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Executive Report on Strategies in Mayotte

Product Type: Market Research Report
Published by: Icon Group International, Inc.
Published: June 2007
Product Code: R307-25664
Description
How to Strategically Evaluate Mayotte

Perhaps the most efficient way of evaluating Mayotte is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are "latent demand" and "market accessibility". The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the "supply side"), and latent demand is an indicator of the potential in serving from or to the market (the "demand side"). Framework for Prioritizing Countries

Demand/Market Potential Driven Firm

Relative Accessibility

Accessibility/Supply Averse Firm

Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a "generic firm" approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities. This report provides an overview of factors driving latent demand in Mayotte. Latent demand is largely driven by economic fundamentals.

In Chapter 2, I summarize the economic potential for Mayotte over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Mayotte when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Mayotte as an area of dominant influence in Africa and, potentially, the world.

ECONOMIC AND PRODUCT MARKETS IN MAYOTTE
Introduction & Methodology
Overview & Methodology

In performing various economic analyses for clients, I have occasionally been asked to investigate the market potential for various products and services in Mayotte. The purpose of the studies is to understand the density of demand within Mayotte and the extent to which Mayotte might be used as a point of distribution within Africa. From an economic perspective, however, Mayotte does not represent a population within rigid geographical boundaries, rather, it represents an area of dominant influence over markets in adjacent areas. This influence varies from one industry to another, but also from one period of time to another.

In what follows, I summarize the economic potential for Mayotte over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or what an economist calls the latent demand, represented by Mayotte when defined as an area of dominant influence. The reader needs to realize that latent demand may or may not represent real sales. For many items, latent demand is clearly observable in sales, as in the case for food or housing items. Consider, however, the category ""satellite launch vehicles"". Clearly, there are no launch pads in Mayotte used by the space industry to launch satellites. However, the core benefit of the vehicles (e.g. telecommunications, etc.) is ""consumed"" by the area served by Mayotte. Without Mayotte, in other words, the market for satellite launch vehicles would be lower for the population in Mayotte, Africa, or the world in general. One needs to allocate, therefore, a portion of the worldwide economic demand for launch vehicles to both Africa and Mayotte.

The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Mayotte as an area of dominant influence in Africa and, potentially, the world.

Market Potential Estimation Methodology

Overview
This chapter covers the outlook for products in Mayotte. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for Mayotte (in millions of U.S. dollars). Comparative benchmarks allow the reader to quickly gauge Mayotte 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 chapter does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The chapter does not consider short-term cyclicalities that might affect realized sales. The chapter, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.

This chapter does not report actual sales data, but gives, however, my estimates for the latent demand for products and services in Mayotte. 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 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 chapter 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 chapter 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 chapter 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 Mayotte, 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 is 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 chapter 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 Mayotte. 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 Mayotte.

Step 1. Product Definition and Data Collection
Any study of latent demand across countries and within Mayotte 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 cannot 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 Mayotte 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 chapter, 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 chapter only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this chapter 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 chapter 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 Mayotte 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
Non-linearities 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 Mayotte 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.
Table of Contents
1 INTRODUCTION & METHODOLOGY
1.1 What Does This Report Cover?
1.2 How to Strategically Evaluate Mayotte
2 ECONOMIC AND PRODUCT MARKETS IN MAYOTTE
2.1 Introduction & Methodology
2.1.1 Overview & Methodology
2.1.2 Market Potential Estimation Methodology
2.2 Summary Rankings
2.3 Latent Demand Forecasts
2.3.1 60-Milligram Containers of Fromage Frais
2.3.2 AC Drives
2.3.3 Adhesives and Sealants
2.3.4 Advertising Services
2.3.5 Aerospace and Defense Equipment
2.3.6 Aftermarket Passenger Car Tires
2.3.7 Air Freight Services
2.3.8 Alcoholic Beverages
2.3.9 Ales and Stouts
2.3.10 Alimentary and Metabolism Pharmaceuticals
2.3.11 Alumina Refining
2.3.12 Aluminum Die-Casting Foundries
2.3.13 Amusement and Recreation Services
2.3.14 Analgesics
2.3.15 Analog Color Televisions
2.3.16 Antidepressant Pharmaceuticals
2.3.17 Antiperspirants and Deodorants
2.3.18 Apparel and Accessories
2.3.19 Appetizers and Dips
2.3.20 Apples
2.3.21 Applications Software
2.3.22 Architectural Services
2.3.23 Athletic Footwear
2.3.24 Audio Components
2.3.25 Auto and Home Supply Stores
2.3.26 Aviation Services
2.3.27 Baby Formula
2.3.28 Bagged Chocolate Candy
2.3.29 Baked Goods
2.3.30 Bakery Products
2.3.31 Bananas
2.3.32 Bar Soap
2.3.33 Base Chemicals
2.3.34 Battery Eggs
2.3.35 Beauty and Barber Shops
2.3.36 Beer
2.3.37 Bicycles and Bicycle Accessories
2.3.38 Biotechnology
2.3.39 Bituminous Coal
2.3.40 Blended Whiskey
2.3.41 Board Games and Puzzles
2.3.42 Boat Building
2.3.43 Boilers
2.3.44 Book Publishing
2.3.45 Bottled Water
2.3.46 Bottles of Lager Beer
2.3.47 Boxed Facial Tissues
2.3.48 Boys’ School Uniforms
2.3.49 Bras and Allied Garments
2.3.50 Bread
2.3.51 Breakfast Cereals
2.3.52 Breweries
2.3.53 Broadband Internet Access
2.3.54 Broadwoven Fabric Finishing Mills
2.3.55 Broom, Brush, and Mop Manufacturing
2.3.56 Brown and Wholemeal Bread
2.3.57 Budweiser Lager Beer
2.3.58 Building Materials and Garden Supplies
2.3.59 Built-In Electric Ovens
2.3.60 Business and School Supplies
2.3.61 Butcher Shops
2.3.62 Butter
2.3.63 Cable TV
2.3.64 CAD/CAM/CAE Software
2.3.65 Cafes and Restaurants
2.3.66 Cakes and Pastries
2.3.67 Camcorders
2.3.68 Camera and Photographic Supplies Stores
2.3.69 Campgrounds and Recreational Vehicle Parks
2.3.70 Candles
2.3.71 Candy
2.3.72 Canned Beans
2.3.73 Cans of Lager Beer
2.3.74 Car Aftermarket Products
2.3.75 Casinos and Gambling
2.3.76 Cat Food
2.3.77 CD Players
2.3.78 Ceiling Light Fixtures
2.3.79 Cellular Telephones
2.3.80 Cement Construction Materials
2.3.81 Cemeteries and Crematories
2.3.82 Ceramic Housewares
2.3.83 Chemicals
2.3.84 Chewing and Bubble Gum
2.3.85 Children's Chicken Nugget Ready Meals
2.3.86 Chilled and Deli Food
2.3.87 Chips and Crisps
2.3.88 Chocolate Candy
2.3.89 Cigarette Manufacturing
2.3.90 Cigars and Cigarillos
2.3.91 Citrus Fruit
2.3.92 Civil Aerospace Equipment
2.3.93 Clay Building Products
2.3.94 Clothing Accessories
2.3.95 Coated and Flavored Nuts
2.3.96 Coin-Operated Laundries and Dry Cleaners
2.3.97 Colas
2.3.98 Collection Agencies
2.3.99 Color Televisions
2.3.100 Combination Refrigerator-Freezers
2.3.101 Commercial Banking
2.3.102 Communications Services
2.3.103 Compact Discs (CDs)
2.3.104 Complete Dry Dog Food
2.3.105 Computer Hardware
2.3.106 Concrete Building Products
2.3.107 Construction and Engineering Services
2.3.108 Consumer Chemicals
2.3.109 Contact Lenses
2.3.110 Continental and Specialty Plant Bread
2.3.111 Convenience Stores
2.3.112 Conventional Mineral Oil
2.3.113 Cookies and Crackers
2.3.114 Cooking Ranges
2.3.115 Copper Ores
2.3.116 Corporate Strategy Services
2.3.117 Cosmetics and Toiletries
2.3.118 Costume Jewelry
2.3.119 Cotton Yarn
2.3.120 Cough and Cold Remedies
2.3.121 Craft Bread
2.3.122 Credit Bureaus
2.3.123 Cross/utility Vehicles (CUVs)
2.3.124 Crude Petroleum and Natural Gas Extraction
2.3.125 Cruise Ship Tourism
2.3.126 Crushed and Broken Stone
2.3.127 Crushing Oilseeds and Tree Nuts Excluding Soybeans
2.3.128 Current-Carrying Wiring Device Manufacturing
2.3.129 Curtain and Drapery Mills
2.3.130 Custom Draperies
2.3.131 Daily Newspapers
2.3.132 Dairy Cream
2.3.133 Dark Brandy
2.3.134 Data Processing and Network Services
2.3.135 Defense Industry Equipment
2.3.136 Deli Food
2.3.137 Deluxe and Malt Whiskey
2.3.138 Department Stores
2.3.139 Depository Credit Intermediation
2.3.140 Designer Bath and Shower Products
2.3.141 Desktop Personal Computers
2.3.142 Dial-Up Internet Access
2.3.143 Diesel Trucks
2.3.144 Dietary Supplements
2.3.145 Digestion Aids
2.3.146 Digital Cameras
2.3.147 Dining Out
2.3.148 Dips
2.3.149 Direct Selling Establishments
2.3.150 Discount Superstores
2.3.151 Discrete Semiconductors
2.3.152 Dishwashing Products
2.3.153 Disposable Health Care Equipment and Supplies
2.3.154 Distillate Fuel Oil
2.3.155 Distilleries
2.3.156 Dog Food
2.3.157 Dolls and Figures
2.3.158 Domestic Water Utilities
2.3.159 Draught Lager Beer
2.3.160 Dried Food
2.3.161 Drink Concentrates
2.3.162 Drug Delivery Systems
2.3.163 Durable Goods
2.3.164 DVD Players
2.3.165 Eating and Drinking Places
2.3.166 Economy Disposable Diapers
2.3.167 Edible Oils
2.3.168 Education and Training Services
2.3.169 Electron Tubes
2.3.170 Elementary and Secondary Schools
2.3.171 Engineering Services
2.3.172 Envelope Manufacturing
2.3.173 Environmental Consulting Services
2.3.174 Ethnic Hair Care Products
2.3.175 Everyday Cookies
2.3.176 Explosives Manufacturing
2.3.177 Extended Stay and Business Suite Motels
2.3.178 Exterminating and Pest Control Services
2.3.179 External Sanitary Protection Products
2.3.180 Fabric Softeners
2.3.181 Facial Cosmetics
2.3.182 Family Clothing Stores
2.3.183 Farm Machinery and Equipment
2.3.184 Fast Food
2.3.185 Feminine Sanitary Protection
2.3.186 Fermented Sauces
2.3.187 Fiber-Optic Cable Manufacturing
2.3.188 Film Cameras
2.3.189 Financial Services
2.3.190 Finger Rolls
2.3.191 Fixed-Line Telecommunications Services
2.3.192 Flat Glass
2.3.193 Floor Coverings
2.3.194 Flour Milling
2.3.195 Folding Paperboard Boxes
2.3.196 Food Advertising
2.3.197 Forestry and Fishing
2.3.198 Fossil Fuel-Powered Electric Power Generation
2.3.199 Foster’s Lager Beer
2.3.200 Fragrances
2.3.201 Franchising
2.3.202 Free-Range Eggs
2.3.203 Freestanding Electric Ranges
2.3.204 Freeze-Dried Instant Coffee
2.3.205 Fresh Beef and Veal
2.3.206 Fruit Drinks
2.3.207 Fuel Dealers
2.3.208 Funeral Homes
2.3.209 Gambling
2.3.210 Gardening Supplies, Outdoor Furniture, and Plants
2.3.211 Garlic Bread
2.3.212 General Merchandise stores
2.3.213 Generic Prescription Drugs
2.3.214 Geophysical Surveying and Mapping Services
2.3.215 Gift, Novelty, and Souvenir Stores
2.3.216 Gifts
2.3.217 Gin
2.3.218 Girls' Dresses and Blouses
2.3.219 Girls’ School Uniforms
2.3.220 Glass Container Manufacturing
2.3.221 Gold Ores
2.3.222 Gourmet Potato Chips
2.3.223 Government Public Health Activities
2.3.224 Granola Bars and Breakfast Cereal Bars
2.3.225 Grape Juice
2.3.226 Graphic Design Services
2.3.227 Green Vegetables
2.3.228 Greeting Cards
2.3.229 Grocery Discounters
2.3.230 GSM-Based Cellular Telephones
2.3.231 Guided Missiles and Space Vehicles
2.3.232 Gypsum Products
2.3.233 Hair Tinting and Coloring Products
2.3.234 Hard Cheese
2.3.235 HDTV
2.3.236 Health Care Equipment and Supplies
2.3.237 Heating and Cooling Appliances
2.3.238 Highly Refined Mineral Oil
2.3.239 Highway and Street Construction
2.3.240 Hispanic Music Television
2.3.241 Hi-Tech Logistics
2.3.242 Hobby, Toy, and Game Stores
2.3.243 Home Improvement Retailers
2.3.244 Hospital Food Service
2.3.245 Household Textiles and Soft Furnishings
2.3.246 Human Resource Management Services
2.3.247 Hunting, Trapping, and Game Propagation
2.3.248 Ice Cream
2.3.249 Imported Whiskey
2.3.250 Impulse Ice Cream
2.3.251 In Vitro Diagnostic Equipment
2.3.252 IP-Based Enterprise Networking Equipment
2.3.253 Iron Ore Mining
2.3.254 Janitorial Services
2.3.255 Jewelry Stores
2.3.256 Juice
2.3.257 Kitchen Appliances
2.3.258 Knitwear
2.3.259 Kraft Foods Brand Cookies
2.3.260 Lager Beer
2.3.261 Lampshades
2.3.262 Laptop Computers
2.3.263 Large Household Appliances
2.3.264 Lawn and Garden Equipment and Supplies Stores
2.3.265 Leather and Leather Products
2.3.266 Legal Services
2.3.267 Leisure Education
2.3.268 Lemonade
2.3.269 Libraries
2.3.270 Life Insurance Sold by Life Insurance Companies
2.3.271 Linen and Uniform Supply
2.3.272 Lingerie
2.3.273 Lip and Multiuse Color Cosmetics
2.3.274 Liquefied Petroleum Gas
2.3.275 Liqueurs
2.3.276 Local and Interurban Passenger Transit
2.3.277 Logging
2.3.278 Logistics for the Pharmaceutical Industry
2.3.279 Long Grain Rice
2.3.280 Lower-Fat Potato Snacks
2.3.281 Low-Fat Spreads
2.3.282 Luggage Manufacturing
2.3.283 Lumber and Wood Products
2.3.284 Luxury Yogurts
2.3.285 Machine Tools
2.3.286 Machining Precision Turned Products
2.3.287 Magazines
2.3.288 Mainstream Tea
2.3.289 Malt Beverages
2.3.290 Management Consulting Services
2.3.291 Manifold Business Forms
2.3.292 Manmade Fabric Mills
2.3.293 Manufactured Mobile Home Dealers
2.3.294 Manufacturing Dog and Cat Food
2.3.295 Marine Freight Services
2.3.296 Marketing Research and Public Opinion Polling
2.3.297 Mass Reproduction of Computer Software
2.3.298 Materials Handling Machinery
2.3.299 Meal Replacement Drinks
2.3.300 Measuring and Controlling Instruments
2.3.301 Meat and Poultry
2.3.302 Media Advertising
2.3.303 Medical Biotechnology
2.3.304 Medicated Skin Care
2.3.305 Medium and Heavy Trucks
2.3.306 Men’s Accessories
2.3.307 Men's Grooming Products
2.3.308 Menswear
2.3.309 Menthol Cigarettes
2.3.310 Millwork
2.3.311 Mineral Water
2.3.312 Mixing Ingredients to Make Fertilizer
2.3.313 Model Wheeled Vehicles
2.3.314 Modems
2.3.315 Moist Cat Food
2.3.316 Morning Bakery Goods
2.3.317 Motor Vehicles and Motor Vehicle Equipment
2.3.318 Mushrooms
2.3.319 Music and Video Game Stores
2.3.320 Narrow Fabric Mills
2.3.321 National Newspapers
2.3.322 Net, Lace, and Voile Curtains
2.3.323 Network Hubs
2.3.324 New Car Dealers
2.3.325 Nitrogenous Fertilizer Manufacturing
2.3.326 Non-Airport Car Rentals
2.3.327 Non-Chocolate Confectionery Manufacturing
2.3.328 Non-Citrus Fruit
2.3.329 Non-Current-Carrying Wiring Device Manufacturing
2.3.330 Non-Daily Newspapers
2.3.331 Non-Depository Credit Intermediation
2.3.332 Non-Durable Goods
2.3.333 Non-Farm Housing Services
2.3.334 Non-Ferrous Forging
2.3.335 Non-Food Retail Sales
2.3.336 Non-Interest Commercial Banking
2.3.337 Non-Metallic Mineral Mining and Quarrying
2.3.338 Non-Residential Construction and Engineering
2.3.339 Non-Store Retailers and Mail Order
2.3.340 Non-Wood Office Furniture Manufacturing
2.3.341 Nonwoven Fabric Mills
2.3.342 Nuclear Electric Power Generation
2.3.343 Nursery, Garden Center, and Farm Supply Stores
2.3.344 Nursing Homes
2.3.345 Nuts
2.3.346 Office Supplies and Stationery Stores
2.3.347 Oil
2.3.348 Oil, Gas, and Mining Exploration Services
2.3.349 Oil-, Solid Fuel-, and Electric-Powered Boilers
2.3.350 Oils and Fats
2.3.351 Onions and Shallots
2.3.352 Operations Management Services
2.3.353 Ophthalmic Goods Manufacturing
2.3.354 Optical Goods and Eye Care Products
2.3.355 Oral Drug Delivery Systems
2.3.356 Orange Juice
2.3.357 Organic Beverages
2.3.358 OTC Healthcare Products
2.3.359 Outdoor Games
2.3.360 Outerwear Clothing and Accessories
2.3.361 Outsourcing Services
2.3.362 Ovens and Stoves
2.3.363 Over-The-Counter Drugs
2.3.364 Packaged Nuts
2.3.365 Packaging and Labeling Services
2.3.366 Pagers
2.3.367 Paint and Wallpaper Stores
2.3.368 Paper Towels
2.3.369 Parking Lots, Garages, and Valet Parking Services
2.3.370 Passenger Transportation
2.3.371 Passive Components
2.3.372 Pasta and Noodles
2.3.373 Pears
2.3.374 Periodicals
2.3.375 Perishable Prepared Foods Manufacturing
2.3.376 Permanent Employment Services
2.3.377 Personal Stationery
2.3.378 Pet Care Products
2.3.379 Pharmacies and Drug Stores
2.3.380 Phosphate Rock Mining
2.3.381 Phosphatic Fertilizer Manufacturing
2.3.382 Physicians' Services
2.3.383 Pizzas
2.3.384 Plant Bread
2.3.385 Plastic Housewares
2.3.386 Plumbing Products
2.3.387 Plush Toys
2.3.388 Pollution Control Equipment and Services
2.3.389 Popcorn
2.3.390 Pork Pies
2.3.391 Port and Shipbuilding Equipment
2.3.392 Potash, Soda, and Boratic Minerals Mining
2.3.393 Potato Chips
2.3.394 Poultry Products
2.3.395 Powder Detergents
2.3.396 Prawn Appetizers and Dips
2.3.397 Precious Metal Jewelry and Personal Articles
2.3.398 Prefabricated Metal Buildings
2.3.399 Pre-Recorded Cassettes
2.3.400 Prerecorded Tape, Compact Disc, and Record Stores
2.3.401 Prescription Eyeglass Frames
2.3.402 Presentation Materials
2.3.403 Primary Metal Industries
2.3.404 Printed Circuit Boards
2.3.405 Printers
2.3.406 Printing Special Business Forms and Checkbooks
2.3.407 Private Residential Construction
2.3.408 Professional Computer Services
2.3.409 Property and Casualty Insurance
2.3.410 Public Residential Construction
2.3.411 Publishing Advertising
2.3.412 Pubs, Clubs, and Nightclubs
2.3.413 Pulmonary Drug Delivery Systems
2.3.414 Pulp Mills
2.3.415 Radiators and Pumps
2.3.416 Radio and Television Broadcasting
2.3.417 Railroad Freight Services
2.3.418 Ready Pasta
2.3.419 Real Jewelry
2.3.420 Reconstituted Wood Products
2.3.421 Recorded Music
2.3.422 Recreational Vehicle Dealers
2.3.423 Red Meat
2.3.424 Refining Cane Sugar from Raw Cane Sugar
2.3.425 Refrigeration Appliances
2.3.426 Regional Newspapers
2.3.427 Relays and Industrial Controls
2.3.428 Remediation Services
2.3.429 Rendering Animal Fat, Bones, and Meat Scraps
2.3.430 Renewable Energy Equipment
2.3.431 Replacement Tires for Cars and Light Vans
2.3.432 Residential Construction
2.3.433 Residual Fuel Oil
2.3.434 Retail Logistics
2.3.435 Retirement Savings Plans
2.3.436 Reupholstery and Furniture Repair
2.3.437 Rice Milling
2.3.438 Ride-On Toys
2.3.439 Rooming and Boarding Houses
2.3.440 Root Vegetables
2.3.441 Salad Accompaniments
2.3.442 Salon Hair Care Products
2.3.443 Salt and Vinegar Potato Chips
2.3.444 Sandwich Spreads
2.3.445 Sanitary Protection Products
2.3.446 Sauces, Salad Dressings, and Condiments
2.3.447 Savory Snacks
2.3.448 Sawmills
2.3.449 Scanners
2.3.450 School Food Service
2.3.451 Scrap Recycling
2.3.452 Screw Machine Products
2.3.453 Seafood Canning
2.3.454 Seasonal Cookies
2.3.455 Secondary Smelting and Alloying of Aluminum
2.3.456 Security and Commodity Brokers and Dealers
2.3.457 Services
2.3.458 Sewer Facilities
2.3.459 Sewing, Needlework, and Piece Goods Stores
2.3.460 Shaving Razors and Blades
2.3.461 Sheer Window Furnishings
2.3.462 Shellfish
2.3.463 Ship Building and Repairing
2.3.464 Single-Serving Dry Ambient Snacks
2.3.465 Skin Care Products
2.3.466 Slaughtering Animals Excluding Poultry
2.3.467 Sliced Cooked Meat
2.3.468 Slow-Release Household Fresheners
2.3.469 Smoked Salmon
2.3.470 Smoothies
2.3.471 Snack Fruit Pies
2.3.472 Socks, Stockings, and Tights
2.3.473 Soft Cheese
2.3.474 Soup
2.3.475 Space Heaters
2.3.476 Spice and Extract Manufacturing
2.3.477 Sporting Goods Retailers
2.3.478 Sports and Energy Drinks
2.3.479 Spreads and Margarines
2.3.480 Stacking Potato Chips
2.3.481 Standard and Bulk Ice Cream
2.3.482 Stationary Bicycles
2.3.483 Steel Mill Products
2.3.484 Stella Artois Lager Beer
2.3.485 Still Bottled Water
2.3.486 Stone Fruit
2.3.487 Storage Battery Manufacturing
2.3.488 Sugar Candy
2.3.489 Support Activities for Air Transportation
2.3.490 Surface Cleaners
2.3.491 Sweet Spreads
2.3.492 Switchgear and Switchboard Apparatus
2.3.493 Synthetic Rubber
2.3.494 Table Lamps
2.3.495 Taxicabs
2.3.496 Telecommunications Equipment
2.3.497 Telephone and Telegraph Facilities
2.3.498 Television Broadcasting
2.3.499 Temporary Employment Services
2.3.500 Tequila and Mescal Spirits
2.3.501 Testing Laboratories
2.3.502 Textile Fabrics
2.3.503 Tire Cord and Tire Fabric Mills
2.3.504 Tissues
2.3.505 Tobacco Products
2.3.506 Tortilla Manufacturing
2.3.507 Toy Stores
2.3.508 Traditional Toys
2.3.509 Trail Mix
2.3.510 Transformers
2.3.511 Transportation Equipment
2.3.512 Travel Trailer and Camper Manufacturing
2.3.513 Truck Trailer Manufacturing
2.3.514 Turkey Pieces
2.3.515 Ultra Disposable Diapers
2.3.516 Underwear, Nightwear, and Swimwear
2.3.517 Underwire Bras
2.3.518 Unleaded Gasoline
2.3.519 Upholstered Household Furniture Manufacturing
2.3.520 Used Car Dealers
2.3.521 Utilities
2.3.522 Vacuum Cleaners
2.3.523 Valves and Pipe Fittings
2.3.524 Vegetarian Foods
2.3.525 Venture Capital
2.3.526 Vertical Blinds
2.3.527 Video Cassette Recorders (VCRs)
2.3.528 Vienna and French Bread
2.3.529 Vodka
2.3.530 VoIP Telephone Service
2.3.531 Wallets and Purses
2.3.532 Washing Machines
2.3.533 Watches
2.3.534 Water Utilities
2.3.535 Weft Knit Fabric Mills
2.3.536 Welding and Soldering Equipment Manufacturing
2.3.537 Whiskey
2.3.538 White Bread
2.3.539 Whole Chicken Poultry
2.3.540 Window Blinds
2.3.541 Wine
2.3.542 Wineries
2.3.543 Wipes
2.3.544 Wireless Communication Services
2.3.545 Wiring Devices
2.3.546 Women’s Apparel and Accessories
2.3.547 Womenswear and Lingerie
2.3.548 Wood Preservation
2.3.549 Wool Yarn
2.3.550 Workers' Compensation Insurance
2.3.551 Writing Instruments
2.3.552 Yarn Spinning Mills
2.3.553 Yellow Fats
2.3.554 Yogurt with Live Cultures
2.3.555 Definition of Terms
3 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS
3.1 Disclaimers & Safe Harbor
3.2 ICON Group International, Inc. User Agreement Provisions
Ordering and More Information
Price and Delivery Options


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