The 2005 British Virgin Islands Economic and Product Market Databook
Published By: Icon Group International, Inc.
February 2005
H307-0030
Online Download $95.00
Global Site License $142.50
Description
Market Potential Estimation Methodology
Overview
This study covers the outlook products in British Virgin Islands. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the British Virgin Islands (in millions of U.S. dollars). Comparative benchmarks allow the reader to quickly gauge British Virgin Islands vis-à-vis regional and global totals. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.
This study does not report actual sales data, but gives, however, my estimates for the latent demand for products and services in British Virgin Islands. For each category, I also show my estimates of how the P.I.E. grows over time (positive or negative growth). In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business.
What is Latent Demand and the P.I.E.?
The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability).
The latent demand is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e. not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a country market. It should be noted that the estimates are “culture blind” and “climate blind”, meaning that sales may in fact be lower than the latent demand due to cultural or exogenous factors, such as religion or climate (e.g. the presence of certain religions can effect the actual sales of certain food and beverage products, in the same way that climatic conditions can affect the actual sales of clothing and/or heating products). The estimates of latent demand do not explicitly control for either these long-run exogenous factors or shot-run exogenous factors that may be present from year to year (e.g. the effects of war, SARS, terrorist activities, civil wars, natural disasters, elections, or similar events).
For reasons discussed later, this report does not consider the notion of “unit quantities”, only total latent revenues (i.e. a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for inflation (i.e. the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates (i.e. the figures reflect average exchange rates over recent history). If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand.
As mentioned earlier, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e. at a brand-, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e. via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand.
The Methodology
In order to estimate the latent demand for British Virgin Islands, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium in realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e. business cycles), and or changes in utility for the product in question.
Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant.
Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences).
Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for British Virgin Islands. Since ICON Group has asked me to apply this methodology to a large number of categories and countries, the rather academic discussion below is general and can be applied to a wide variety of categories and countries, not just British Virgin Islands.
Step 1. Product Definition and Data Collection
Any study of latent demand across countries and within British Virgin Islands requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries are more likely to be at or near efficiency than others. These countries are given greater weight than others in the estimation of latent demand compared to other countries for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e. China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets).
The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany.
Latent demand for British Virgin Islands is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of a category is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within a category falls under the broadest definition of the category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all countries and the world at large (without needing to know the specific parts that went into the whole in the first place). All figures in this report are for sales resulting from retail channels.
Step 2. Filtering and Smoothing
Based on the aggregate view of categories as defined above, data were then collected for as many similar countries as possible for that same definition, at the same level of the value chain. This generates a convenience sample of countries from which comparable figures are available. If the series in question do not reflect the same accounting period, then adjustments are made. In order to eliminate short-term effects of business cycles, the series are smoothed using an 2 year moving average weighting scheme (longer weighting schemes do not substantially change the results). If data are available for a country, but these reflect short-run aberrations due to exogenous shocks (such as would be the case of beef sales in a country stricken with foot and mouth disease), these observations were dropped or "filtered" from the analysis.
Step 3. Filling in Missing Values
In some cases, data are available for countries on a sporadic basis. In other cases, data from a country may be available for only one year. From a Bayesian perspective, these observations should be given greatest weight in estimating missing years. Assuming that other factors are held constant, the missing years are extrapolated using changes and growth in aggregate national income. Based on the overriding philosophy of a long-run consumption function (defined earlier), countries which have missing data for any given year, are estimated based on historical dynamics of aggregate income for that country.
Step 4. Varying Parameter, Non-linear Estimation
Given the data available from the first three steps, the latent demand in additional countries is estimated using a “varying-parameter cross-sectionally pooled time series model”. Simply stated, the effect of income on latent demand is assumed to be constant across countries unless there is empirical evidence to suggest that this effect varies (i.e. . the slope of the income effect is not necessarily same for all countries). This assumption applies across countries along the aggregate consumption function, but also over time (i.e. not all countries are perceived to have the same income growth prospects over time and this effect can vary from country to country as well). Another way of looking at this is to say that latent demand is more likely to be similar across countries that have similar characteristics in terms of economic development (i.e. African countries will have similar latent demand structures controlling for the income variation across the pool of African countries).
This approach is useful across countries for which some notion of non-linearity exists in the aggregate cross-country consumption function. For some categories, however, the reader must realize that the numbers will reflect the contribution of British Virgin Islands to global latent demand and may never be realized in the form of local sales. For certain country-category combinations this will result in what at first glance will be odd results. For example, the latent demand for the category “space vehicles” will exist for “Togo” even though they have no space program. The assumption is that if the economies in these countries did not exist, the world aggregate for these categories would be lower. The share attributed to these countries is based on a proportion of their income (however small) being used to consume the category in question (i.e. perhaps via resellers).
Step 5. Fixed-Parameter Linear Estimation
Nonlinearities are assumed in cases where filtered data exist along the aggregate consumption function. Because the world consists of more than 200 countries, there will always be those countries, especially toward the bottom of the consumption function, where non-linear estimation is simply not possible. For these countries, equilibrium latent demand is assumed to be perfectly parametric and not a function of wealth (i.e. a country’s stock of income), but a function of current income (a country’s flow of income). In the long run, if a country has no current income, the latent demand is assumed to approach zero. The assumption is that wealth stocks fall rapidly to zero if flow income falls to zero (i.e. countries which earn low levels of income will not use their savings, in the long run, to demand). In a graphical sense, for low income countries, latent demand approaches zero in a parametric linear fashion with a zero-zero intercept. In this stage of the estimation procedure, low-income countries are assumed to have a latent demand proportional to their income, based on the country closest to it on the aggregate consumption function.
Step 6. Aggregation and Benchmarking
Based on the models described above, latent demand figures are estimated for all countries of the world, for British Virgin Islands and for the smallest economies. These are then aggregated to get world totals and regional totals. To make the numbers more meaningful, regional and global demand figures are presented. Figures are rounded, so minor inconsistencies may exist across tables.
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Table of Contents
1 INTRODUCTION & METHODOLOGY 19
1.1 Overview & Methodology 19
1.2 Market Potential Estimation Methodology 19
1.2.1 Overview 19
1.2.2 What is Latent Demand and the P.I.E.? 20
1.2.3 The Methodology 20
1.2.3.1 Step 1. Product Definition and Data Collection 22
1.2.3.2 Step 2. Filtering and Smoothing 22
1.2.3.3 Step 3. Filling in Missing Values 23
1.2.3.4 Step 4. Varying Parameter, Non-linear Estimation 23
1.2.3.5 Step 5. Fixed-Parameter Linear Estimation 23
1.2.3.6 Step 6. Aggregation and Benchmarking 24
2 SUMMARY RANKINGS 25
3 2-IN-1 HAIR CARE PRODUCTS 38
4 ACTIVITIES RELATED TO CREDIT INTERMEDIATION 38
5 ADULT INCONTINENCE PRODUCTS 39
6 ADVERTISING AGENCIES 39
7 ADVERTISING MATERIAL DISTRIBUTION SERVICES 40
8 AFTER-SUN MOISTURIZERS AND TAN-EXTENDER CREAMS 40
9 AGENCIES, BROKERAGES, AND OTHER INSURANCE-RELATED ACTIVITIES 41
10 AIR FRESHENERS 41
11 ALBUMS AND EPS 42
12 ALCOHOLIC BEVERAGES 42
13 ALCOHOLIC CIDER AND PERRY 43
14 ALCOHOLIC SPIRITS 43
15 ALL-IN-ONE COMPUTER PERIPHERALS 44
16 ANALGESICS 44
17 ANALOG COLOR TELEVISIONS 45
18 ANTIPERSPIRANTS AND DEODORANTS 45
19 ARCHITECTURAL SERVICES 46
20 ART DEALERS 46
21 AUTOMATIC DISHWASHER DETERGENTS 47
22 AUTOMOBILE AND LIGHT DUTY MOTOR VEHICLE MANUFACTURING 47
23 AUTOMOBILE MANUFACTURING 48
24 AUTOMOTIVE BODY, PAINT, INTERIOR, AND GLASS REPAIR 48
25 AUTOMOTIVE DIESEL FUEL 49
26 AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE 49
27 AUTOMOTIVE PARTS AND ACCESSORIES DEALERS 50
28 AUTOMOTIVE PRODUCTS 50
29 AUTOMOTIVE REPAIR AND MAINTENANCE SERVICES 51
30 BABY DIAPERS 51
31 BABY FORMULA 52
32 BAKED GOODS 52
33 BAKERIES 53
34 BAKERY PRODUCTS 53
35 BAR SOAP 54
36 BATH AND SKIN CARE PRODUCTS FOR BABIES AND CHILDREN 54
37 BATH ENHANCERS 55
38 BEER 55
39 BICYCLES 56
40 BLANK AUDIO CASSETTES 56
41 BLANK VIDEO CASSETTES 57
42 BODY CARE PRODUCTS 57
43 BODY WASH AND SHOWER GELS 58
44 BOOK, PERIODICAL, AND MUSIC STORES 58
45 BOOKS 59
46 BOOKSTORES AND STATIONERY STORES 59
47 BOTTLED WATER 60
48 BREAD 60
49 BREAKFAST BAKERY GOODS 61
50 BREAKFAST CEREALS 61
51 BREATH FRESHENING SPRAYS 62
52 BUILDING INSPECTION SERVICES 62
53 BUSINESS SERVICE CENTERS 63
54 BUSINESS SUPPORT SERVICES 63
55 BUTCHER SHOPS 64
56 BUTTER 64
57 CAKES 65
58 CAMCORDERS 65
59 CAMERA AND PHOTOGRAPHIC SUPPLIES STORES 66
60 CAMERAS 66
61 CAMERAS AND FILM 67
62 CANDY 67
63 CANNED BEANS 68
64 CANNED FISH AND SEAFOOD 68
65 CANNED FOOD 69
66 CANNED FRUIT 69
67 CANNED MEAT, MEAT PRODUCTS, AND POULTRY 70
68 CANNED PASTA 70
69 CANNED READY MEALS 71
70 CANNED SOUP 71
71 CANNED TOMATOES 72
72 CANNED VEGETABLES 72
73 CAR AFTERMARKET PRODUCTS 73
74 CARBONATED SOFT DRINKS 73
75 CARPENTRY AND FLOOR CONTRACTORS 74
76 CARPET AND UPHOLSTERY CLEANING SERVICES 74
77 CARPET CLEANING PRODUCTS 75
78 CATALOG AND MAIL ORDER RETAIL SALES 75
79 CELLULAR TELEPHONES 76
80 CEMETERIES AND CREMATORIES 76
81 CERAMIC HOUSEWARES 77
82 CHEESE 77
83 CHEWING AND BUBBLE GUM 78
84 CHILDREN'S AND INFANTS' CLOTHING STORES 78
85 CHILLED FISH AND SEAFOOD PRODUCTS 79
86 CHILLED FOOD 79
87 CHILLED PASTA 80
88 CHILLED READY MEALS 80
89 CHILLED SOUP 81
90 CHILLED, PROCESSED MEATS AND MEAT SUBSTITUTES 81
91 CHINA AND PORCELAIN 82
92 CHLORINE BLEACH CLEANING PRODUCTS 82
93 CHOCOLATE CANDY 83
94 CIGARETTES 83
95 CIGARS 84
96 CITRUS FRUIT 84
97 CLOTHES PRESSING IRONS 85
98 CLOTHING 85
99 CLOTHING ACCESSORIES 86
100 CLOTHING ACCESSORIES STORES 86
101 CLOTHING AND FOOTWEAR 87
102 COFFEE 87
103 COIN-OPERATED LAUNDRIES AND DRY CLEANERS 88
104 COLLECTION AGENCIES 88
105 COLOR TELEVISIONS 89
106 COMPUTER AND ELECTRONICS RETAILERS 89
107 COMPUTER PERIPHERALS 90
108 CONCRETE CONTRACTORS 90
109 CONTACT LENS CLEANSING SOLUTIONS 91
110 CONTACT LENSES 91
111 CONTACT LENSES AND CONTACT LENS CLEANSING SOLUTIONS 92
112 CONVENIENCE STORES 92
113 CONVERTING PAPERBOARD INTO CONTAINERS WITHOUT MANUFACTURING PAPERBOARD 93
114 COOKIES AND CRACKERS 93
115 COPPER, NICKEL, LEAD, AND ZINC MINING 94
116 COSMETICS AND TOILETRIES 94
117 COSMETICS FOR EYES 95
118 COSMETICS, BEAUTY SUPPLIES, AND PERFUME STORES 95
119 COSTUME JEWELRY 96
120 COTTON BALLS AND PADS 96
121 COUGH, COLD, AND ALLERGY REMEDIES 97
122 CREDIT BUREAUS 97
123 CUTLERY AND SERVING UTENSILS 98
124 DAIRY AND SOY PRODUCTS 98
125 DAIRY CREAM 99
126 DAIRY-BASED AND SOY-BASED DESSERTS 99
127 DEHYDRATED DESSERT MIXES 100
128 DEHYDRATED SOUP 100
129 DENTAL FLOSS 101
130 DENTURE FIXATIVES AND CLEANSERS 101
131 DEPARTMENT STORES 102
132 DEPOSITORY CREDIT INTERMEDIATION 102
133 DESIGNER BATH AND SHOWER PRODUCTS 103
134 DESKTOP PERSONAL COMPUTERS 103
135 DETERGENTS 104
136 DIAPER SERVICE 104
137 DIGESTION AIDS 105
138 DIGITAL CAMERAS 105
139 DIGITAL COLOR TELEVISIONS 106
140 DIRECT MAIL ADVERTISING 106
141 DIRECT SELLING ESTABLISHMENTS 107
142 DISCOUNT STORES 107
143 DISCOUNT SUPERSTORES 108
144 DISHWASHER ADDITIVES 108
145 DISHWASHERS 109
146 DISHWASHING LIQUID AND SCOURING AIDS 109
147 DISHWASHING PRODUCTS 110
148 DOG FOOD AND CAT FOOD 110
149 DRAFTING SERVICES 111
150 DRIED FOOD 111
151 DRIED PASTA 112
152 DRIED READY MEALS 112
153 DRIED, SALTED, AND SMOKED FISH 113
154 DRINK CONCENTRATES 113
155 DRUG STORES AND PHARMACIES 114
156 DRY CLEANING AND LAUNDRY SERVICES EXCLUDING COIN-OPERATED SERVICES 114
157 DVD PLAYERS 115
158 ELECTRIC BULK POWER TRANSMISSION AND CONTROL 115
159 ELECTRIC POWER GENERATION 116
160 ELECTRICAL CONTRACTORS 116
161 ELECTRONIC AND PRECISION EQUIPMENT REPAIR AND MAINTENANCE 117
162 ENGINEERING SERVICES 117
163 ENVIRONMENTAL CONSULTING SERVICES 118
164 ETHNIC HAIR CARE PRODUCTS 118
165 EXERCISE EQUIPMENT AND PERSONAL CARE APPLIANCES 119
166 EXTERMINATING AND PEST CONTROL SERVICES 119
167 FABRIC SOFTENERS 120
168 FACIAL CLEANSERS AND MOISTURIZERS 120
169 FACIAL COSMETICS 121
170 FAMILY CLOTHING STORES 121
171 FEMININE SANITARY PROTECTION 122
172 FILM CAMERAS 122
173 FISH AND SHELLFISH 123
174 FISH MARKETS 123
175 FIXED-LINE TELEPHONE EQUIPMENT 124
176 FLAVORED ALCOHOLIC BEVERAGES 124
177 FLOOR COVERING RETAILERS 125
178 FLOOR COVERINGS 125
179 FLOOR POLISH 126
180 FOOD PROCESSORS AND PREPARATION APPLIANCES 126
181 FOOD SPECIALTY RETAILERS 127
182 FOOTWEAR 127
183 FOOTWEAR AND LEATHER GOODS REPAIR 128
184 FOSSIL FUEL POWERED ELECTRIC POWER GENERATION 128
185 FRAGRANCES 129
186 FRESH BEEF AND VEAL 129
187 FRESH EGGS 130
188 FRESH FRUIT 130
189 FRESH LAMB, MUTTON, AND GOAT MEAT 131
190 FRESH PORK 131
191 FRESH POTATOES 132
192 FRESH POULTRY 132
193 FRESH PRODUCE 133
194 FRESH TOMATOES 133
195 FRESH VEGETABLES 134
196 FRESH, CHILLED, AND FROZEN FISH 134
197 FROZEN BAKERY GOODS 135
198 FROZEN DESSERTS 135
199 FROZEN FOODS 136
200 FROZEN POTATOES 136
201 FROZEN READY MEALS 137
202 FROZEN, PROCESSED FISH AND SEAFOOD 137
203 FRUIT AND VEGETABLE JUICES 138
204 FRUIT JAMS, JELLIES, AND PRESERVES 138
205 FUNERAL HOMES AND FUNERAL SERVICES 139
206 FURNITURE 139
207 FURNITURE AND HOME FURNISHINGS RETAILERS 140
208 FURNITURE POLISH 140
209 GARDENING SUPPLIES, OUTDOOR FURNITURE, AND PLANTS 141
210 GASOLINE 141
211 GASOLINE STATIONS WITH CONVENIENCE STORES 142
212 GENERAL FREIGHT TRUCKING 142
213 GEOPHYSICAL SURVEYING AND MAPPING SERVICES 143
214 GIFT, NOVELTY, AND SOUVENIR STORES 143
215 GLASSWARE AND CRYSTALWARE 144
216 GOLD ORE AND SILVER ORE MINING 144
217 GRANOLA BARS AND BREAKFAST CEREAL BARS 145
218 GRAPHIC DESIGN SERVICES 145
219 GREEN VEGETABLES 146
220 GROCERY DISCOUNTERS 146
221 HAIR CARE APPLIANCES 147
222 HAIR CONDITIONERS 147
223 HAIR STYLING PRODUCTS 148
224 HAIR TINTING AND COLORING PRODUCTS 148
225 HAIR, NAIL, AND SKIN CARE SERVICES 149
226 HAND LOTION 149
227 HANDHELD COMPUTERS AND PDAS 150
228 HARDWARE STORES 150
229 HEATING AND COOLING APPLIANCES 151
230 HEAVY-DUTY TRUCK MANUFACTURING 151
231 HIGHWAY, STREET, BRIDGE, AND TUNNEL CONSTRUCTION 152
232 HOBBY, TOY, AND GAME STORES 152
233 HOME CENTERS 153
234 HOME IMPROVEMENT RETAILERS 153
235 HOME LAUNDRY APPLIANCES 154
236 HOME PERMANENTS AND RELAXERS FOR HAIR 154
237 HOME SATELLITE SYSTEMS 155
238 HONEY 155
239 HOT DRINKS 156
240 HOUSEHOLD AUDIO 156
241 HOUSEHOLD AUDIO SEPARATES 157
242 HOUSEHOLD CLEANING SUPPLIES 157
243 HOUSEHOLD STEREO SYSTEMS 158
244 HOUSEHOLD TEXTILES AND SOFT FURNISHINGS 158
245 ICE CREAM 159
246 IN-CAR ENTERTAINMENT AFTERMARKET 159
247 INDEPENDENT GROCERS 160
248 INDUSTRIAL DESIGN SERVICES 160
249 INSECTICIDES 161
250 INSTANT NOODLES 161
251 INSTANT SOUP 162
252 INSURANCE AGENCIES AND BROKERAGES 162
253 INSURANCE CARRIERS 163
254 INTERIOR DESIGN SERVICES 163
255 INVESTIGATION, GUARD, AND ARMORED CAR SERVICES 164
256 IRON ORE MINING 164
257 JANITORIAL SERVICES 165
258 JEWELRY 165
259 JEWELRY STORES 166
260 JEWELRY, LUGGAGE, AND LEATHER GOODS STORES 166
261 KITCHEN APPLIANCES 167
262 KNITWEAR 167
263 LAND SUBDIVISION AND LAND DEVELOPMENT 168
264 LARGE HOUSEHOLD APPLIANCES 168
265 LAUNDRY AND CARPET CLEANING PRODUCTS 169
266 LAUNDRY BOOSTERS AND ANCILLARIES 169
267 LAUNDRY DETERGENTS 170
268 LAWN AND GARDEN EQUIPMENT AND SUPPLIES STORES 170
269 LAWNMOWERS 171
270 LEGAL SERVICES EXCLUDING LAWYERS AND ATTORNEYS 171
271 LEGUMES 172
272 LIGHT TRUCK AND UTILITY VEHICLE MANUFACTURING 172
273 LINEN AND UNIFORM SUPPLY 173
274 LIP AND MULTIUSE COLOR COSMETICS 173
275 LIQUID HAND SOAP 174
276 LIQUOR STORES, PERFUMERIES, AND OTHER NON-FOOD RETAILERS 174
277 LOOSE SMOKING TOBACCO 175
278 LP VINYL RECORD ALBUMS 175
279 LUGGAGE AND PERSONAL CARRYING CASES 176
280 MAGAZINES 176
281 MANAGEMENT CONSULTING SERVICES 177
282 MANUFACTURED MOBILE HOME DEALERS 177
283 MANUFACTURING INORGANIC DYES AND PIGMENTS 178
284 MANUFACTURING PAPER BAGS AND COATED OR LAMINATED PAPER 178
285 MANUFACTURING PHARMACEUTICAL PREPARATIONS 179
286 MANUFACTURING VEHICULAR LIGHTING FIXTURES 179
287 MARGARINE 180
288 MARKETING RESEARCH AND PUBLIC OPINION POLLING 180
289 MASONRY, DRYWALL, INSULATION, AND TILE CONTRACTORS 181
290 MEAL REPLACEMENT PRODUCTS 181
291 MEAT AND POULTRY 182
292 MEAT MARKETS AND DELICATESSENS 182
293 MEDIA BUYING AGENCIES 183
294 MEDIA SALES REPRESENTATIVES 183
295 MEDICATED SKIN CARE 184
296 MEN'S AFTER SHAVE 184
297 MEN'S AND BOYS' OUTERWEAR 185
298 MEN'S CLOTHING STORES 185
299 MEN'S GROOMING PRODUCTS 186
300 MEN'S SHAVING PREPARATIONS 186
301 METAL ORE MINING 187
302 METAL POLISH 187
303 MICROWAVE OVENS 188
304 MILD DETERGENTS 188
305 MILK 189
306 MINI-DISC PLAYERS 189
307 MINI-DISCS 190
308 MODEMS 190
309 MONOCHROMATIC TELEVISION SETS 191
310 MOTOR HOME MANUFACTURING 191
311 MOTOR VEHICLE BODY AND TRAILER MANUFACTURING 192
312 MOUTHWASHES AND DENTAL RINSES 192
313 MP3 PLAYERS 193
314 MUSIC AND VIDEO GAME STORES 193
315 MUSICAL AND ARTISTIC RECORDINGS ON COMPACT DISC 194
316 MUSICAL INSTRUMENT AND SUPPLIES STORES 194
317 MUSICAL INSTRUMENTS 195
318 NAIL POLISH AND HOME MANICURE PRODUCTS 195
319 NATURAL GAS TRANSMISSION AND DISTRIBUTION TO CONSUMERS 196
320 NEW CAR DEALERS 196
321 NEWS SYNDICATES 197
322 NEWSSTANDS 197
323 NON-CITRUS FRUIT 198
324 NON-DEPOSITORY CREDIT INTERMEDIATION 198
325 NON-FOOD RETAIL SALES 199
326 NON-METALLIC MINERAL MINING AND QUARRYING 199
327 NON-RESIDENTIAL BUILDING CONSTRUCTION 200
328 NUCLEAR ELECTRIC POWER GENERATION 200
329 NURSERY, GARDEN CENTER, AND FARM SUPPLY STORES 201
330 OFFICE SUPPLIES AND STATIONERY STORES 201
331 OILS AND FATS 202
332 OLIVE OIL 202
333 OPTICAL GOODS STORES 203
334 ORAL HYGIENE PRODUCTS 203
335 ORGANIC FOODS 204
336 OUTDOOR POWER EQUIPMENT STORES 204
337 OVENS AND STOVES 205
338 OVER-THE-COUNTER HEALTH CARE PRODUCTS 205
339 PACKAGED NUTS 206
340 PACKAGING AND LABELING SERVICES 206
341 PAGERS 207
342 PAINT AND WALLPAPER STORES 207
343 PAINTING AND WALL COVERING CONTRACTORS 208
344 PAPER MILLS 208
345 PAPER NAPKINS AND TABLECLOTHS 209
346 PAPER TOWELS 209
347 PAPERBOARD MILLS 210
348 PARKING LOTS, GARAGES, AND VALET PARKING SERVICES 210
349 PASSENGER CAR TIRES AND CAR AFTERMARKET PRODUCTS 211
350 PERSONAL CARE SERVICES 211
351 PERSONAL CD AND MINI-DISC PLAYERS 212
352 PERSONAL STATIONERY 212
353 PERSONAL STEREOS 213
354 PERSONAL STEREOS WITHOUT CD PLAYERS 213
355 PET AND PET SUPPLIES STORES 214
356 PET CARE PRODUCTS 214
357 PET FOOD AND PET CARE PRODUCTS 215
358 PHARMACIES AND DRUG STORES 215
359 PHOTOFINISHING 216
360 PHOTOGRAPHIC FILM 216
361 PHOTOGRAPHIC SERVICES 217
362 PLAIN NOODLES 217
363 PLASTIC HOUSEWARES 218
364 PLUMBING, HEATING, AND AIR CONDITIONING CONTRACTORS 218
365 POLISHING SUPPLIES 219
366 PORTABLE CASSETTE, RADIO, AND CD PLAYERS 219
367 PORTABLE RADIOS 220
368 POTATO CHIPS 220
369 POWER TOOTHBRUSHES 221
370 PRE-RECORDED CASSETTES 221
371 PRERECORDED TAPE, COMPACT DISC, AND RECORD STORES 222
372 PRESCRIPTION EYEGLASS FRAMES 222
373 PRESCRIPTION EYEGLASSES 223
374 PRINTERS 223
375 PUBLIC RELATIONS AGENCIES 224
376 PULP MILLS 224
377 READY-TO-DRINK COFFEE 225
378 REAL ESTATE INVESTMENT TRUSTS 225
379 REAL JEWELRY 226
380 RECORDED MUSIC 226
381 RECREATIONAL VEHICLE DEALERS 227
382 REFRIGERATION APPLIANCES 227
383 REMEDIATION SERVICES 228
384 REPAIR AND MAINTENANCE OF HOME AND GARDEN EQUIPMENT AND APPLIANCES 228
385 RESIDENTIAL BUILDING CONSTRUCTION 229
386 RETAIL COOPERATIVES 229
387 RETAIL DISPOSABLE PAPER PRODUCTS 230
388 RETAIL FOOD SALES 230
389 RETAIL SALES 231
390 RETAILERS OF CLOTHING, CLOTHING ACCESSORIES, LEATHERWEAR, AND FOOTWEAR 231
391 REUPHOLSTERY AND FURNITURE REPAIR 232
392 REWRITABLE COMPACT DISC MEDIA (CD-RWS) 232
393 RICE 233
394 ROOFING, SIDING, AND SHEET METAL CONTRACTORS 233
395 SALON HAIR CARE PRODUCTS 234
396 SANDWICH SPREADS 234
397 SAUCES, SALAD DRESSINGS, AND CONDIMENTS 235
398 SAVORY SNACKS 235
399 SAWMILLS 236
400 SCANNERS 236
401 SECURITY SYSTEMS SERVICES 237
402 SELF-TANNING PRODUCTS 237
403 SET-TOP TELEVISION RECEIVER BOXES 238
404 SEWAGE TREATMENT FACILITIES 238
405 SEWING, NEEDLEWORK, AND PIECE GOODS STORES 239
406 SHAVING RAZORS AND DEPILATORS 239
407 SHELLFISH 240
408 SHOE POLISH 240
409 SKIN CARE PRODUCTS 241
410 SMALL COOKING APPLIANCES 241
411 SMALL ELECTRICAL APPLIANCES 242
412 SMALL PET FOOD 242
413 SNACKS 243
414 SOCKS, STOCKINGS, AND TIGHTS 243
415 SOFT CHEESE 244
416 SOFT DRINKS 244
417 SOLAR, WIND, AND TIDAL POWERED ELECTRIC POWER GENERATION 245
418 SOLID AND SEMI-SOLID COOKING FATS 245
419 SPECIALIZED FREIGHT TRUCKING 246
420 SPECIALTY FOOD STORES 246
421 SPORTING GOODS RETAILERS 247
422 SPORTING GOODS, HOBBY, AND MUSICAL INSTRUMENT STORES 247
423 SPORTS AND ENERGY DRINKS 248
424 SPREADABLE OILS AND FATS 248
425 STEAM AND AIR CONDITIONING SUPPLY 249
426 STONE MINING AND QUARRYING 249
427 SUGAR CANDY 250
428 SUN CARE PRODUCTS 250
429 SUN PROTECTION PRODUCTS 251
430 SUNGLASSES 251
431 SUPERMARKETS 252
432 SUPERMARKETS AND GROCERY STORES EXCLUDING CONVENIENCE STORES 252
433 SUPPORT ACTIVITIES FOR AIR TRANSPORTATION 253
434 SURVEYING AND MAPPING SERVICES EXCLUDING GEOPHYSICAL SERVICES 253
435 TALCUM POWDER 254
436 TEA 254
437 TELECOMMUNICATIONS EQUIPMENT 255
438 TELEVISIONS 255
439 TESTING LABORATORIES 256
440 TIRE DEALERS 256
441 TISSUES 257
442 TOBACCO PRODUCTS 257
443 TOILET CLEANING PRODUCTS 258
444 TOILET PAPER 258
445 TOOTHBRUSHES 259
446 TOOTHPASTE 259
447 TOY STORES 260
448 TOYS AND GAMES 260
449 TRADITIONAL TOYS 261
450 TRANSLATION AND INTERPRETATION SERVICES 261
451 TRAVEL TRAILER AND CAMPER MANUFACTURING 262
452 TRUCK TRAILER MANUFACTURING 262
453 UNDERWEAR, NIGHTWEAR, AND SWIMWEAR 263
454 USED CAR DEALERS 263
455 VACUUM CLEANERS 264
456 VEGETABLE AND SEED OILS 264
457 VIDEO CASSETTE RECORDERS (VCRS) 265
458 VIDEO GAMES AND VIDEO GAME CONSOLES 265
459 VIDEO TAPE AND DISC RENTALS 266
460 VITAMINS AND DIETARY SUPPLEMENTS 266
461 WATCHES 267
462 WATER SUPPLY AND IRRIGATION SYSTEMS 267
463 WATER WELL DRILLING CONTRACTORS 268
464 WINE 268
465 WIPES 269
466 WOMEN'S AND GIRLS' OUTERWEAR 269
467 WOMEN'S CLOTHING STORES 270
468 WOMEN'S HAIR REMOVAL PRODUCTS 270
469 WOOD PRESERVATION 271
470 WRITING INSTRUMENTS 271
471 YOGURT 272
472 DEFINITION OF TERMS 273
473 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 312
473.1 Disclaimers & Safe Harbor 312
473.2 Icon Group Ltd. User Agreement Provisions 313
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Order Form * Please reference product number H307-0030 when ordering or inquiring.
MindBranch, Inc.,
131 Ashland St., Suite 200 North Adams, MA 01247
tel: 800-774-4410
fax: +1-413-664-9791
www.mindbranch.com
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