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1、莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄
2、膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿
3、蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃
4、羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇
5、肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁
6、莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈
7、膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅
8、莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇
9、艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈
10、肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆
11、莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀
12、膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇
13、荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆薈肂膈蚈螁羅蒆蚇袃膀莂蚆羅羃羋蚅蚅膈膄節(jié)螇羈肀莁衿膇荿莀蕿羀芅荿蟻膅芁莈襖肈膇莈羆袁蒆莇蚆肆莂莆螈衿羋蒞袀肄膄蒄薀袇肀蒃螞肅莈蒃螅袆莄蒂羇膁
14、芀蒁蚇羄膆蒀蝿腿肂葿袁羂莁蒈薁膈芇薇蚃羀膃薇螅膆聿薆羈罿蕆薅蚇螁莃薄螀肇艿薃袂袀膅薂薂肅肁薁蚄袈莀蟻螆肄芆蝕衿袆膂蠆螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿
15、肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅
16、莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇
17、腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁
18、蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋
19、芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃
20、肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇
21、荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁
22、膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅
23、莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀
24、芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖
25、葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁
26、芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀芃蚆裊袃腿蚆薅聿肅蚅蚇袁蒃蚄袀肇荿蚃羂羀芅螞螞膅膁蟻螄羈蒀蝕袆膃莆螀羈羆節(jié)蝿蚈膂膈蒞螀羅肄莄羃膀蒂莃螞肅莈莃螅羋芄莂袇肁膀莁罿襖葿蒀蠆聿蒞葿螁袂芁蒈襖肈膇蒈蚃袀膃蕆螆膆蒁蒆袈罿莇蒅羀膄芃蒄蝕羇腿薃螂膃肅薂襖羅莄薂薄膁芀薁螆羄芆薀衿艿膂蕿羈肂蒁薈蟻裊莇薇螃肀 Zara: Cool Clothes Now,
27、 Not LaterAsk any urban European female under the age of 30 and chances are she has shopped at Zara, the clothier whose inexpensive but stylish offerings have attracted a cult following. Zara also sells mens fashions, again aimed at the stylish and youthful.Mathieu Soto, a college tennis player from
28、 France with dark eyes and devastating good looks, was asked to compare Zara to The Gap, the U.S. - based clothing giant with a major presence in Europe. His response: “I dont know. Ive never shopped at The Gap.”Most U.S. young adults have never shopped at Zara, but that seems likely to change in th
29、e near future. In the past five years Zara has grown from 179 stores mostly in Spain to 450 stores in 29 countries including the United States and Canada. Zara now has stores in New York, New Jersey, Miami, and Torontowith more on the way.While Zara is unlikely to displace The Gap in the U.S. market
30、, they are certain to offer U.S. consumers an option previously unavailable to them. They have a sound if unusual marketing strategy in which logistics plays an important role. Logistics also plays an important role in Zaras growth plans, notably its expansion into the U.S. market.Zaras Marketing St
31、rategyZaras marketing strategy focuses on product variety, speed-to-market, and store location. It is also notable for what it excludes. Zara does not advertise in the traditional sense. If you want to find out whats currently available at the Zara stores you have two options: go to the web site or
32、go to the store. Zara puts 10,000 different items on the store shelves in a single year. It can take a new style from concept to store shelf in 10-14 days in an industry where nine months is the norm. In its primary European markets, Zara locates its stores close together. Visitors comment that Zara
33、 in Madrid is like Starbucks in a major U.S. cityyou see another store on every street corner.Zaras Toronto store is located just north of the center of downtown in a major shopping district dense with malls and lined with stand-alone stores and giant office buildings. The potential for intense comp
34、etition is clear.“These office buildings are full of the people we want as customers. We want them to stop in at lunch or after work. We want to see them often, so we have to change what we have on the shelves,” said Zaras Toronto store manager. “They could shop in a lot of other stores, so we have
35、to make it worth their time to come here.”This also helps explain why the company does not advertise. If a Zara customer wants to know what Zara has, he or she must go to the store. The stock changes often, with most items staying on the shelf for only a month, so the customer often finds something
36、new and appealing. By the same token, if the customer finds nothing to buy this visit, the stores regular customers know that tomorrow or next weeksometime soonnew goods will be on Zaras shelves. That makes it worth another visit.Zara relies heavily on store employees for market information. If a cu
37、stomer looks at a sweater and comments, “That would look really nice with a cowl collar,” an employee can relay that information to Spain where managers decide whether or not to produce the suggested item. If they decide to make it, they can put it on the shelf in Toronto in two weeks or less, partl
38、y because they ship by air. Ocean shipping would add at least another ten days to the time it takes to get the product in front of the customer, undermining the speed-to-market and product variety strategy.The Role of LogisticsPutting the variety of goods on the shelves in Toronto and other North Am
39、erican stores requires an unusual, though not unique, logistics strategy for the fashion industry. Zara air expresses goods from its single distribution center in Spain, usually in small quantities. In the 1970s, The Limited used a similar strategy to support its test marketing, air expressing small
40、 quantities of new styles from Asia to U.S. stores. In Zaras strategy, however, the speedy shipments are part of the core strategy, not just test marketing. Zara also ships frequently, allowing lower inventories while serving its multinational market from a single distribution center in Spain.“We re
41、ceive shipments on Tuesday and Saturday, which means that we have different items in the store at least twice a week. While each shipment replenishes items that sell well, each also includes new items. Thats why our customers come in often,” the Toronto store manager said. “We might get ten of one i
42、tem and five of another. Were constantly testing.”The density of Zaras store locations in Europe helps achieve logistics efficiencies. They can fill trucks for frequent shipment in markets close to production and ship larger quantities by air to more distant stores. Zara keeps transportation costs l
43、ow on the supply side, since most of the production takes place in Spain. This contrasts radically to most large fashion manufacturers, which rely on low cost manufacturing in Asia and South America, but then pay higher inventory costs and move goods to market more slowly.The air express strategy al
44、so allows Zara to maintain a multinational market presence with only one distribution center. They trade higher transportation costs for lower warehousing and inventory costs. Add to this the idea that fast transportation supports the product-innovation strategy that is the heart of Zaras marketing,
45、 and the importance of logistics in Zaras marketing strategy is clear.The Results and the FutureZaras parent company, Inditex, reached $2.7 billion in 2001 revenue. This made it the fastest growing clothing manufacturer in the world. Zara, Inditexs fastest growing division, turns its inventory twice
46、 as fast as major competitors, with an inventory-to-sales of 7% compared to an industry average of 14%. Their profitability in European operations (15%) is fifty percent higher than that of its major competitors. Zara manufactures 80% of its clothing in Europe, with most of the remaining 20% is sour
47、ced in Mexico.While top managers are understandably closed-mouthed about their plans, Zara seems ideally positioned to penetrate the U.S. market in a major way. With some manufacturing already in Mexico, they could easily open a second distribution center aimed directly at the U.S. market. This woul
48、d make their youth-oriented styles widely available in the worlds most lucrative market.Question Zaras Business Model and Competitive AnalysisZara, the most profitable brand of Inditex SA, the Spanish clothing retail group, opened its first store in 1975 in La Coruña, Spain; a city which eventu
49、ally became the central headquarters for Zaras global operations. Since then they have expanded operations into 45 countries with 531 stores located in the most important shopping districts of more than 400 cities in Europe, the Americas, Asia and Africa. Throughout this expansion Zara has remained
50、focused on its core fashion philosophy that creativity and quality design together with a rapid response to market demands will yield profitable results. In order to realized these results Zara developed a business model that incorporated the following three goals for operations: develop a system th
51、e requires short lead times, decrease quantities produced to decrease inventory risk, and increase the number of available styles and/or choice. These goals helped to formulate a unique value proposition: to combine moderate prices with the ability to offer new clothing styles faster than its compet
52、itors. These three goals helped to shape Zaras current business model. Zaras Business ModelZaras business model can be broken down into three basic components: concept, capabilities, and value drivers. Zaras fundamental concept is to maintain design, production, and distribution processes that will
53、enable Zara to respond quickly to shifts in consumer demands. José María Castellano, CEO of Inditex stated that "the fashion world is in constant flux and is driven not by supply but by customer demand. We need to give consumers what they want, and if I go to South America or Asia to
54、make clothes, I simply can't move fast enough." This highlights the importance of this quick response time to Zaras operations.Capabilities of Zara, or the required resources needed to exploit the opportunities and execute this conceptual strategy, are numerous for Zara. Zara maintains tigh
55、t control over their production processes keeping design and manufacturing in-house or with some strategic partnerships located nearby Headquarters. Currently, Zara maintains 80% of its production processes in Europe, 50% in Spain which is very close to La Coruña headquarters. They have strateg
56、ic agreements with local manufacturers that ensure timely delivery and service. Through these strategic partnerships and the benefits brought by this proximity of manufacturing and operational processes, Zara maintains the flexibility necessary to design and produce over 12000 new items annually. Th
57、is capability allows Zara to achieve their strategy of expedited response to consumer demand. Value drivers for Zara are both tangible and intangible in the benefits that are returned to all stakeholders. Tangibly, Inditex, the parent company of Zara, has 11.02% net margin on operations and their ma
58、rket capitalization (Equity market value) is 13, 981 (in thousands) in 2002. Their net working capital (current assets current liabilities) is 133 (in thousands) . Additionally, the success of Zara can be demonstrated through their outstanding financial performance. From 1996 to 2000, Inditex SA tri
59、pled their corporate profits and in 2001, a year of overall economic downturn in the retail industry, Inditex SA saw a 31% increase in profits. Intangibly, customer loyalty and brand recognition have provided significant value to Zara. The number of consumers they attract continues to rise and their brand is synonymous with the cutting edge of fashion at affordable prices. The successful implementation of Zaras business model provides great value to stakeholders and differentiates their business from their peers. Competitive Advanta
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