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Executive Report on Strategies in Puerto Rico

Product Type: Market Research Report
Published by: Icon Group International, Inc.
Published: June 2007
Product Code: R307-25667
Description
How to Strategically Evaluate Puerto Rico

Perhaps the most efficient way of evaluating Puerto Rico 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 Puerto Rico. Latent demand is largely driven by economic fundamentals.

In Chapter 2, I summarize the economic potential for Puerto Rico 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 Puerto Rico 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 Puerto Rico as an area of dominant influence in North America & the Caribbean and, potentially, the world.

ECONOMIC AND PRODUCT MARKETS IN PUERTO RICO
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 Puerto Rico. The purpose of the studies is to understand the density of demand within Puerto Rico and the extent to which Puerto Rico might be used as a point of distribution within North America & the Caribbean. From an economic perspective, however, Puerto Rico 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 Puerto Rico 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 Puerto Rico 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 Puerto Rico 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 Puerto Rico. Without Puerto Rico, in other words, the market for satellite launch vehicles would be lower for the population in Puerto Rico, North America & the Caribbean, or the world in general. One needs to allocate, therefore, a portion of the worldwide economic demand for launch vehicles to both North America & the Caribbean and Puerto Rico.

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 Puerto Rico as an area of dominant influence in North America & the Caribbean and, potentially, the world.

Market Potential Estimation Methodology

Overview
This chapter covers the outlook for products in Puerto Rico. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for Puerto Rico (in millions of U.S. dollars). Comparative benchmarks allow the reader to quickly gauge Puerto Rico 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 Puerto Rico. 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 Puerto Rico, 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 Puerto Rico. 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 Puerto Rico.

Step 1. Product Definition and Data Collection
Any study of latent demand across countries and within Puerto Rico 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 Puerto Rico 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 Puerto Rico 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 Puerto Rico 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 Puerto Rico
2 ECONOMIC AND PRODUCT MARKETS IN PUERTO RICO
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 Adhesives and Sealants
2.3.3 Advertising Services
2.3.4 Aerospace and Defense Equipment
2.3.5 Aftermarket Passenger Car Tires
2.3.6 Air Freight Services
2.3.7 Alcoholic Beverages
2.3.8 Ales and Stouts
2.3.9 Alimentary and Metabolism Pharmaceuticals
2.3.10 Alumina Refining
2.3.11 Aluminum Die-Casting Foundries
2.3.12 Amusement and Recreation Services
2.3.13 Analgesics
2.3.14 Analog Color Televisions
2.3.15 Antidepressant Pharmaceuticals
2.3.16 Antiperspirants and Deodorants
2.3.17 Apparel and Accessories
2.3.18 Appetizers and Dips
2.3.19 Apples
2.3.20 Applications Software
2.3.21 Application-Specific Integrated Circuits (ASICs)
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 Boutique Hotels
2.3.48 Boxed Facial Tissues
2.3.49 Boys’ School Uniforms
2.3.50 Bras and Allied Garments
2.3.51 Bread
2.3.52 Breakfast Cereals
2.3.53 Breweries
2.3.54 Broadband Internet Access
2.3.55 Broadwoven Fabric Finishing Mills
2.3.56 Broom, Brush, and Mop Manufacturing
2.3.57 Brown and Wholemeal Bread
2.3.58 Budweiser Lager Beer
2.3.59 Building Materials and Garden Supplies
2.3.60 Built-In Electric Ovens
2.3.61 Business and School Supplies
2.3.62 Butcher Shops
2.3.63 Butter
2.3.64 Cable TV
2.3.65 CAD/CAM/CAE Software
2.3.66 Cafes and Restaurants
2.3.67 Cakes and Pastries
2.3.68 Camcorders
2.3.69 Camera and Photographic Supplies Stores
2.3.70 Campgrounds and Recreational Vehicle Parks
2.3.71 Candles
2.3.72 Candy
2.3.73 Canned Beans
2.3.74 Cans of Lager Beer
2.3.75 Car Aftermarket Products
2.3.76 Casinos and Gambling
2.3.77 Cat Food
2.3.78 CD Players
2.3.79 Ceiling Light Fixtures
2.3.80 Cellular Telephones
2.3.81 Cement Construction Materials
2.3.82 Cemeteries and Crematories
2.3.83 Ceramic Housewares
2.3.84 Chemicals
2.3.85 Chewing and Bubble Gum
2.3.86 Children's Chicken Nugget Ready Meals
2.3.87 Chilled and Deli Food
2.3.88 Chips and Crisps
2.3.89 Chocolate Candy
2.3.90 Cigarette Manufacturing
2.3.91 Cigars and Cigarillos
2.3.92 Citrus Fruit
2.3.93 Civil Aerospace Equipment
2.3.94 Clay Building Products
2.3.95 Clothing Accessories
2.3.96 Coated and Flavored Nuts
2.3.97 Coin-Operated Laundries and Dry Cleaners
2.3.98 Colas
2.3.99 Collection Agencies
2.3.100 Color Televisions
2.3.101 Combination Refrigerator-Freezers
2.3.102 Commercial Banking
2.3.103 Communications Services
2.3.104 Compact Discs (CDs)
2.3.105 Complete Dry Dog Food
2.3.106 Computer Hardware
2.3.107 Concrete Building Products
2.3.108 Console Video Games
2.3.109 Construction and Engineering Services
2.3.110 Consumer Chemicals
2.3.111 Contact Lenses
2.3.112 Continental and Specialty Plant Bread
2.3.113 Convenience Stores
2.3.114 Conventional Mineral Oil
2.3.115 Cookies and Crackers
2.3.116 Cooking Ranges
2.3.117 Copper Ores
2.3.118 Corporate Strategy Services
2.3.119 Cosmetics and Toiletries
2.3.120 Costume Jewelry
2.3.121 Cotton Yarn
2.3.122 Cough and Cold Remedies
2.3.123 Craft Bread
2.3.124 Credit Bureaus
2.3.125 Cross/utility Vehicles (CUVs)
2.3.126 Crude Petroleum and Natural Gas Extraction
2.3.127 Cruise Ship Tourism
2.3.128 Crushed and Broken Stone
2.3.129 Crushing Oilseeds and Tree Nuts Excluding Soybeans
2.3.130 Current-Carrying Wiring Device Manufacturing
2.3.131 Curtain and Drapery Mills
2.3.132 Custom Draperies
2.3.133 Daily Newspapers
2.3.134 Dairy Cream
2.3.135 Dark Brandy
2.3.136 Data Processing and Network Services
2.3.137 Defense Industry Equipment
2.3.138 Deli Food
2.3.139 Deluxe and Malt Whiskey
2.3.140 Department Stores
2.3.141 Depository Credit Intermediation
2.3.142 Designer Bath and Shower Products
2.3.143 Desktop Personal Computers
2.3.144 Dial-Up Internet Access
2.3.145 Diesel Trucks
2.3.146 Dietary Supplements
2.3.147 Digestion Aids
2.3.148 Digital Cameras
2.3.149 Dining Out
2.3.150 Dips
2.3.151 Direct Selling Establishments
2.3.152 Discount Superstores
2.3.153 Discrete Semiconductors
2.3.154 Dishwashing Products
2.3.155 Disposable Health Care Equipment and Supplies
2.3.156 Distillate Fuel Oil
2.3.157 Distilleries
2.3.158 Dog Food
2.3.159 Dolls and Figures
2.3.160 Domestic Water Utilities
2.3.161 DRAM (dynamic Random Access Memory)
2.3.162 Draught Lager Beer
2.3.163 Dried Food
2.3.164 Drink Concentrates
2.3.165 Drug Delivery Systems
2.3.166 Durable Goods
2.3.167 DVD Players
2.3.168 Eating and Drinking Places
2.3.169 Economy Disposable Diapers
2.3.170 Edible Oils
2.3.171 Education and Training Services
2.3.172 Electron Tubes
2.3.173 Elementary and Secondary Schools
2.3.174 Engineering Services
2.3.175 Envelope Manufacturing
2.3.176 Environmental Consulting Services
2.3.177 Ethnic Hair Care Products
2.3.178 Everyday Cookies
2.3.179 Explosives Manufacturing
2.3.180 Extended Stay and Business Suite Motels
2.3.181 Exterminating and Pest Control Services
2.3.182 External Sanitary Protection Products
2.3.183 Fabric Softeners
2.3.184 Facial Cosmetics
2.3.185 Family Clothing Stores
2.3.186 Farm Machinery and Equipment
2.3.187 Fast Food
2.3.188 Fax Machines
2.3.189 Feminine Sanitary Protection
2.3.190 Fermented Sauces
2.3.191 Fiber-Optic Cable Manufacturing
2.3.192 Film Cameras
2.3.193 Financial Services
2.3.194 Finger Rolls
2.3.195 Fixed-Line Telecommunications Services
2.3.196 Flash Memory
2.3.197 Flat Glass
2.3.198 Floor Coverings
2.3.199 Flour Milling
2.3.200 Folding Paperboard Boxes
2.3.201 Food Advertising
2.3.202 Forestry and Fishing
2.3.203 Fossil Fuel-Powered Electric Power Generation
2.3.204 Foster’s Lager Beer
2.3.205 Fragrances
2.3.206 Franchising
2.3.207 Free-Range Eggs
2.3.208 Freestanding Electric Ranges
2.3.209 Freeze-Dried Instant Coffee
2.3.210 Fresh Beef and Veal
2.3.211 Fruit Drinks
2.3.212 Fuel Dealers
2.3.213 Funeral Homes
2.3.214 Gambling
2.3.215 Gaming Computer Systems
2.3.216 Gardening Supplies, Outdoor Furniture, and Plants
2.3.217 Garlic Bread
2.3.218 General Merchandise stores
2.3.219 Generic Prescription Drugs
2.3.220 Geophysical Surveying and Mapping Services
2.3.221 Gift, Novelty, and Souvenir Stores
2.3.222 Gifts
2.3.223 Gin
2.3.224 Girls' Dresses and Blouses
2.3.225 Girls’ School Uniforms
2.3.226 Glass Container Manufacturing
2.3.227 Global Positioning System (GPS) Receivers
2.3.228 Gold Ores
2.3.229 Golf Equipment
2.3.230 Gourmet Potato Chips
2.3.231 Government Public Health Activities
2.3.232 Granola Bars and Breakfast Cereal Bars
2.3.233 Grape Juice
2.3.234 Graphic Design Services
2.3.235 Green Vegetables
2.3.236 Greeting Cards
2.3.237 Grocery Discounters
2.3.238 GSM-Based Cellular Telephones
2.3.239 Guided Missiles and Space Vehicles
2.3.240 Gypsum Products
2.3.241 Hair Tinting and Coloring Products
2.3.242 Hard Cheese
2.3.243 HDTV
2.3.244 Health Care Equipment and Supplies
2.3.245 Heating and Cooling Appliances
2.3.246 Highly Refined Mineral Oil
2.3.247 Highway and Street Construction
2.3.248 Hispanic Music Television
2.3.249 Hi-Tech Logistics
2.3.250 Hobby, Toy, and Game Stores
2.3.251 Home Improvement Retailers
2.3.252 Hospital Food Service
2.3.253 Household Textiles and Soft Furnishings
2.3.254 Human Resource Management Services
2.3.255 Hunting, Trapping, and Game Propagation
2.3.256 Ice Cream
2.3.257 Imported Whiskey
2.3.258 Impulse Ice Cream
2.3.259 In Vitro Diagnostic Equipment
2.3.260 IP-Based Enterprise Networking Equipment
2.3.261 Iron Ore Mining
2.3.262 Janitorial Services
2.3.263 Jewelry Stores
2.3.264 Juice
2.3.265 Kitchen Appliances
2.3.266 Knitwear
2.3.267 Kraft Foods Brand Cookies
2.3.268 Lager Beer
2.3.269 Lampshades
2.3.270 Laptop Computers
2.3.271 Large Household Appliances
2.3.272 Lawn and Garden Equipment and Supplies Stores
2.3.273 Leather and Leather Products
2.3.274 Legal Services
2.3.275 Leisure Education
2.3.276 Lemonade
2.3.277 Lemon-Flavored Bottled Water
2.3.278 Libraries
2.3.279 Life Insurance Sold by Life Insurance Companies
2.3.280 Linen and Uniform Supply
2.3.281 Lingerie
2.3.282 Lip and Multiuse Color Cosmetics
2.3.283 Liquefied Petroleum Gas
2.3.284 Liqueurs
2.3.285 Local and Interurban Passenger Transit
2.3.286 Logging
2.3.287 Logistics for the Pharmaceutical Industry
2.3.288 Long Grain Rice
2.3.289 Low-Carbohydrate Beer
2.3.290 Lower-Fat Potato Snacks
2.3.291 Low-Fat Spreads
2.3.292 Luggage Manufacturing
2.3.293 Lumber and Wood Products
2.3.294 Luxury Yogurts
2.3.295 Machine Tools
2.3.296 Machining Precision Turned Products
2.3.297 Magazines
2.3.298 Mainstream Tea
2.3.299 Malt Beverages
2.3.300 Management Consulting Services
2.3.301 Manifold Business Forms
2.3.302 Manmade Fabric Mills
2.3.303 Manufactured Mobile Home Dealers
2.3.304 Manufacturing Dog and Cat Food
2.3.305 Marine Freight Services
2.3.306 Marketing Research and Public Opinion Polling
2.3.307 Mass Reproduction of Computer Software
2.3.308 Materials Handling Machinery
2.3.309 Meal Replacement Drinks
2.3.310 Measuring and Controlling Instruments
2.3.311 Meat and Poultry
2.3.312 Media Advertising
2.3.313 Medical Biotechnology
2.3.314 Medicated Skin Care
2.3.315 Medium and Heavy Trucks
2.3.316 Men’s Accessories
2.3.317 Men's Grooming Products
2.3.318 Menswear
2.3.319 Menthol Cigarettes
2.3.320 Millwork
2.3.321 Mineral Water
2.3.322 Mixing Ingredients to Make Fertilizer
2.3.323 Model Wheeled Vehicles
2.3.324 Modems
2.3.325 Moist Cat Food
2.3.326 Morning Bakery Goods
2.3.327 Motor Vehicles and Motor Vehicle Equipment
2.3.328 Mountain Bikes
2.3.329 Mushrooms
2.3.330 Music and Video Game Stores
2.3.331 NAND Flash Memory Cards
2.3.332 Narrow Fabric Mills
2.3.333 National Newspapers
2.3.334 Net, Lace, and Voile Curtains
2.3.335 Network Hubs
2.3.336 New Car Dealers
2.3.337 Nitrogenous Fertilizer Manufacturing
2.3.338 Non-Airport Car Rentals
2.3.339 Non-Chocolate Confectionery Manufacturing
2.3.340 Non-Citrus Fruit
2.3.341 Non-Current-Carrying Wiring Device Manufacturing
2.3.342 Non-Daily Newspapers
2.3.343 Non-Depository Credit Intermediation
2.3.344 Non-Durable Goods
2.3.345 Non-Farm Housing Services
2.3.346 Non-Ferrous Forging
2.3.347 Non-Food Retail Sales
2.3.348 Non-Interest Commercial Banking
2.3.349 Non-Metallic Mineral Mining and Quarrying
2.3.350 Non-Residential Construction and Engineering
2.3.351 Non-Store Retailers and Mail Order
2.3.352 Non-Wood Office Furniture Manufacturing
2.3.353 Nonwoven Fabric Mills
2.3.354 Nuclear Electric Power Generation
2.3.355 Nursery, Garden Center, and Farm Supply Stores
2.3.356 Nursing Homes
2.3.357 Nuts
2.3.358 Office Supplies and Stationery Stores
2.3.359 Oil
2.3.360 Oil, Gas, and Mining Exploration Services
2.3.361 Oil-, Solid Fuel-, and Electric-Powered Boilers
2.3.362 Oils and Fats
2.3.363 Onions and Shallots
2.3.364 Online Analytical Processing (OLAP)
2.3.365 Operations Management Services
2.3.366 Ophthalmic Goods Manufacturing
2.3.367 Optical Goods and Eye Care Products
2.3.368 Oral Drug Delivery Systems
2.3.369 Orange Juice
2.3.370 Organic Beverages
2.3.371 OTC Healthcare Products
2.3.372 Outdoor Games
2.3.373 Outerwear Clothing and Accessories
2.3.374 Outsourcing Services
2.3.375 Ovens and Stoves
2.3.376 Over-The-Counter Drugs
2.3.377 Packaged Nuts
2.3.378 Packaging and Labeling Services
2.3.379 Pagers
2.3.380 Paid Internet Search Advertising
2.3.381 Paint and Wallpaper Stores
2.3.382 Paper Towels
2.3.383 Parking Lots, Garages, and Valet Parking Services
2.3.384 Passenger Transportation
2.3.385 Passive Components
2.3.386 Pasta and Noodles
2.3.387 PC Video Game Software
2.3.388 Pears
2.3.389 Periodicals
2.3.390 Perishable Prepared Foods Manufacturing
2.3.391 Permanent Employment Services
2.3.392 Personal Stationery
2.3.393 Pet Care Products
2.3.394 Pharmacies and Drug Stores
2.3.395 Phosphate Rock Mining
2.3.396 Phosphatic Fertilizer Manufacturing
2.3.397 Physicians' Services
2.3.398 Pizzas
2.3.399 Plant Bread
2.3.400 Plastic Housewares
2.3.401 Plumbing Products
2.3.402 Plush Toys
2.3.403 Pollution Control Equipment and Services
2.3.404 Popcorn
2.3.405 Pork Pies
2.3.406 Port and Shipbuilding Equipment
2.3.407 Potash, Soda, and Boratic Minerals Mining
2.3.408 Potato Chips
2.3.409 Poultry Products
2.3.410 Powder Detergents
2.3.411 Prawn Appetizers and Dips
2.3.412 Precious Metal Jewelry and Personal Articles
2.3.413 Prefabricated Metal Buildings
2.3.414 Pre-Recorded Cassettes
2.3.415 Prerecorded Tape, Compact Disc, and Record Stores
2.3.416 Prescription Eyeglass Frames
2.3.417 Presentation Materials
2.3.418 Primary Metal Industries
2.3.419 Printed Circuit Boards
2.3.420 Printers
2.3.421 Printing Special Business Forms and Checkbooks
2.3.422 Private Residential Construction
2.3.423 Professional Computer Services
2.3.424 Programmable Logic Devices
2.3.425 Property and Casualty Insurance
2.3.426 Public Residential Construction
2.3.427 Publishing Advertising
2.3.428 Pubs, Clubs, and Nightclubs
2.3.429 Pulmonary Drug Delivery Systems
2.3.430 Pulp Mills
2.3.431 Radiators and Pumps
2.3.432 Radio and Television Broadcasting
2.3.433 Railroad Freight Services
2.3.434 Ready Pasta
2.3.435 Real Jewelry
2.3.436 Reconstituted Wood Products
2.3.437 Recorded Music
2.3.438 Recreational Vehicle Dealers
2.3.439 Red Meat
2.3.440 Refining Cane Sugar from Raw Cane Sugar
2.3.441 Refrigeration Appliances
2.3.442 Regional Newspapers
2.3.443 Relays and Industrial Controls
2.3.444 Remediation Services
2.3.445 Rendering Animal Fat, Bones, and Meat Scraps
2.3.446 Renewable Energy Equipment
2.3.447 Replacement Tires for Cars and Light Vans
2.3.448 Residential Construction
2.3.449 Residual Fuel Oil
2.3.450 Retail Logistics
2.3.451 Retirement Savings Plans
2.3.452 Reupholstery and Furniture Repair
2.3.453 Rice Milling
2.3.454 Ride-On Toys
2.3.455 Rooming and Boarding Houses
2.3.456 Root Vegetables
2.3.457 Salad Accompaniments
2.3.458 Salon Hair Care Products
2.3.459 Salt and Vinegar Potato Chips
2.3.460 Sandwich Spreads
2.3.461 Sanitary Protection Products
2.3.462 Sauces, Salad Dressings, and Condiments
2.3.463 Savory Snacks
2.3.464 Sawmills
2.3.465 Scanners
2.3.466 School Food Service
2.3.467 Scrap Recycling
2.3.468 Screw Machine Products
2.3.469 Seafood Canning
2.3.470 Seasonal Cookies
2.3.471 Secondary Smelting and Alloying of Aluminum
2.3.472 Security and Commodity Brokers and Dealers
2.3.473 Sensors
2.3.474 Services
2.3.475 Sewer Facilities
2.3.476 Sewing, Needlework, and Piece Goods Stores
2.3.477 Shaving Razors and Blades
2.3.478 Sheer Window Furnishings
2.3.479 Shellfish
2.3.480 Ship Building and Repairing
2.3.481 Single-Serving Dry Ambient Snacks
2.3.482 Skin Care Products
2.3.483 Slaughtering Animals Excluding Poultry
2.3.484 Sliced Cooked Meat
2.3.485 Slow-Release Household Fresheners
2.3.486 Smoked Salmon
2.3.487 Smoothies
2.3.488 Snack Fruit Pies
2.3.489 Socks, Stockings, and Tights
2.3.490 Soft Cheese
2.3.491 Soup
2.3.492 Space Heaters
2.3.493 Spice and Extract Manufacturing
2.3.494 Sporting Goods Retailers
2.3.495 Sports and Energy Drinks
2.3.496 Spreads and Margarines
2.3.497 Stacking Potato Chips
2.3.498 Standard and Bulk Ice Cream
2.3.499 Stationary Bicycles
2.3.500 Steel Mill Products
2.3.501 Stella Artois Lager Beer
2.3.502 Still Bottled Water
2.3.503 Stone Fruit
2.3.504 Storage Battery Manufacturing
2.3.505 Sugar Candy
2.3.506 Support Activities for Air Transportation
2.3.507 Surface Cleaners
2.3.508 Sweet Spreads
2.3.509 Switchgear and Switchboard Apparatus
2.3.510 Synthetic Rubber
2.3.511 Table Lamps
2.3.512 Taxicabs
2.3.513 Telecommunications Equipment
2.3.514 Telephone and Telegraph Facilities
2.3.515 Television Broadcasting
2.3.516 Temporary Employment Services
2.3.517 Tequila and Mescal Spirits
2.3.518 Testing Laboratories
2.3.519 Textile Fabrics
2.3.520 Tire Cord and Tire Fabric Mills
2.3.521 Tissues
2.3.522 Tobacco Products
2.3.523 Tortilla Manufacturing
2.3.524 Toy Stores
2.3.525 Traditional Toys
2.3.526 Trail Mix
2.3.527 Transformers
2.3.528 Transportation Equipment
2.3.529 Travel Trailer and Camper Manufacturing
2.3.530 Truck Trailer Manufacturing
2.3.531 Turkey Pieces
2.3.532 Ultra Disposable Diapers
2.3.533 Underwear, Nightwear, and Swimwear
2.3.534 Underwire Bras
2.3.535 Unleaded Gasoline
2.3.536 Upholstered Household Furniture Manufacturing
2.3.537 Used Car Dealers
2.3.538 Utilities
2.3.539 Vacuum Cleaners
2.3.540 Valves and Pipe Fittings
2.3.541 Vegetarian Foods
2.3.542 Venture Capital
2.3.543 Vertical Blinds
2.3.544 Video Cassette Recorders (VCRs)
2.3.545 Vienna and French Bread
2.3.546 Vodka
2.3.547 VoIP Telephone Service
2.3.548 Wallets and Purses
2.3.549 Washing Machines
2.3.550 Watches
2.3.551 Water Utilities
2.3.552 Wedding Dresses
2.3.553 Weft Knit Fabric Mills
2.3.554 Welding and Soldering Equipment Manufacturing
2.3.555 Whiskey
2.3.556 White Bread
2.3.557 Whole Chicken Poultry
2.3.558 Window Blinds
2.3.559 Wine
2.3.560 Wineries
2.3.561 Wipes
2.3.562 Wireless Communication Services
2.3.563 Wiring Devices
2.3.564 Women’s Apparel and Accessories
2.3.565 Womenswear and Lingerie
2.3.566 Wood Preservation
2.3.567 Wool Yarn
2.3.568 Workers' Compensation Insurance
2.3.569 Writing Instruments
2.3.570 Yarn Spinning Mills
2.3.571 Yellow Fats
2.3.572 Yogurt with Live Cultures
2.3.573 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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