Made available in DSpace on 2015-12-03T18:33:01Z (GMT). No. of bitstreams: 1 Nilza_Aparecida_dos_Santos_Siqueira.pdf: 992313 bytes, checksum: 97a3bf8961129952babbee21e53890c2 (MD5) Previous issue date: 2002-10-07 / The channels of marketing or distribution, that can be seen as an open system formed by a set of interdependent, involved companies in the process to become a product available for use or consumption, if well chose and managed they can be considered as source of competitive advantage to the companies. The present work is focused on the study of the channels of marketing as sustainable competitive strategy for the Brazilian nourishing industry. Being highlighted the results got through the change of distribution channel, with substitution of the proper force of sales for deliverers and by the formation of strategical alliances firmed between the industry and its intermediate, for the rank of the product in the retail market. The research was of exploratory nature, with bibliographical revision on channels of distribution, competitive advantage and on the basis of a study of case in a company of the nourishing branch. The conclusive data on the case study had been collected in internal reports of the organization and carried through discursive interviews with employees who had worked in the searched company, in the period whom they had occurred to the alterations in its channels of distribution. It was verified that, in the case of the searched company, the substitution of its proper sales forces for deliverers, resulted in an increase of the numerical distribution, with bigger covering of the market, considerable increase of the sales volume and making profits of the sales of the products, besides the strengthening of the mark and of the company valuation. / Os canais de marketing ou distribui????o, que podem ser vistos como um sistema aberto formado por um conjunto de empresas interdependentes, envolvidas no processo de tornar um bem dispon??vel para uso ou consumo, desde que bem escolhido e administrado podem ser considerados como fonte de vantagem competitiva ??s empresas. O presente trabalho est?? voltado ao estudo dos canais de marketing como estrat??gia competitiva sustent??vel para a ind??stria aliment??cia brasileira. Destacando-se os resultados obtidos atrav??s da mudan??a de canal de distribui????o, com substitui????o da for??a de venda pr??pria por distribuidores e da forma????o de alian??as estrat??gicas firmadas entre a ind??stria e seus intermedi??rios, para a coloca????o do produto no mercado de varejo. A pesquisa foi de natureza explorat??ria, com revis??o bibliogr??fica sobre canais de distribui????o, vantagem competitiva e com base em um estudo de caso em uma empresa do ramo aliment??cio. Os dados conclusivos sobre o estudo de caso foram coletados em relat??rios internos da organiza????o e em entrevistas discursivas realizadas com funcion??rios que trabalharam na empresa pesquisada no per??odo que ocorreram as altera????es em seus canais de distribui????o. Verificou-se que no caso da empresa pesquisada a substitui????o da sua for??a de vendas pr??pria por distribuidores resultou em aumento da distribui????o num??rica, com maior cobertura do mercado, aumento consider??vel do volume de vendas e gera????o de lucros na venda dos produtos, al??m de fortalecimento da marca e valoriza????o da empresa.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-02-06T23:53:43Z No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-02-06T23:53:43Z (GMT). No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2014-02-27 / The objective of this work is to compare the behavior of indicators of efficiency of acquirers and dominant financial institutions in M&A operations in Brazil before and after these transactions. To fulfill the objectives of this research an event study was performed considering sixty transactions between 1994 and 2012, which also considered 17 indicators classified in three categories: I- Profit Efficiency, II- Operational Efficiency and III- Managerial Efficiency. The comparison was made through parametric and non-parametric tests in order to identify significant changes in the cross sectional efficiency levels of the firms in the post-transaction moment. The results showed that for a significance ?=0.10, amongst the 17 variables, seven behaved diferently after the operations. Of the four ratios of the category I-Profit Efficiency, the one that presented significant changes performed worse in terms of Operating Profit on Total Assets. In regards to the eleven indicators of the category II- Operating Efficiency, there were five identified with significant variations, amongst them, the only one that showed improved efficiency was the ratio of Administrative Expenses on Credit Operations. On the other hand, the other four variables, Operating Expenses on Total Assets, Total Expenses on Total Assets, Expenses in Financial Intermediation on Debt, and Other Operating Expenses on Total Expenses showed reduction of operating efficiency. Last, for the category III-Managerial Efficiency, of its two indicators, only the indicator of Profits before Taxes on Equity demonstrated significant variations, which showed losses in terms of efficiency as well. The conclusions about the analysis of these variations suggest that, although M&A's motivations are frequently explained as a possibility of gain in terms of efficiency for the merged companies, it was not possible to find evidence of the predominance of these benefits in the Brazilian bank industry operations yet. It makes it necessary to perform additional research that investigates the possibility of the existence of other type of gains due to theses events. / O objetivo deste trabalho ?? comparar o comportamento de indicadores de efici??ncia de institui????es financeiras adquirentes ou dominantes em processos de Fus??es e Aquisi????es no Brasil nos per??odos anterior e posterior ?? realiza????o destas opera????es. Para o cumprimento do objetivo foi realizado um estudo de evento que abrangeu sessenta transa????es realizadas entre 1994 e 2012, o qual considerou 17 indicadores classificados em tr??s categorias: I-Efici??ncia de Lucros, II- Efici??ncia Operacional e III- Efici??ncia Gerencial. A compara????o foi realizada por meio de testes de diferen??as de m??dias (param??tricos) e medianas (n??o param??tricos) com o intuito de se identificarem altera????es significantes nos patamares de efici??ncia em cross section das institui????es no per??odo p??s-transa????o. Os resultados mostraram que para um n??vel de signific??ncia ?=0,10, dentre as 17 vari??veis estudadas, sete comportaram-se diferentemente ap??s as opera????es. Dos quatro indicadores classificados na categoria I-Efici??ncia de Lucros apenas um apresentou altera????o significante, implicando perda de efici??ncia em termos de Lucro Operacional sobre Ativo Total. Com rela????o aos onze indicadores da categoria II- Efici??ncia Operacional foi identificado que cinco deles apresentaram mudan??as significantes, sendo que o ??nico deste grupo que implicou ganhos de efici??ncia foi o indicador de Despesas Administrativas sobre Opera????es de Cr??dito. Por outro lado, as outras quatro vari??veis, Despesas Operacionais sobre Ativo Total, Despesas Totais sobre Ativo Total, Despesas da Intermedia????o Financeira sobre Passivos e Outras Despesas Operacionais sobre Despesas Totais mostraram perda de efici??ncia. Finalmente, para a categoria III- Efici??ncia Gerencial, dentre seus dois indicadores, apenas o indicador de Resultado antes de Impostos sobre Patrim??nio L??quido demonstrou altera????o significante, apontando tamb??m redu????o de efici??ncia. As conclus??es acerca da an??lise do comportamento das vari??veis indicam que, apesar de a ocorr??ncia de F&A ser frequentemente motivada por poss??veis ganhos de efici??ncia ??s empresas fundidas, ainda n??o ?? poss??vel constatar predomin??ncia desse fen??meno entre as opera????es promovidas por institui????es financeiras banc??rias no Brasil. Torna-se ent??o necess??ria ent??o, a realiza????o de estudos adicionais que explorem a possibilidade de exist??ncia de outras formas de ganhos em decorr??ncia desses eventos.