP 0HDQLQJ97UDQVIHU 0RGHOO YRQ 0
&
&
5$&.(
" ]XIROJH GHWHUPLQLHUW VLFK GLH
(IIHNWLYLWlW HLQHV &HOHEULW\ LQ GHU
HUEXQJ GXUFK VHLQH NXOWXUHOOHQ %HGHXWXQJHQ XQG
(LJHQVFKDIWHQ ZLH EVSZ $OWHU *HVFKOHFKW 3HUV|QOLFKNHLW 6WDWXV RGHU /LIHVW\OH
0
&
&
5$&.(
6
II " 'HU 3UR]HVV GHV 0HDQLQJ97UDQVIHUV YHUOlXIW GDEHL LQ GUHL
6WXIHQ< =XHUVW IRUPLHUW VLFK GDV ,PDJH GHV 3URPLQHQWHQ ZHOFKHV VLFK GXUFK .RQWH[W9
3HUV|QOLFKNHLWVIDNWRUHQ XQG VHLQHU |IIHQWOLFKHQ 5ROOH EHVWLPPW
LUEW GHU &HOHEULW\ QXQ IU
HLQ 3URGXNW YROO]LHKW VLFK GHU 7UDQVIHU VHLQHU %HGHXWXQJHQ XQG (LJHQVFKDIWHQ DXI GDV
3URGXNW LQGHP GHU .RQVXPHQW GXUFK HLQH JHVFKLFNWH
HUEHJHVWDOWXQJ GLH gKQOLFKNHLW
]ZLVFKHQ 3URGXNW XQG &HOHEULW\ HUNHQQW 'LH 0DUNHQSHUV|QOLFKNHLW ZLUG DXI GLHVH
HLVH
JHSUlJW ,Q GHU OHW]WHQ 6WXIH LQWHUQDOLVLHUW GHU .RQVXPHQW GLH %HGHXWXQJ XQG EHUWUlJW VLH LQ
VHLQ 6HOEVWELOG 0
&
&
5$&.(
6
II "
$EE S 0HDQLQJ97UDQVIHU90RGHOO
bXHOOH< 0
&
&
5$&.(
6
5LVL HQ GHV (LQVDW]HV YRQ &HOHEULW\ (QGRUVHUQ
'LH
HUEXQJ PLW EHUKPWHQ 3HUV|QOLFKNHLWHQ VWHOOW REJOHLFK ]DKOUHLFKHU %HQHILWV HLQH
+HUDXVIRUGHUXQJ GDU XQG EHVLW]W HLQ HUK|KWHV 5LVLNRSRWHQ]LDO JHJHQEHU DQGHUHQ
.RPPXQLNDWLRQVPDQDKPHQ =XP HLQHQ NDQQ HV YRUNRPPHQ GDVV GHU 3URPLQHQWH GLH
NRPSOHWWH $XIPHUNVDPNHLW GHU 5H]LSLHQWHQ GHU DFKULFKW DXI VLFK VHOEVW ]LHKW XQG VR YRQ GHU
EHZRUEHQHQ /HLVWXQJ DEOHQNW 'LHV KDW ]XU )ROJH GDVV VLFK GLH 5H]LSLHQWHQ QLFKW XQEHGLQJW
DQ GDV EHZRUEHQH 3URGXNW VRQGHUQ QXU DQ GHQ &HOHEULW\ HULQQHUQ 'LHVHU (IIHNW ZLUG DOV
Ä2DPSLU9(IIHNW³ EH]HLFKQHW 5
166,7(5
M%
(//0$
:: 6
" =XGHP EHUJHQ VRJ Ä0XOWL9
(QGRUVHU³ HLQH JURH *HIDKU< 7
5,33 (7 $/
" KDEHQ LQ LKUHU 6WXGLH HLQH HLQGHXWLJ
QHJDWLYH .RUUHODWLRQ ]ZLVFKHQ GHU $Q]DKO GHU GXUFK GHQ &HOHEULW\ EHZRUEHQHQ 0DUNHQ XQG
GHU ZDKUJHQRPPHQ *ODXEZUGLJNHLW NRQVWDWLHUHQ N|QQHQ
LUEW HLQ &HOHEULW\ IU ]X YLHOH
0DUNHQ NDQQ GLHV ]X =\QLVPXV EHL GHQ .RQVXPHQWHQ IKUHQ GD RIIHQVLFKWOLFK ZLUG GDVV HV
LKQHQ QLFKW XP 0DUNHQ E]Z 3URGXNWDWWULEXWH JHKW VRQGHUQ HKHU XP GLH GDIU HUKDOWHQH
|NRQRPLVFKH .RPSHQVDWLRQ 7
5,33 (7 $/
6
0
1 (
M%
51
6
"
HLWHUKLQ N|QQHQ DXFK )lOOH YRQ ,OOR\DOLWlW GHV &HOHEULW\ JHJHQEHU GHP 8QWHUQHKPHQ ]X
HLQHP *ODXEZUGLJNHLWVYHUOXVW IKUHQ XQG VR GHU 0DUNH VFKDGHQ )
$ '(5/
:: 6
"
1E>HNW
3HUVRQ
.RQWH[W
XOWXU
&HOHEULW\
3URGXNW
.RQVXPHQW
6WXIH
6WXIH
6WXIH G
(QGRUVHPHQW
RQVXP
5ROOH
&HOHEULW\
3URGXNW

ZLH HV EVSZ 3HSVL SDVVLHUWH QDFKGHP LKU &HOHEULW\ (QGRUVHU %ULWQH\ 6SHDUV PHKUPDOV PLW
HLQHU &RFD9&ROD9'RVH LQ GHU +DQG IRWRJUDILHUW ZXUGH (EHQVR ZHQLJ SRVLWLY ZUGH HV VLFK
DXVZLUNHQ ZHQQ GHU &HOHEULW\ VFKRQ YRU (QGH GHV 2HUWUDJV DXV GHP ,QWHUHVVH GHU 0HGLHQ
YHUVFKZLQGHQ ZUGH (
5'1*$
6
" (LQHU GHU ZLFKWLJVWHQ $VSHNWH GHU QLFKW DXHU
$FKW JHODVVHQ ZHUGHQ GDUI LVW >HGRFK GLH *HIDKU GDVV GLH LQ GHU
HUEXQJ HLQJHVHW]WH
3HUV|QOLFKNHLW GXUFK LQDGlTXDWHV RGHU JDU YHUERWHQHV 2HUKDOWHQ QHJDWLYH 6FKODJ]HLOHQ HU]HXJW
XQG GLHV GLH .RQVXPHQWHQZDKUQHKPXQJ GHV EHZRUEHQHQ 3URGXNWHV RGHU 8QWHUQHKPHQV
EHHLQWUlFKWLJW 7
,//
M6
+,03
/
18,(
M1
%(50,//(5
:: "
'LH 2RODWLOLWlW GHU (IIHNWLYLWlW PDFKW HV IU 8QWHUQHKPHQ XQDEGLQJEDU GLH P|JOLFKHQ
5FNNRSSHOXQJVSUR]HVVH QHJDWLYHU 3XEOL]LWlW LKUHV 0DUNHQERWVFKDIWHUV LQ LKUHP .DONO ]X
EHUFNVLFKWLJHQ $XIJUXQG ELVKHU QXU JHULQJHU )RUVFKXQJVHUJHEQLVVH ]X GLHVHQ $XVZLUNXQJHQ
QHJDWLYHU ,QIRUPDWLRQHQ ZLUG GLHV LQ GHQ IROJHQGHQ .DSLWHOQ QlKHU XQWHUVXFKW

G 1
(*$7,9( 8 /,=,7Z7 9 1
&
(/( 5,7
(
1l 56(51
ĶKH(±UH KXPDQV :KHQ (8X VLJQ 8Q W8 D FHOH]ULW(
(8X VLJQ 8Q W8 WKH ZK8OH SDFNDJH =
WKH J88G WKH ]DG DQG WKH XJO( ³
"HFN( 0DGHLUD 8Y EHSVL\8
'HU IRUWZlKUHQGH 7UHQG 3URGXNWH PLW EHNDQQWHQ 3HUV|QOLFKNHLWHQ ]X EHZHUEHQ ELUJW IU GLH
8QWHUQHKPHQ HLQ LP 2RUIHOG QLFKW DQWL]LSLHUEDUHV 5LVLNRSRWHQ]LDO $XFK ZHQQ VLH PLW JU|WHU
6RUJIDOW YHUVXFKHQ HLQHQ &HOHEULW\ ]X ILQGHQ GHVVHQ ,PDJH JXW PLW GHP GHU ]X EHZHUEHQGHQ
0DUNH NRUUHVSRQGLHUW EHGHXWHW GLHV QLFKW GDVV GDPLW DOOH P|JOLFKHQ 3UREOHPH JHO|VW VLQG
3UREOHPH N|QQHQ HEHQVR HQWVWHKHQ ZHQQ GHU 3URPLQHQWH LQ 8PVWlQGH LQYROYLHUW LVW GLH
VHLQH 5HSXWDWLRQ YHUlQGHUQ RGHU VRJDU VFKlGLJHQ 'LHVH 8PVWlQGH E]Z GLH QHJDWLYH
3XEOL]LWlW GDUEHU N|QQHQ YLHOIlOWLJHU DWXU VHLQ 6LH N|QQHQ YRQ HLQHP 8QIDOO GHU GHQ
3URPLQHQWHQ GDUDQ KLQGHUW VHLQ
LUNHQ ZHLWHU IRUW]XIKUHQ EHU PRUDOLVFKH XQG HWKLVFKH
)HKOWULWWH ZLH EVSZ LQDGlTXDWH gXHUXQJHQ ELV KLQ ]X UHFKWOLFKHQ 2HUIHKOXQJHQ ZLH
'LHEVWDKO .|USHUYHUOHW]XQJ 0RUG RGHU VRJDU 0LVVEUDXFK IKUHQ 'D GDV /HEHQ HLQHV
3URPLQHQWHQ ]X HLQHP EHUZLHJHQGHQ 7HLO LQ GHU hIIHQWOLFKNHLW XQG XQWHU JURHP ,QWHUHVVH
GHU 0HGLHQ VWDWWILQGHW HUUHLFKHQ DOOH LKUH +DQGOXQJHQ 4 RE SRVLWLY RGHU QHJDWLY 4 VFKQHOO HLQH
EUHLWH $OOJHPHLQKHLW 7
,//
XQG 6
+,03
" KDEHQ ]HLJHQ N|QQHQ GDVV XQWHU EHVWLPPWHQ
8PVWlQGHQ GLHVH QHJDWLYHQ ,QIRUPDWLRQHQ GHU %HZHUWXQJ HLQHV 3URGXNWV GXUFK GLH
.RQVXPHQWHQ HUKHEOLFKHQ 6FKDGHQ ]XIJHQ N|QQHQ (EHQVR N|QQHQ QHJDWLYH $XVZLUNXQJHQ
DXI GHQ $NWLHQNXUV GHV 8QWHUQHKPHQV HQWVWHKHQ /
18,( (7 $/
:: 6 : +
1&. (7 $/
:
6
" =ZDU VWHKW HV GHQ 8QWHUQHKPHQ IUHL LP 2RUKLQHLQ 2HUWUDJVNODXVHOQ ]X
YHUHLQEDUHQ XP VROFKH (YHQWXDOLWlWHQ ]X PLQLPLHUHQ GHQQRFK N|QQHQ GLH 8QWHUQHKPHQ
NHLQH GLUHNWH .RQWUROOH EHU GDV 3ULYDWOHEHQ GHV 3URPLQHQWHQ DXVEHQ
$XIJUXQG GHVVHQ GDVV VROFKH QHJDWLYHQ ,QIRUPDWLRQHQ EHU &HOHEULW\ (QGRUVHU NHLQ
(LQ]HOIDOO VRQGHUQ JDU DOO]X RIW ]X EHREDFKWHQ VLQG PVVHQ 8QWHUQHKPHQ HYDOXLHUHQ XQG
HQWVFKHLGHQ ZLH PLW GHQ EHWURIIHQHQ &HOHEULWLHV ]X YHUIDKUHQ LVW 'LH ZHQLJHQ HPSLULVFKHQ
8QWHUVXFKXQJHQ LQ GLHVHP )HOG /
18,(
M1
%(50,//(5
::
/
18,( (7 $/
::
6
"
LPSOL]LHUHQ GDVV HV IU 8QWHUQHKPHQ UDWVDP LVW VLFK VRIRUW YRQ GHP EHWUHIIHQGHQ &HOHEULW\
]X WUHQQHQ XP LKU ,PDJH YRU GHQ QHJDWLYHQ $VVR]LDWLRQHQ PLW GLHVHP ]X EHZDKUHQ 6R
NQGLJWH EVSZ GHU /HEHQVPLWWHOKHUVWHOOHU 'DQRQH GHQ
HUEHYHUWUDJ PLW -|UJ .DFKHOPDQQ
DOV 2RUZUIH EHU HLQH 2HUJHZDOWLJXQJ ODXW ZXUGHQ XQG GLH GHXWVFKH 7HOHNRP O|VWH GHQ
6SRQVRUHQYHUWUDJ PLW -DQ 8OOULFK QDFK HLQHP SRVLWLYHQ 'RSLQJWHVW DXI
'RFK LVW HLQH .QGLJXQJ VFKRQ GDV JDQ]H (UIROJVJHKHLPQLV XP ,PDJHVFKlGHQ ]X
YHUPHLGHQ 1GHU VROOWH GLH 5HDNWLRQ YRQ ZHLWHUHQ )DNWRUHQ DEKlQJLJ JHPDFKW ZHUGHQ 8P
GLHVH )UDJH EHDQWZRUWHQ ]X N|QQHQ ZHUGHQ LP QlFKVWHQ $EVFKQLWW ]XQlFKVW GLH

JUXQGOHJHQGHQ WKHRUHWLVFKHQ 0RGHOOH ]XU
LUNXQJV9 XQG 2HUDUEHLWXQJVZHLVH QHJDWLYHU
,QIRUPDWLRQHQ GDUJHVWHOOW
G 7KHRULHQ GHU LU XQJV-HLVH QHJDWLYHU ,QIRUPDWLRQHQ
G
$VVR]LDWLYHV /HUQHQ
0DUNHQ VLQG LP ZHVHQWOLFKHQ 2RUVWHOOXQJVELOGHU LQ GHQ .|SIHQ GHU .RQVXPHQWHQ 6LH ZHUGHQ
GDEHL GXUFK GDV 0DUNHQZLVVHQ GHWHUPLQLHUW 'LHVHV OlVVW VLFK LQ GLH ]ZHL .RQVWUXNWH
0DUNHQEHNDQQWKHLW XQG 0DUNHQLPDJH GLIIHUHQ]LHUHQ 'LH 0DUNHQEHNDQQWKHLW EHVWHKHQG DXV
0DUNHQUHFDOO XQG 0DUNHQUHFRJQLWLRQ LVW GDEHL QRWZHQGLJH %HGLQJXQJ GDPLW .RQVXPHQWHQ
EHUKDXSW HLQ 0DUNHQLPDJH DXIEDXHQ N|QQHQ 'DV 0DUNHQLPDJH ZLHGHUXP OlVVW VLFK X D
GXUFK $UW 6WlUNH (LQ]LJDUWLJNHLW $Q]DKO XQG 5LFKWXQJ SRVLWLY RGHU QHJDWLY" GHU
$VVR]LDWLRQHQ RSHUDWLRQDOLVLHUHQ (
6&+
M*
(86
:: 6
" 'LHVH $VVR]LDWLRQHQ PLW HLQHU
0DUNH VLQG LP /DQJ]HLWJHGlFKWQLV HLQHV 0HQVFKHQ GXUFK VRJ 6FKHPDWD UHSUlVHQWLHUW 'LHV
VLQG ÄJURH NRPSOH[H LVVHQVHLQKHLWHQ GLH W\SLVFKH (LJHQVFKDIWHQ XQG IHVWH VWDQGDUGLVLHUWH
2RUVWHOOXQJHQ XPIDVVHQ ZHOFKH PDQ YRQ 1E>HNWHQ 3HUVRQHQ RGHU (UHLJQLVVHQ KDW³
(
6&+
M*
(86
:: 6
:" 6LH H[LVWLHUHQ IROJOLFK QLFKW QXU IU 0DUNHQ XQG 8QWHUQHKPHQ
VRQGHUQ DXFK IU &HOHEULWLHV GD DXFK GLHVHQ HLQH 2LHO]DKO
DQ %HGHXWXQJHQ XQG
$VVR]LDWLRQHQ LQKlUHQW VLQG 0
&
&
5$&.(
" 6FKHPDWD ODVVHQ VLFK DOV VHPDQWLVFKH
HW]ZHUNH GDUVWHOOHQ 'LH HLQ]HOQHQ LVVHQVHLQKHLWHQ VLQG GDEHL DOV .QRWHQ UHSUlVHQWLHUW GLH
PLWHLQDQGHU YHUNQSIW VLQG
LUG GXUFK HLQH
HUEXQJ HLQ EHVWLPPWHU .QRWHQ DNWLYLHUW
EUHLWHW VLFK GLHVH $NWLYLHUXQJ EHU GLH 2HUELQGXQJ ]ZLVFKHQ GHQ .QRWHQ ZHLWHU ]X GHQ GDPLW
DVVR]LLHUWHQ 2RUVWHOOXQJHQ DXV (
6&+
M0
h//
:: 6
.
51(%(5
95
,(/
M(
6&+
:
6 : "
,P .RQWH[W GLHVHV DVVR]LDWLYHQ HW]ZHUNV VWHOOHQ 0DUNHQ XQG &HOHEULWLHV >HZHLOV .QRWHQ GDU
=X %HJLQQ VLQG GLHVH XQYHUEXQGHQ GRFK GXUFK (UIDKUXQJHQ PLW GHU 0DUNH XQG GHP
&HOHEULW\ XQG GXUFK GHQ 3UR]HVV GHV (QGRUVHPHQWV ZLUG HLQ DVVR]LDWLYHU /LQN ]ZLVFKHQ
GLHVHQ JHELOGHW +DW VLFK GLHVHU DVVR]LDWLYH /LQN HWDEOLHUW ZHUGHQ 0DUNH XQG &HOHEULW\
>HZHLOV ]X %HVWDQGWHLOHQ GHV $VVR]LDWLRQVVHWV GHV >HZHLOV DQGHUHQ 'LHVHV $VVR]LDWLRQVVHW
EHLQKDOWHW HEHQVR LQGLYLGXHOOH (LQVWHOOXQJHQ JHJHQEHU GHU 0DUNH XQG GHP &HOHEULW\ 7
,//
6 : 7
,//
M6
+,03
6
" 'LHVH 0HWKRGH GHV /HUQHQV EHUXKW DXI GHP 3ULQ]LS
GHU NODVVLVFKHQ .RQGLWLRQLHUXQJ 6R HQWVWHKW GXUFK GLH ZLHGHUKROWH 3DDUXQJ GHV &HOHEULW\ PLW
GHU 0DUNH LQ GHU HUEXQJ XQG VRPLW GXUFK GLH VLPXOWDQH $NWLYLHUXQJ GHU EHLGHQ .QRWHQ HLQH
,QWHUQDOLVLHUXQJ GLHVHU $VVR]LDWLRQ 7
,// (7 $/
:: 6
+,7( (7 $/
:: 6
"
'LH %HGHXWXQJHQ GLH GHU &HOHEULW\ YHUN|USHUW ZHUGHQ VR DXI GLH 0DUNH EHUWUDJHQ
7
,//
M6
+,03
6
" 'RFK JHQDX KLHU OLHJW GLH *HIDKU EHL $XIWDXFKHQ QHJDWLYHU
,QIRUPDWLRQHQ EHU GHQ &HOHEULW\< DFKGHP HLQ DVVR]LDWLYHU /LQN JHELOGHW ZXUGH UHVXOWLHUHQ
GDUDXI IROJHQGH QHJDWLYH ,QIRUPDWLRQHQ EHU HLQHQ 3URPLQHQWHQ LQ HLQHU QLHGULJHUHQ
(YDOXDWLRQ ZHOFKH ZLHGHUUXP GXUFK GHQ HWDEOLHUWHQ /LQN DXI GLH EHZRUEHQH 0DUNH UHIOHNWLHUW
ZLUG V $EE
" 7
,//
M6
+,03
6
+,7( (7 $/
::
6
"
LUG HLQH
HUEHNDPSDJQH PLW GHP EHWUHIIHQGHQ &HOHEULW\ GDQQ ZlKUHQG GHV =HLWUDXPV GHU 'DUELHWXQJ

GHU QHJDWLYHQ ,QIRUPDWLRQHQ LQ GHQ 0HGLHQ ZHLWHUKLQ DXIUHFKWHUKDOWHQ ZLUG IROJOLFK GHU QXQ
QHJDWLYH DVVR]LDWLYH /LQN QRFK NRQVHTXHQW YHUVWlUNW /LHJW ]XVlW]OLFK HLQ YRQ GHQ
LVVHQVFKDIWOHUQ HPSIRKOHQHU 0DWFK98S 0
,65$
M%
($77
: 6
" ]ZLVFKHQ 3URGXNW
XQG 3URPLQHQWHP YRU VR LVW HLQ DVVR]LDWLYHU /LQN ]ZDU OHLFKWHU ]X HWDEOLHUHQ LP )DOOH
QHJDWLYHU $VVR]LDWLRQHQ PLW GHP &HOHEULW\ EHJQVWLJW DXFK GLHV >HGRFK GHQ VFKDGKDIWHQ
(IIHNW IU GDV ,PDJH GHU 0DUNH 7
,// (7 $/
:: 6
"
$VVR]LDWLYH 2HUNQSIXQJ YRU $XIWDXFKHQ GHU QHJDWLYHQ ,QIRUPDWLRQHQ EHU GHQ
&HOHEULW\ (QGRUVHU
'XUFK GLH QHJDWLYHQ ,QIRUPDWLRQHQ QHX JHVFKDIIHQHU /LQN
$EE S )LNWLYHV %HLVSLHO GHU $VVR]LDWLRQVIHOGHU YRQ 3HSVL XQG 0LFKDHO -DFNVRQ
bXHOOH< (LJHQH 'DUVWHOOXQJ
G
9HUDUEHLWXQJ QHJDWLYHU ,QIRUPDWLRQHQ
*HPl GHU ,QIRUPDWLRQVYHUDUEHLWXQJVWKHRULH %
(770$
" LVW GDV 2HUKDOWHQ YRQ
.RQVXPHQWHQ HLQH )XQNWLRQ LKUHU NRJQLWLYHQ 3UR]HVVH G K LKU 2HUKDOWHQ VSLHJHOW ZLGHU ZDV
VLH GHQNHQ XQG YRU DOOHP ZLH VLH GHQNHQ 7
%187 (7 $/
6
" (LQWUHIIHQGH
,QIRUPDWLRQHQ ZHUGHQ GDEHL LP $UEHLWVJHGlFKWQLV UHSUlVHQWLHUW 'RUW VWLPXOLHUHQ GLHVH GLH
$NWLYLHUXQJ RE>HNWUHOHYDQWHU ,QIRUPDWLRQHQ 'LHV EHGHXWHW GDVV GLH QHXHQ ,QIRUPDWLRQHQ
XQWHU 2HUZHQGXQJ IUKHUHU ,QIRUPDWLRQHQ DXV GHP /DQJ]HLWJHGlFKWQLV YHUDUEHLWHW ZHUGHQ
'LHVHU 3UR]HVV ZLUG DOV 5HKHDUVDO EH]HLFKQHW +LHUEHL ZHUGHQ $WWULEXWH XQG $VVR]LDWLRQHQ
V\VWHPDWLVFK PLW GHQ QHXHQ ,QIRUPDWLRQHQ YHUNQSIW 7
%187 (7 $/
6
%
(770$
" ,P .RQWH[W GHU QHJDWLYHQ 3XEOL]LWlW YRQ &HOHEULW\ (QGRUVHUQ EHGHXWHW GLHV )ROJHQGHV<
'XUFK GDV $XIWUHWHQ QHJDWLYHU ,QIRUPDWLRQHQ EHU GHQ &HOHEULW\ (QGRUVHU ZHUGHQ GLH QHXHQ
,QIRUPDWLRQHQ PLW GHP EHUHLWV EHVWHKHQGHQ
LVVHQ EHU GHQ &HOHEULW\ XQG EHU GHQ
DVVR]LDWLYHQ /LQN DXFK PLW GHP EHZRUEHQHQ 3URGXNW YHUNQSIW 7DXFKW GHU &HOHEULW\ QXQ LQ
HLQHU
HUEXQJ DXI ZHUGHQ VlPWOLFKH PLW LKP DVVR]LLHUWHQ $WWULEXWH JOHLFK]HLWLJ PLW GHQ
DVVR]LLHUWHQ 3URGXNWDWWULEXWHQ DXIJHUXIHQ 6R ZHUGHQ GDQQ QHEHQ GHQ SRVLWLYHQ $VVR]LDWLRQHQ
DXFK GLH QHJDWLYHQ ,QIRUPDWLRQHQ HUQHXW DNWLYLHUW $XIJUXQG GHVVHQ GDVV GLHVH $VVR]LDWLRQHQ
LQVJHVDPW HLQHQ QHJDWLYHUHQ 7RXFK HUKDOWHQ DOV VLH RKQH GLH QHX FRGLHUWHQ ,QIRUPDWLRQHQ
0LFKDHO |DF VRQ
H VL
*HWUlQN
-XQJ
/HFNHU
%ODX
(UIROJ
6lQJHU
0LVVEUDXFK
13V
$VVR]LDWLYH
9HU Q IXQJ

EHNRPPHQ KlWWHQ UHVXOWLHUW HLQH ZHQLJHU SRVLWLYH (LQVWHOOXQJ JHJHQEHU GHP EHZRUEHQHQ
3URGXNW .RQVXPHQWHQ ZHUGHQ VRPLW VFKRQ DOOHLQ GXUFK GLH 2HUDUEHLWXQJ GHU QHJDWLYHQ
,QIRUPDWLRQHQ XQEHZXVVW LQ LKUHP 'HQNHQ XQG +DQGHOQ EHHLQIOXVVW XQDEKlQJLJ GDYRQ RE
VLH GHQ QHJDWLYHQ ,QIRUPDWLRQHQ *ODXEHQ VFKHQNHQ RGHU QLFKW 'LH EHZRUEHQH 0DUNH NDQQ
KLHUGXUFK HUKHEOLFKHQ 6FKDGHQ HUOHLGHQ =XGHP HUIDKUHQ QHJDWLYH ,QIRUPDWLRQHQ HLQH K|KHUH
$XIPHUNVDPNHLW XQG HLQH JU|HUH NRJQLWLYH 2HUDUEHLWXQJ ZHOFKHV GLH %LOGXQJ QHJDWLYHU
,PSUHVVLRQHQ EHL GHQ .RQVXPHQWHQ EHJQVWLJW
6
0,7+
M3
(77
6
: I
6
.1 51 6.,
M&
$5/671
6
" 'LHVH (YDOXDWLRQ ILQGHW EHUHLWV LQ HLQHP VHKU IUKHQ
6WDGLXP GHV 2HUDUEHLWXQJVSUR]HVVHV GHU ,QIRUPDWLRQHQ VWDWW ,VW GLH ,QIRUPDWLRQ VRGDQQ LQ GDV
/DQJ]HLWJHGlFKWQLV EHUJHJDQJHQ ZHUGHQ QHJDWLYH LP 2HUJOHLFK ]X QHXWUDOHQ ,QIRUPDWLRQHQ
EHVVHU XQG OHLFKWHU HULQQHUW .
( 6, *(5
M&
15.,
:: 6
" VR GDVV .RQVXPHQWHQ LP )DOO
GHV QHJDWLY JHIlUEWHQ (QGRUVHPHQWV LQ LKUHU (QWVFKHLGXQJVILQGXQJ GDYRQ EHHLQIOXVVW ZHUGHQ
N|QQWHQ
2HUVWlUNW ZLUG GLHVHU 3UR]HVV ]XVlW]OLFK GXUFK GLH HJDWLYLWlW GHU ,QIRUPDWLRQHQ DQ VLFK GHQQ
QDFK )
,6.(
: 6 : I " HUKDOWHQ QHJDWLYH ,QIRUPDWLRQHQ LQ GHU VXE>HNWLYHQ %HXUWHLOXQJ
HLQHV 0HQVFKHQ HLQ JU|HUHV *HZLFKW DOV SRVLWLYH HXDUWLJH XQG XQHUZDUWHWH ,QIRUPDWLRQHQ
GLH QLFKW LQ GDV H[LVWLHUHQGH 6FKHPD HLQHV 1E>HNWHV SDVVHQ ZHUGHQ DOV KRFK LQIRUPDWLY
ZDKUJHQRPPHQ XQG EHHLQIOXVVHQ GLH %LOGXQJ YRQ (LQGUFNHQ VWlUNHU DOV HUZDUWHWH
,QIRUPDWLRQHQ $XIJUXQG GHVVHQ GDVV 0HQVFKHQ YRQ DQGHUHQ HLQ SRVLWLYHV 2HUKDOWHQ
HUZDUWHQ XQG GHPQDFK SRVLWLYH ,QIRUPDWLRQHQ HKHU HUZDUWHW XQG VRPLW DOV RUPDO]XVWDQG
FKDUDNWHULVLHUW ZHUGHQ HUIDKUHQ QHJDWLYH ,QIRUPDWLRQHQ IROJOLFK HLQH JU|HUH *HZLFKWXQJ
)
,6.(
: 6
.1 51 6.,
M&
$5/671
6
" $XFK 5
$*+8%,5
XQG &
15)0$
6
" NDPHQ LQ LKUHU 6WXGLH ]X GLHVHU (LQVFKlW]XQJ< Ä3HRSOH VHDUFK PRUH IRU QHJDWLYH
«YHUVXV SRVLWLYH´ LQIRUPDWLRQ ZKHQ PDNLQJ >XGJPHQWV DQG WKH\ ZHLJKW WKLV LQIRUPDWLRQ PRUH
KHDYLO\ EHFDXVH WKH\ ILQG LW PRUH GLDJQRVWLF WKDQ SRVLWLYH LQIRUPDWLRQ± 'DUDXV OlVVW VLFK
DEOHLWHQ GDVV 6NDQGDOH RGHU )HKOWULWWH HLQHV SURPLQHQWHQ (QGRUVHUV VWlUNHUHQ (LQIOXVV DXI GDV
'HQNHQ XQG VFKOLHOLFK DXFK DXI GDV +DQGHOQ YRQ .RQVXPHQWHQ QHKPHQ DOV EHLVSLHOVZHLVH
EHL 6SRUWOHUQ HLQ QHX DXIJHVWHOOWHU 5HNRUG GD HLQ VROFKHU YRQ LKQHQ HKHU ]X HUZDUWHQ LVW
=XVDPPHQIDVVHQG OlVVW VLFK VRPLW NRQVWDWLHUHQ GDVV GLH HJDWLYLWlW GHU ,QIRUPDWLRQHQ EHU
HLQHQ &HOHEULW\ (QGRUVHU GHQ 7KHRULHQ ]XIROJH VRZRKO DXI GLH %LOGXQJ GHU $VVR]LDWLRQHQ DOV
DXFK DXI GLH (QWVFKHLGXQJVILQGXQJ XQG GLH DQVFKOLHHQGH 3HUVXDVLRQ GHV .RQVXPHQWHQ
(LQIOXVV QLPPW
G (LQIOXVVID WRUHQ GHU DKUQHKPXQJ QHJDWLYHU ,QIRUPDWLRQHQ
'LH YRUJHVWHOOWHQ 7KHRULHQ ]XU 2HUDUEHLWXQJ QHJDWLY JHIlUEWHU ,QIRUPDWLRQHQ VLQG >HGRFK
QLFKW VWDWLVFK ]X EHWUDFKWHQ 2LHOPHKU XQWHUOLHJW GLH 2HUDUEHLWXQJ EHL GHQ .RQVXPHQWHQ HLQHU
JHZLVVHQ 2DULDELOLWlW DXIJUXQG GHU $EKlQJLJNHLW YRQ HLQLJHQ )DNWRUHQ GLH LP )ROJHQGHQ
QlKHU EHWUDFKWHW ZHUGHQ

G
*U[H GHV $VVR]LDWLRQVVHWV
'LH EHGHXWHQGH 5ROOH GHU $VVR]LDWLRQHQ IU GLH LUNXQJVHQWIDOWXQJ QHJDWLYHU ,QIRUPDWLRQHQ
ZXUGH EHUHLWV LQ $EVFKQLWW
GDUJHVWHOOW 7
,//
XQG 6
+,03
6
" KDEHQ GDUEHU
KLQDXV LQ LKUHQ 6WXGLHQ IHVWVWHOOHQ N|QQHQ GDVV DXFK GHU *U|H GHV $VVR]LDWLRQVVHWV HLQH
EHGHXWHQGH 5ROOH ]XNRPPW 'DV /HYHO GHU $NWLYLHUXQJ HLQHV EHVWLPPWHQ .QRWHQV KlQJW
GHPQDFK ZHVHQWOLFK YRQ GHU $Q]DKO GHU PLW GHP GLHVHP .QRWHQ DVVR]LLHUWHQ XQG VRPLW
NRQNXUULHUHQGHQ .QRWHQ DE )U HLQHQ &HOHEULW\ LVW GLHVHV $VVR]LDWLRQVVHW PHLVW JU|HU DOV
IU HLQH HLQ]HOQH 0DUNH 'DKHU LVW HV ZDKUVFKHLQOLFKHU GDVV *HGDQNHQ DQ HLQH 0DUNH GHQ
&HOHEULW\9.QRWHQ DNWLYLHUHQ DOV LP XPJHNHKUWHQ )DOO -H JU|HU HLQ $VVR]LDWLRQVVHW LVW GHVWR
VFKZlFKHU ZLUG DXIJUXQG GHU NRPSHWLWLYHQ .QRWHQ GDV $NWLYLHUXQJVOHYHOV HLQHV HLQ]HOQHQ
.QRWHQV (V NRQQWH JH]HLJW ZHUGHQ GDVV QHJDWLYH ,QIRUPDWLRQHQ EHU HLQHQ &HOHEULW\
(QGRUVHU HLQHQ VWDUNHQ (IIHNW DXVEWHQ ZHQQ GLH $VVR]LDWLRQVVHWV VRZRKO IU GLH 0DUNH DOV
DXFK IU GHQ &HOHEULW\ YRQ JHULQJHU *U|H ZDUHQ
DU HLQ 6HW >HGRFK JU|HU ZDU GHU (IIHNW
GHU ,QIRUPDWLRQHQ QLFKW VLJQLILNDQW 'LHVHV (UJHEQLV LPSOL]LHUW GDVV QHJDWLYH 3UHVVH EHU
HLQHQ 3URPLQHQWHQ IU GLH EHZRUEHQH 0DUNH YRU DOOHP GDQQ SUREOHPDWLVFK ZLUG ZHQQ GLH
.RQVXPHQWHQ QXU NOHLQH $VVR]LDWLRQVVHWV E]Z
LVVHQVVWUXNWXUHQ IU 0DUNH XQG &HOHEULW\
EHVLW]HQ 7
,//
M6
+,03
6
" 'LH %HZHUEXQJ HLQHV HXSURGXNWV GXUFK HLQHQ QRFK
UHODWLY XQEHNDQQWHQ 3URPLQHQWHQ GHU ZlKUHQGGHVVHQ LQ HLQHQ 6NDQGDO JHUlW N|QQWH VRPLW
YHUKHHUHQGH .RQVHTXHQ]HQ PLW VLFK EULQJHQ
G
5ROOH XQG LU XQJ GHU 0HGLHQ
'LH 0HGLHQ VSLHOHQ LQ GHU DKUQHKPXQJ GHU QHJDWLYHQ ,QIRUPDWLRQHQ HLQH HVVHQWLHOOH 5ROOH
6LH IXQJLHUHQ DOV bXHOOH XQG 2HUEUHLWHU GHU 3XEOL]LWlW XQG VWHOOHQ HLQH +HUDXVIRUGHUXQJ IU GLH
8QWHUQHKPHQ GDU GD VLH HLQ JURHV 3XEOLNXP HUUHLFKHQ XQG LKUH %RWVFKDIWHQ VLFK DXIJUXQG
WHFKQLVFKHQ )RUWVFKULWWV UDVFK XELTXLWlU YHUEUHLWHQ DFK .
51(%(5
95
,(/ (7 $/
:: 6
II " VLQG GHQ 0HGLHQ DOV ,QVWUXPHQW GHU 0DVVHQNRPPXQLNDWLRQ GUHL LUNXQJVDUWHQ LQKlUHQW
GLH VLFK LQ HLQH ,QIRUPDWLRQV9 %HHLQIOXVVXQJV9 XQG ¶EHU]HXJXQJVZLUNXQJ GLIIHUHQ]LHUHQ
ODVVHQ
HEHQ GHU 2HUPLWWOXQJ YRQ
LVVHQ XQG GHU LQWHQGLHUWHQ 2HUlQGHUXQJ YRQ
(LQVWHOOXQJHQ NRPPW GDEHL YRU DOOHP GHU EHHLQIOXVVHQGHQ LUNXQJ HLQH HQWVFKHLGHQGH 5ROOH
]X 'LHVH GHWHUPLQLHUW VLFK GXUFK GHQ 3UR]HVV GHV $JHQGD96HWWLQJV 0
&
&
10%6
M6
+$
"
XQG GHV )UDPLQJV %
1 )$'(//,
M)
5,(0(/
:
6
" 'HU 7KHRULH GHV $JHQGD96HWWLQJV
]XIROJH EHVWLPPHQ GLH 0DVVHQPHGLHQ ZHLWHVWJHKHQG PLW ZHOFKHQ 7KHPHQ VLFK GLH
hIIHQWOLFKNHLW EHVFKlIWLJW XQG EHU ZHOFKH HV QDFKGHQNW 6LH IXQJLHUHQ DOV Ä*DWHNHHSHU³
GHQQ VLH EHVWLPPHQ QLFKW QXU GLH $XVZDKO VRQGHUQ DXFK GLH *HZLFKWXQJ GHU HLQ]HOQHQ
0HGLHQLQKDOWH XQG EHZLUNHQ VR GDVV GLH 5H]LSLHQWHQ LKUH
DKUQHKPXQJ GDUEHU ZDV
ZLFKWLJ LVW XQG *HJHQVWDQG LKUHU JHGDQNOLFKHQ =XZHQGXQJ ZLUG GHQ 0HGLHQ DQSDVVHQ 'LHVH
7KHPDWLVLHUXQJVZLUNXQJ GHU 0HGLHQ OlVVW VLFK GXUFK GLH )UDPLQJ97KHRULH QRFK HUZHLWHUQ
'HPQDFK HQWVFKHLGHQ GLH 0HGLHQ DXFK GDUEHU DXV ZHOFKHU 3HUVSHNWLYH HLQ 7KHPD
EHKDQGHOW ZLUG G K ZHOFKH $VSHNWH KHUYRUJHKREHQ XQG LQV =HQWUXP JHUFNW XQG ZHOFKH
$VSHNWH LP +LQWHUJUXQG EOHLEHQ XQG YHUQDFKOlVVLJW ZHUGHQ %
1 )$'(//,
M)
5,(0(/
:
6

Details

Seiten
Erscheinungsform
Erstausgabe
Erscheinungsjahr
2012
ISBN (PDF)
9783863418557
ISBN (Paperback)
9783863413552
Dateigröße
826 KB
Sprache
Deutsch
Institution / Hochschule
Ludwig-Maximilians-Universität München
Erscheinungsdatum
2015 (Februar)
Schlagworte
Markenkommunikation Prominenter Werbung negative Publizität Celebrity Endorser Konsument
Produktsicherheit
BACHELOR + MASTER Publishing

Autor

Isabelle Köhler wurde 1987 in Seligenstadt geboren. Ihr Studium der Betriebswirtschaftslehre an der Ludwig-Maximilians-Universität in München schloss die Autorin 2012 erfolgreich mit dem akademischen Grad des Bachelor of Science ab. Ihr Schwerpunkt hierbei lag im Bereich des strategischen Marketings, der marktorientierten Unternehmensführung und der Wirtschaftspsychologie. Bereits während des Studiums und einer vorhergehenden kaufmännischen Ausbildung sammelte die Autorin umfassende praktische Erfahrungen im Bereich der Markenkommunikation. Fasziniert von dem fortwährenden Trend des Einsatzes Prominenter als Werbeträger und motiviert durch die große Forschungslücke bezüglich der Risiken einer negativen Publizität der Prominenten, widmete die Autorin sich der empirischen Aufarbeitung dieser Thematik in dem vorliegendem Buch.
Zurück

Titel: Celebrity Endorsement: Die Auswirkungen von Skandalen und Fehltritten
book preview page numper 1
book preview page numper 2
book preview page numper 3
book preview page numper 4
book preview page numper 5
book preview page numper 6
book preview page numper 7
book preview page numper 8
book preview page numper 9
book preview page numper 10
book preview page numper 11
book preview page numper 12
book preview page numper 13
book preview page numper 14
70 Seiten
Cookie-Einstellungen