Title: The impact of digitalization on today’s local boutiques A qualitative study on how Quinte, Gillblads and Tátch can take advantage from digitalization Authors: Victoria Ehrenström and Carolina Long Examiner: Frederic Bill Supervisor: Anders Hytter Course: Enterprising and Business Development, bachelor thesis, 15 credits Semester: Spring 2018 Purpose: The purpose of this thesis is that through a qualitative study of Quinte, Gillblads and Tatch illustrate how companies can take advantage from the digitalization of their marketing. Research questions: How does Quinte, Gillblad and Tátch include digitalization in their business strategy? How can Quinte, Gillblads and Tátch take advantage from digitalization to increase sales? Which marketing strategies are applied at Quinte, Gillblads and Tátch to increase sales and create competitive advantages on the market? Method: Qualitative interviews Results: After completing the study, it has been found that Quinte does not have a sufficiently developed digital strategy. The use of social media has resulted in more customers visiting the boutique and asking for clothes they have seen on the channels. Gillblads uses digital technology, in the form of e-commerce and inventory management. The use of social media has led to spontaneous purchases, but the channels are not used continuously, because of staff shortage. Tátch uses digital technology passively, as the company does not have the financial conviction or a sufficiently developed digital strategy. The use of social media has led to increased sales as it creates interest for the consumer. Keywords: Business strategy, digitalization, digital technology, marketing strategy, social media, Facebook, Instagram, LinkedIn, Influencer Marketing / Titel: Digitaliseringens påverkan på dagens lokala butiker En kvalitativ studie om hur Quinte, Gillblads och Tátch kan dra nytta av digitaliseringen Författare: Victoria Ehrenström och Carolina Long Examinator: Frederic Bill Handledare: Anders Hytter Kurs: Enterprising and Business Development, examensarbete (kandidat), 15 hp Termin: Vårterminen 2018 Syfte: Syftet med uppsatsen är att genom en kvalitativ studie av Quinte, Gillblads och Tátch illustrera hur företag kan dra nytta av digitaliseringen i sin marknadsföring. Problemformuleringar: Hur inkluderar Quinte, Gillblads och Tátch digitalisering i deras affärsstrategi? Hur kan Quinte, Gillblads och Tátch dra nytta av digitaliseringen för att öka försäljningen? Vilka marknadsföringsstrategier tillämpas hos Quinte, Gillblads och Tátch för att öka försäljningen och skapa konkurrensfördelar på marknaden? Metod: Kvalitativa intervjuer Resultat: Efter att ha genomfört studien har det framkommit att Quinte inte har en tillräckligt utvecklad digital strategi. Användandet av sociala medier har resulterat i att fler kunder besöker butiken och frågar efter klädesplagg de sett på kanalerna. Gillblads använder sig av digital teknik, i form av e-handel och lagerhantering. Användandet av sociala medier har lett till spontana köp och köpsug, däremot används inte kanalerna kontinuerligt, detta på grund av personalbrist. Tátch använder digital teknik passivt, då företaget inte har den ekonomiska övertygelsen eller en tillräckligt genomarbetad digital strategi. Användandet av sociala medier har medfört ökad försäljning då det skapar intresse för konsumenten.

The impact of climate change produces variations in the production of goods and services, modifies consumption patterns ofbuyers, affects the strategies of private companies and influences the environmental policies of governments. In this context, the return expected by shareholders or partners cannot be achieved due to uncontrollable factors that often generate threats or opportunities for companies, according to which industry they operate. On the other hand, international trade is affected by climate change by increasing sanitary and phytosanitary requirements of governments, retail business associations and consumers. This situation leads to redefine business strategies and to the implementation of standards by international organisms,directly or indirectly related to climate change, seeking to adapt or mitigate its effects on life in the planet. / El impacto del cambio climático produce variaciones en la producción de bienes y servicios, modifica los patrones de consumo de los compradores, afecta las estrategias de los empresarios privados e influye en las políticas ambientales de los gobiernos. En este contexto, la rentabilidad esperada por los accionistas o socios puede no lograrse debido a factores incontrolables, que muchas veces generan amenazas u oportunidades para las empresas, según la industria en la que operen. Por otro lado, el comercio internacional es afectado por el cambio climático al aumentar las exigencias sanita- rias de parte de los gobiernos, las asociaciones de negocios retail y los consumidores. Esta situación conduce a redefinir estrategias de negocios y a la implementación de normas, por parte de organismos internacionales relacionados directa o indirectamente al cambio climático, en la búsqueda de adaptar o mitigar sus efectos sobre la vida en el planeta. / O impacto da mudança climática produz variações na produção de bens e serviços, modifica os padrões de consumo doscompradores, afeta as estratégias dos empresários privados e influencia as políticas ambientais dos governos. Neste contexto, a rentabilidades esperada pelos acionistas ou sócios não pode ser alcançada devido a fatores incontroláveis, que muitas vezes geram ameaças ou oportunidades para as empresas, de acordo com o setor em que atuam. Por outro lado, o comércio interna- cional é afetado pelas mudanças climáticas através do aumento dos requisitos de saúde dos governos, associações de empresas varejistas e consumidores. Isto leva a as organizações internacionais a redefinir estratégias de negócios e as normas, direta ou indiretamente relacionados às mudanças climáticas, procurando adaptar-se ou atenuar seus efeitos sobre a vida no planeta.

Made available in DSpace on 2016-03-15T19:26:51Z (GMT). No. of bitstreams: 1 Jony Lan.pdf: 515179 bytes, checksum: 9d1259905152a232aef78e9b64e49266 (MD5) Previous issue date: 2010-02-11 / Fundo Mackenzie de Pesquisa / This dissertation aims at understanding trade channel diversification as a possible source of competitive advantage for supermarket chains. Little research in the literature has been addressed for this theme in a specific sector, the supermarket chains. The main objective was to identify the driving forces in trade channel diversification of supermarket chains in Brazil, which can generate a source of competitive advantage, according to executives' perspective. The theoretical references approaches business strategy, strategic resources and competitive advantage of diversification of trade channels perspective. An exploratory and descriptive field research was conducted by using in-depth interviews with executives at two major supermarket chains which lead the ranking of sales in Brazilian Association of Supermarkets (ABRAS). Interviews were analyzed by observing the qualitative research with content analysis technique applied to interviewers' verbatim transcripts. Analysis was complemented by a secondary data based on the performance reports of both supermarket chains. Results demonstrated an alignment in the growth strategies of supermarket chains in relation to trade channel diversification. They aim the growth through organic expansion and acquisitions. The most characteristic elements mentioned by respondents about channel diversification inside business strategies of companies were: business diversification, trade operations in multi-channel and customer adequacy. Trade channel diversificaton can also constitute a strategic resource in which location, financial resources and trademark figure as the most stressed tangible and intangible assets. It was noticed that the search for a higher performance on the market, cost and price managing were the driving forces for commercial channel diversification. The most highlighted competitive advantages, resulting from trade channel diversification were the service to new and different customers and the trademark strengthening. As a conclusion, trade channel diversification can conceive a source of competitive advantage for supermarket chains. / Com esta dissertação, visa-se entender a diversificação de canais comerciais como uma fonte de vantagem competitiva para as redes de supermercados. Tema ainda pouco tratado na literatura dentro de um setor específico, o de redes de supermercados. O objetivo principal foi o de identificar os elementos mais determinantes na diversificação de canais comerciais das redes de supermercados no Brasil que podem gerar uma fonte de vantagem competitiva, segundo o ponto de vista dos executivos. Para isso o referencial teórico aborda as estratégias de negócios, os recursos estratégicos e a vantagem competitiva na perspectiva da diversificação de canais comerciais. Foi realizada uma pesquisa de campo exploratória e descritiva, utilizando entrevistas em profundidades com os executivos de duas das principais redes de supermercados que lideram o ranking em faturamento da Associação Brasileira de Supermercados. As entrevistas foram analisadas respeitando-se a natureza qualitativa da pesquisa com a técnica de análise de conteúdo aplicadas nas transcrições ipsis literis dos entrevistados. Complementou-se a análise com dados secundários baseados nos relatórios de desempenho das duas redes de supermercados. Os resultados demonstraram um alinhamento nas estratégias de crescimento das redes de supermercados em relação à diversificação de canais comerciais. Elas buscam o crescimento por meio da expansão orgânica e aquisições. Os elementos mais característicos evidenciados pelos entrevistados sobre a diversificação de canais dentro das estratégias de negócios da empresa foram: diversificação de negócios, atuação em multicanais e a adequação ao cliente. A diversificação de canais comerciais também pode-se constituir em recurso estratégico, no qual a localização, os recursos também pode-se constituir em recurso estartégico, no qual a localização, os recursos financeiros e a marca formam os ativos tangíveis e intangíveis mais ressaltados. Constatou-se que a busca por um desempenho superior no mercado, e a gestão de custo e preço foram os elementos mais determinantes para a diversificação de canais comerciais. Os tipos de vantagens competitivas mais evidenciadas resultantes da diversificação de canais comerciais foram o atendimento a novos e diferentes clientes, bem como o reforço da marca. Conclui-se que a diversificação de canais comerciais pode gerar fonte de vantagem competitiva para as redes de supermercados consideradas na pesquisa.

Submitted by Vinícius Molina (vinicius.lbm@gmail.com) on 2013-01-11T02:13:51Z No. of bitstreams: 1 Tese_Vinicius Molina_20130110_VF_PUBLICACAO.pdf: 1676647 bytes, checksum: decdd09b10a112867608c374dfb58e38 (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-01-11T12:58:54Z (GMT) No. of bitstreams: 1 Tese_Vinicius Molina_20130110_VF_PUBLICACAO.pdf: 1676647 bytes, checksum: decdd09b10a112867608c374dfb58e38 (MD5) / Made available in DSpace on 2013-01-11T13:08:04Z (GMT). No. of bitstreams: 1 Tese_Vinicius Molina_20130110_VF_PUBLICACAO.pdf: 1676647 bytes, checksum: decdd09b10a112867608c374dfb58e38 (MD5) Previous issue date: 2012-12-12 / This work is in the field of Business Strategy and deals with the subject of internationalization of companies, specifically in the field of internationalization of Private Bank in Brazil. The main purpose of this study was to identify what factors drives the internationalization of companies in the Private Banking industry in Brazil. The methodology used in this research was based on a qualitative approach and had an exploratory nature. A case study of the International Private Bank of Banco Itaú Unibanco SA. was developed. Accordingly to this, 7 semi-structured interviews were conducted with professionals who work or have worked in the Private Bank of the selected bank. The main findings in the research were: (i) the business of Private Banking has not yet been the subject of specific analysis by those interested in the internationalization of banks, (ii) it was also identified that the authors that have studied the internationalization of banks did not resort to the Offshore Financial Centers (OFC) to explain the internationalization of financial institutions, this research suggests that it is of fundamental importance to analyze the OFC in order to understand the internationalization of the Private Banking industry, (iii) the main factors influencing the internationalization in the case selected are: the need of providing international financial services for clients from both domestic and international markets, and the search for new markets to expand the customer base, (iv) differently from what was appointed by previous researches, the present study suggested that one possible reason for bank internationalization is to follow domestic client's investments and financial flows made offshore, more than to follow the internationalization of current domestic customers;(v) finally, it is also suggested that the competition of the companies in the Private Banking industry in Brazil is not just related or driven by the international presence of its competitors, but by the capacity of linking different resources from different countries in order to generate value and competitiveness through this international network. / Este trabalho situa-se no campo de Estratégia Empresarial e trata do tema de internacionalização de empresas, mais especificamente da internacionalização no ramo de Private Bank no Brasil. O objetivo desta pesquisa foi realizar um levantamento dos fatores que influenciam a internacionalização de empresas atuantes no ramo de Private Bank no Brasil. Utilizou-se uma metodologia com abordagem qualitativa de natureza exploratória. Foi realizado um estudo de caso do Private Bank Internacional do Banco Itaú Unibanco S.A.. Foram realizadas 7 entrevistas semiestruturadas com profissionais que atuaram ou atuam no Private Bank do banco selecionado. Os principais resultados encontrados na pesquisa foram: (i) o ramo de Private Bank ainda não foi alvo de análise específica pelos interessados na internacionalização de bancos; (ii) também foi identificado que os autores que estudaram a internacionalização de bancos não recorreram à análise dos Offshore Financial Centers (OFC) para explicar a internacionalização das instituições financeiras, a presente pesquisa propõe que é de fundamental importância a análise dos OFC para o entendimento da internacionalização no ramo de Private Bank; (iii) os principais fatores que influenciaram a internacionalização no caso selecionado são: a busca de fornecimento de serviços financeiros internacionais para os clientes domésticos ou internacionais e a busca de novos mercados para a ampliação da base de clientes; (iv) sugere-se que ao invés do que proposto em outras pesquisas, a internacionalização em bancos não se dá por conta dos bancos seguirem seus clientes fisicamente, mas sim seguirem os investimentos e fluxos financeiros dos clientes; (v) finalmente, sugere-se também que a competição das empresas de Private Bank atuantes no Brasil não se dá somente pela presença internacional, mas sim pela capacidade de interligar recursos diferenciados presentes em diversos países e conseguir gerar valor através dessa rede.

Information system (IS), in other words computerised programs and application that a company uses is a central part in its organisation. Information technology (IT) is the hardware and infrastructure that an IS uses. IS and IT is then related to each other and several use the term IS/IT to describe the two words. Several small enterprises (10-49 employees) use IS/IT to a higher extent in order to work efficiently and many firms should not work without IS/IT. Because small enterprises are a major part in the economy for western world countries’ they find it important that these enterprises are efficient. A business plan is essential in order to make an enterprise work efficient. A business plan is important if the company should borrow money from bank or administer money from financiers. A business plan normally contains the company’s vision statement, mission statement, goals, business strategy and action items. In this thesis we only focus on strategies because we want to limit our research and because we have an interest of strategies in general. The business strategy is a roadmap which includes information about how the enterprise could fulfil its business plan’s goals. It is therefore impor-tant that the business plan and the business strategy are linked to each other, for example will the strategy suffer if the goals are poorly stated. To have this relation it is impor-tant to have a strategy that is explicit, this type of strategy is made through a planning process which is documented. The other type is called implicit and is made through activities for the different divisions of the enterprise, which is not documented. To make the right decisions and investments for IS/IT it is essential to have an IS/IT strategy, which could be used for the company to reach IS/IT-goals and objectives. The main question for this thesis is: How does IS/IT strategy influence business strategy within small service enterprises in Sweden and what factors can improve IT strategy’s impact on business strategy in small Swedish service enterprises? The purpose is to investigate how IS/IT strategy influences and improves business strategy in small Swed-ish service enterprises. We also aim to study how IS/IT strategy is applied in small Swedish service enterprises. We did our empirical research on six small service enterprises in Jönköping. Three of the respondents had a documented explicit business strategy and none of them had an explicit IS/IT strategy. All the respondents said that they did not prioritise to keep the strategy updated and that the day-to-day issues were more important. The result is that we did not find any factors in IS/IT strategy that improved the business strategy in small Swedish service enterprises. The characteristics that the enterprises do not work with these issues and is seldom applied. The enterprises are more interested in day-today issues, our result differs therefore from the literature in this subject. / Informationssystemet (IS) det vill säga datoriserade program och applikationer som ett företag använder sig av är en central del i verksamheten. Informationsteknologi (IT) är hårdvaran och infrastrukturen som IS använder sig av. I och med detta är IS och IT starkt relaterade till varandra och flera brukar benämna detta med IS/IT. Flera småföre-tag (10-49 anställda) använder sig i allt större utsträckning av IS/IT i deras verksamheter och många skulle inte kunna fungera utan IS/IT. Hit hör även att småföretag är en be-tydande del flera länders ekonomi. För att ett företag ska kunna fungera effektivt bör det finnas en affärsplan som är elementär då företaget ska ta lån av bank eller förvalta pengar från finansiärer. I en affärsplan finns vanligen en vision, affärsidé, mål, strategi, nätverk, Produkt/tjänst inklusive prissättning, marknadsplan (kunder, marknad, konkur-renter, marknadsundersökning), budgetar och tid- och aktivitetsplan. I denna uppsats inriktar vi oss endast på strategier eftersom vi vill begränsa uppsatsen och vi har ett stort intresse för strategier. En strategi är ett tillvägagångssätt för att uppfylla företagens uppsätta mål. Det finns dock en relation mellan de olika delarna i affärsplanen och de är inte helt skilda från varandra, exempelvis så blir strategin med största sannolikhet bristande om målen är dåligt utformade. För att ha denna relation är det vikigt att ha en explicit strategi. Denna typ av strategi är framtagen genom en planeringsprocess som är dokumenterad medan en implicit är utvecklad genom händelser inom företaget som inte är dokumenterade. För att fatta de rätta besluten och planera investeringar för IS/IT korrekt är det grund-läggande med en IS/IT-strategi, som kan användas för att nå målen för IS/IT. Vår huvudfråga är: Hur kan IS/IT-strategi påverka affärsstrategi hos svenska små tjänsteföretag och hur kan denna relation förbättras? Syftet är att undersöka hur IS/IT-strategi kan påverka och förbättra affärsstrategi i små svenska tjänsteföretag. Vi ämnar också studera hur IS/IT-strategi används i små svenska tjänsteföretag. Vi gjorde vår empiriska undersökning på sex små tjänsteföretag i Jönköping. Tre av fö-retagen hade en explicit affärsstrategi och ingen hade en explicit IS/IT strategi. Resultat är att små tjänsteföretag till största delen använder sig av implicita affärs- och IS/IT-strategier. Vi hittade ingenting som tyder på att IS/IT-strategi påverkar affärsstrategi i små svenska tjänsteföretag. Företagen är istället mer intresserade av händelser som är mer dagsaktuella, vilket skiljer sig från litteraturen inom detta område.

The subject of my master thesis is creating a business plan. The theoretical part deals with the characteristics of business plan in its individual chapters. In each of these chapters I summarize and evaluate the theoretical methods that can be applied on the given area. The practical part deals with preparation of a business plan focused on cloud computing for small and medium-sized enterprises.

Diploma thesis deals with the influence of technologies on the music industry in terms of music distribution. In the first part the two major issues are discussed for deeper understanding of the topic. The change of perception and creation of music over certain period of time and the development of technologies related to music in historical context. Following chapters are mainly focused on current technologies, digitalization and the internet, and global turnovers which have had impact on distribution of music as a consequence of technological spread. In addition to this, the issue of legal aspects related to sharing and downloading music via internet is described. The strategies have been created and adopted by the music industry representatives as a response to the situation of increasing intensity of infringing copyright law by unauthorized sharing and decreasing number of physical media sales. The goal of these strategies has been aimed at support expansion of online music services and raising of public copyright awareness. The work analyses and assesses above mentioned strategies and estimates the possible future development of music industry. Assumptions are created on the basis of historical background and current situation. The partial objective is to evaluate whether the sales of physical media have future as a main source of income for music industry or not.

The aim of this thesis is to provide a comprehensive understanding of successful strategies in retail trade, overview of the Czech online grocery retail market and provide recommendations how to succeed in this market. This diploma thesis is intended to help established big grocery retailers, start-ups venturing into the online grocery retail and prospective investors into such start-ups understand the Czech online grocery market. First, we provide a summary of the major developments in the history of retail trade and e-commerce accompanied by several business strategy frameworks proposed by academics for achieving success in these two markets. Second, we define online grocery retail with its different business formats, analyse strategies used across the world and the biggest challenges of this business. Third, we provide an overview of the Czech grocery retail market, both store based and online based. Fourth, we present our findings from our customer survey and form our recommendations based on the findings of the whole thesis. The main contribution of this thesis is in providing an integrated understanding of the Czech online grocery retail market.

Made available in DSpace on 2015-04-08T15:34:54Z (GMT). No. of bitstreams: 1 B_Andrea Paiva.pdf: 453869 bytes, checksum: ac1632b2df117e5509b3cf3be9b84281 (MD5) Previous issue date: 2006-12-15 / The Information Technology (IT) has an important function in the communication and in competencies generation in the organizations, however, the simple use of the IT is not a competitive differential anymore, the differential is the way as the organizations use it. It is necessary to use it by strategic ways to generate value to the business. Another subject that is much discussed in academic researches, and each time more used by the companies, is the outsourcing of IT resources, more specifically, information systems outsourcing. As main objective, this study proposes to verify the influence that the outsourcing strategy of information systems has on the alignment between the business strategy and IT strategy. The research method used is the case study, being the data collection carried through the analysis of documents and interviews with directors of business and IT areas, based in the models of alignment between business and IT strategy and the theories related with the information systems outsourcing identified in literature. The Alfa Financial Conglomerate was chosen for the accomplishment of the field research, for filling the criteria of selection of organizations for this research, therefore it presents solid experience in IT outsourcing processes. The outsourcing experience is common to the entire financial conglomerate, due to the fact that the IT administration is common to all companies of the group. It is verified for the presented data, adherence to the models of Luftman (2000) and Reich and Benbasat (2000) and is concluded that the Alfa Financial Conglomerate presents high level of strategic alignment between business and IT, not being in its totality an optimized process, however, walking for such classification. Moreover, the influence that the outsourcing strategy of information systems exerts on the alignment is more strongly identified in the application of the model of Luftman (2000). As conclusion have been proposed bases for a model of alignment between business and IT strategy that complain the junction of the variants identified by Luftman (2000) and Reich and Benbasat (2000) for such use, giving emphasis to the ones that makes possible to identify the influence of the information systems outsourcing in the alignment. As theoretical contribution, it is believed that the realized research has allowed not only the test of the models, but also qualitative advances that can support new proposals and research of bigger amplitude and refinement with the inclusion of a new variable: the information systems outsourcing. In terms of practical contributions, is expected that this research has collaborated validating and stimulating the use of a tool for the taking of decisions regarding the information systems outsourcing, in such way that this decision does not harm and, been preferentially used in benefit of the alignment between the business and IT strategy. / A Tecnologia de Informação (TI) tem papel importante na comunicação e na geração de competências nas organizações, porém, o simples uso da tecnologia de informação não é mais um diferencial competitivo, o diferencial fica por conta do modo como as organizações a empregam. É preciso usá-la de forma estratégica para gerar valor ao negócio. Outro tema bastante abordado nas pesquisas acadêmicas, e cada vez mais utilizado pelas empresas, é a terceirização de recursos de TI, mas especificamente os sistemas de informação. Como principal objetivo, este estudo se propôs a verificar a influência que a estratégia de terceirização de sistemas de informação tem sobre o alinhamento entre estratégia de negócios e de TI. O método de pesquisa utilizado é o estudo de caso, sendo a coleta de dados realizada por meio de análise de documentos e entrevistas com diretores das áreas de negócio e TI baseadas nos modelos de alinhamento entre estratégia de negócios e de TI e teorias relacionadas com a terceirização de sistemas de informação identificados na literatura. O Conglomerado Financeiro Alfa foi escolhido para a realização da pesquisa de campo, por preencher os critérios de seleção de organizações para esta pesquisa, pois apresenta sólida experiência com processos de terceirização de TI. A experiência de terceirização é comum a todo o conglomerado financeiro, pois a administração de TI é comum a todas as empresas do grupo. Verifica-se pelos dados apresentados, aderência aos modelos de Luftman (2000) e Reich e Benbasat (2000) e conclui-se que o Conglomerado Financeiro Alfa apresenta alto nível de alinhamento estratégico entre negócios e TI não sendo ainda em sua totalidade um processo otimizado, porém, caminhando para tal classificação. Além disso, a influência que a estratégia de terceirização de sistemas de informação exerce sobre o alinhamento é identificada mais fortemente na aplicação do modelo de Luftman (2000). Como conclusão foram propostas bases para um modelo de alinhamento entre estratégia de negócios e TI que contemplam a junção das variáveis identificadas por Luftman (2000) e Reich e Benbasat (2000) para tal fim, destacando as que possibilitam identificar a influência da terceirização de sistemas de informação no alinhamento. Como contribuição teórica, acredita-se que a pesquisa realizada permitiu não somente o teste dos modelos como também avanços qualitativos que se prestam a alicerçar novas proposições e pesquisas de maior amplitude e refinamento com a inclusão de uma nova variável: a terceirização de sistemas de informação. Em termos de contribuições práticas, espera-se que esta pesquisa tenha colaborado validando e estimulando o uso de uma ferramenta para a tomada de decisões a respeito da terceirização de sistemas de informação de forma que tal decisão não prejudique e, preferencialmente seja usada em favor do alinhamento entre estratégia de negócios e de TI.

The goal of this thesis “Futures trading of commodities as a retail trader” is creation of investment suggestion, based on analysis of possibilities, markets and factors influencing the price. In the first part are defined basic terms and information for better orientation on the futures commodity market. In the next part are analysis of the major commodity markets, groups of commodities and detailed analysis of interest commodities – gold and silver. The last third part of the thesis engage in creation of strategy for trading of commodity futures on gold and silver, which is the basic element for the final investment suggestion.