The 2011 Equatorial Guinea Economic and Product Market Databook
ICON Group International, January 2011, Pages: 598
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).
Another reason why sales do not equate to latent demand is exchange rates. In this report, all figures assume the long-run efficiency of currency markets. Figures, therefore, equate values based on purchasing power parities across countries. Short-run distortions in the value of the dollar, therefore, do not figure into the estimates. Purchasing power parity estimates of country income were collected from official sources, and extrapolated using standard econometric models. The report uses the dollar as the currency of comparison, but not as a measure of transaction volume. The units used in this report are: uuuu.
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 Equatorial Guinea, 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 Equatorial Guinea. 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 Equatorial Guinea.
Step 1. Product Definition and Data Collection
Any study of latent demand across countries and within Equatorial Guinea 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 Equatorial Guinea 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 Equatorial Guinea 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 Equatorial Guinea 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.
1 INTRODUCTION & METHODOLOGY
1.1 Overview & Methodology
1.2 Market Potential Estimation Methodology
1.2.1 Overview
1.2.2 What is Latent Demand and the P.I.E.?
1.2.3 The Methodology
1.2.3.1 Step 1. Product Definition and Data Collection
1.2.3.2 Step 2. Filtering and Smoothing
1.2.3.3 Step 3. Filling in Missing Values
1.2.3.4 Step 4. Varying Parameter, Non-linear Estimation
1.2.3.5 Step 5. Fixed-Parameter Linear Estimation
1.2.3.6 Step 6. Aggregation and Benchmarking
2 SUMMARY RANKINGS
3 AC DRIVES
4 ADHESIVES AND SEALANTS
5 ADULT ENTERTAINMENT
6 ADVERTISING AGENCIES
7 AEROSPACE AND DEFENSE EQUIPMENT
8 AFTERMARKET PASSENGER CAR TIRES
9 AFTER-SUN MOISTURIZERS AND TAN-EXTENDER CREAMS
10 AGRICULTURAL CHEMICALS
11 AIR CONDITIONING AND REFRIGERATION EQUIPMENT
12 ALBUMS AND EPS
13 ALCOHOLIC COOLER BEVERAGES
14 ALES AND STOUTS
15 ALIMENTARY AND METABOLISM PHARMACEUTICALS
16 ALUMINA REFINING
17 ALUMINUM DIE-CASTING FOUNDRIES
18 AMBIENT CANNED SPONGE PUDDING
19 AMMONIA-FREE SEMI-PERMANENT HAIR DYES
20 AMUSEMENT AND RECREATION SERVICES
21 ANALGESICS
22 ANALOG CAMCORDERS
23 ANTHRACITE MINING
24 ANTIDEPRESSANT PHARMACEUTICALS
25 ANTIFREEZE
26 ANTIPERSPIRANTS AND DEODORANTS
27 ANTI-REFLECTIVE GLASS
28 ANTISEPTIC FIRST AID CREAMS, SPRAYS, AND WIPES
29 APPAREL AND ACCESSORIES
30 APPETIZERS AND DIPS
31 APPLES
32 APPLICATIONS SOFTWARE
33 APPLICATION-SPECIFIC INTEGRATED CIRCUITS (ASICS)
34 APPLICATOR TAMPONS
35 ARCHITECTURAL SERVICES
36 ART DEALERS
37 ASIAN AND MIDDLE EASTERN BREADS
38 ATHLETIC FOOTWEAR
39 AUDIO COMPONENTS
40 AUTO AND HOME SUPPLY STORES
41 AVIATION SERVICES
42 BABY BOTTLES
43 BACON-FLAVORED POTATO CHIPS
44 BAGELS
45 BAGGED CHOCOLATE CANDY
46 BAKED GOODS
47 BAKERIES
48 BAKERY PRODUCTS
49 BAKING SODA TOOTHPASTE
50 BALLPOINT PENS
51 BANANAS
52 BAPS ROLLS
53 BAR SOAP
54 BASE CHEMICALS
55 BASMATI LONG GRAIN RICE
56 BATH ENHANCERS
57 BATTERY EGGS
58 BEAUTY AND BARBER SHOPS
59 BEEF-FLAVORED POTATO CHIPS
60 BEER
61 BELUGA CAVIAR
62 BEVERAGE MAKERS
63 BICYCLES AND BICYCLE ACCESSORIES
64 BIOTECHNOLOGY
65 BITUMINOUS COAL
66 BLACK TEA IN BAGS
67 BLANCMANGE AND PUDDING MIX
68 BLANK AUDIO CASSETTES
69 BLENDED WHISKEY
70 BOARD GAMES AND PUZZLES
71 BOAT BUILDING
72 BODY CARE PRODUCTS
73 BOILERS
74 BOOK PUBLISHING
75 BOTTLED WATER
76 BOTTLES OF LAGER BEER
77 BOUILLON CUBES
78 BOUTIQUE HOTELS
79 BOXED PEN AND PENCIL SETS
80 BOYS' SCHOOL UNIFORMS
81 BRAS AND ALLIED GARMENTS
82 BREAD
83 BREAKFAST CEREALS
84 BREATH FRESHENING SPRAYS
85 BREWERIES
86 BRIEFCASES
87 BROADBAND INTERNET ACCESS
88 BROADWOVEN FABRIC FINISHING MILLS
89 BROOM, BRUSH, AND MOP MANUFACTURING
90 BROWN AND WHOLEMEAL BREAD
91 BUBBLE GUM
92 BUDWEISER LAGER BEER
93 BUILDING INSPECTION SERVICES
94 BUILT-IN ELECTRIC OVENS
95 BULK DISPOSABLE DIAPERS
96 BUSES AND COACHES
97 BUSINESS SUPPORT SERVICES
98 BUTCHER SHOPS
99 BUTTER
100 CABLE AND DSL ROUTERS
101 CAD/CAM/CAE SOFTWARE
102 CAFES AND RESTAURANTS
103 CAJUN AND CARIBBEAN FOOD
104 CAKES AND PASTRIES
105 CALCIUM SUPPLEMENTS
106 CAMCORDERS
107 CAMERA AND PHOTOGRAPHIC SUPPLIES STORES
108 CAMPGROUNDS AND RECREATIONAL VEHICLE PARKS
109 CANAPÉ APPETIZERS
110 CANDLES
111 CANDY
112 CANNED BAKED BEANS
113 CANS OF LAGER BEER
114 CAR AUDIO SYSTEMS
115 CASHEWS
116 CASINOS AND GAMBLING
117 CAST IRON COOKWARE
118 CASUAL COMBINATION RESTAURANT/BARS
119 CAT FOOD
120 CD PLAYERS
121 CEILING LIGHT FIXTURES
122 CELLULAR TELEPHONES
123 CEMENT CONSTRUCTION MATERIALS
124 CEMETERIES AND CREMATORIES
125 CERAMIC HOUSEWARES
126 CHALKBOARDS
127 CHEESE MANUFACTURING
128 CHEMICALS
129 CHERRY-FLAVORED BOTTLED WATER
130 CHEWING GUM
131 CHICKEN PATTIES
132 CHILDREN'S AND INFANTS' CLOTHING STORES
133 CHILLED PASTA
134 CHINA AND PORCELAIN
135 CHINESE SIDE DISHES
136 CHIPS AND CRISPS
137 CHLORINE BLEACH CLEANING PRODUCTS
138 CHOCOLATE COOKIE CANDY BARS
139 CHUTNEY
140 CIGARETTE MANUFACTURING
141 CIGARS AND CIGARILLOS
142 CITRUS FRUIT
143 CIVIL AEROSPACE EQUIPMENT
144 CLASSIC HANDBAGS
145 CLAY BUILDING PRODUCTS
146 CLIMBING ROPES
147 CLOTHES DRYERS
148 CLOTHING ACCESSORIES
149 CMOS IMAGE SENSORS
150 COATED OR LAMINATED PAPER MANUFACTURING
151 COD LIVER OIL DIETARY SUPPLEMENTS
152 COFFEE AND TEA MANUFACTURING
153 COIN-OPERATED LAUNDRIES AND DRY CLEANERS
154 COLAS
155 COLLECTION AGENCIES
156 COLOR COSMETICS
157 COMBINATION VCR/DVD PLAYERS
158 COMMERCIAL BAKERIES
159 COMMUNICATIONS SERVICES
160 COMPACT FLUORESCENT LIGHT BULBS
161 COMPLETE DRY DOG FOOD
162 COMPOUND COOKING OILS AND FATS
163 COMPUTER STORAGE DEVICE MANUFACTURING
164 CONCENTRATED LIQUID FABRIC SOFTENERS
165 CONCRETE PIPE MANUFACTURING
166 CONSOLE VIDEO GAMES
167 CONSTRUCTION AND ENGINEERING SERVICES
168 CONSUMER BATTERIES
169 CONTACT LENSES
170 CONTINENTAL AND SPECIALTY PLANT BREAD
171 CONTINUOUS AIR FRESHENERS
172 CONTROL AND SUPPORT HOSIERY
173 CONVENIENCE STORES
174 CONVENTIONAL MINERAL OIL
175 COOKED CHICKEN PIECES
176 COOKIES AND CRACKERS
177 COOKING RANGES
178 COOLING FANS
179 COPPER ROLLING, DRAWING, AND EXTRUDING
180 CORDLESS COMPUTER MICE
181 CORPORATE STRATEGY SERVICES
182 COSMETICS AND TOILETRIES
183 COSTUME BRACELETS AND BANGLES
184 COTTON DIAPERS
185 COUGH AND COLD REMEDIES
186 CRACKERS
187 CRAFT BEER
188 CRAMI
189 CREAM CRACKERS
190 CREDIT BUREAUS
191 CRISPBREADS
192 CROISSANTS
193 CROSS/UTILITY VEHICLES (CUVS)
194 CRUDE PETROLEUM AND NATURAL GAS EXTRACTION
195 CRUDITÉS AND DIPS
196 CRUISE SHIP TOURISM
197 CRUMPETS AND PIKELETS
198 CRUSHED AND BROKEN STONE
199 CRUSHING OILSEEDS AND TREE NUTS EXCLUDING SOYBEANS
200 CRUSTY ROLLS
201 CUPCAKES
202 CURRENT-CARRYING WIRING DEVICE MANUFACTURING
203 CURTAIN AND DRAPERY MILLS
204 CUSTOM COMPOUNDING OF PURCHASED RESINS
205 CUT ORCHIDS
206 DAILY NEWSPAPERS
207 DAIRY CREAM
208 DARK BRANDY
209 DATA PROCESSING AND NETWORK SERVICES
210 DECAFFEINATED TEA
211 DECORATIVE NATURAL GAS SPACE HEATERS
212 DEFENSE INDUSTRY EQUIPMENT
213 DEHUMIDIFIERS AND HUMIDIFIERS
214 DEHYDRATED SOUP
215 DELI FOOD
216 DELUXE AND MALT WHISKEY
217 DENTAL FLOSS
218 DENTURE FIXATIVES AND CLEANSERS
219 DEPARTMENT STORES
220 DEPOSITORY CREDIT INTERMEDIATION
221 DESIGNER BATH AND SHOWER PRODUCTS
222 DESKTOP PERSONAL COMPUTERS
223 DETERGENT BARS
224 DIABETES MONITORING DEVICES
225 DIAL-UP INTERNET ACCESS
226 DIESEL TRUCKS
227 DIETARY SUPPLEMENTS
228 DIGESTION AIDS
229 DIGITAL CAMERAS
230 DIMENSION STONE
231 DINING OUT
232 DIPS
233 DIRECT SELLING ESTABLISHMENTS
234 DISCOUNT SUPERSTORES
235 DISCRETE SEMICONDUCTORS
236 DISHWASHER ADDITIVES
237 DISHWASHING PRODUCTS
238 DISPOSABLE CAMERAS
239 DISTILLATE FUEL OIL
240 DISTILLERIES
241 DOG FOOD
242 DOLLS AND FIGURES
243 DOMESTIC HEATING APPLIANCES
244 DRAFTING SERVICES
245 DRAM (DYNAMIC RANDOM ACCESS MEMORY)
246 DRAUGHT LAGER BEER
247 DRIED AND DEHYDRATED FOOD MANUFACTURING
248 DRINK CONCENTRATES
249 DRUG STORES AND PHARMACIES
250 DRY PASTA MANUFACTURING
251 DUCK AND GOOSE MEAT
252 DUFFLE BAGS
253 DURABLE GOODS
254 DVD PLAYERS
255 EASELS
256 EATING AND DRINKING PLACES
257 ECONOMY DISPOSABLE DIAPERS
258 EDIBLE OILS
259 EDUCATION AND TRAINING SERVICES
260 ELECTRIC BULK POWER TRANSMISSION AND CONTROL
261 ELECTRON TUBES
262 ELECTROSTATIC BROOMS
263 ELEMENTARY AND SECONDARY SCHOOLS
264 EMERGENCY CANDLES
265 ENERGY DRINKS
266 ENGINEERING SERVICES
267 ENGINES WITH LESS THAN 1 MEGAWATT OF POWER
268 ENGLISH MUFFINS
269 ENVELOPE MANUFACTURING
270 ENVIRONMENTAL CONSULTING SERVICES
271 ERMINE FUR COATS
272 ETHNIC APPETIZERS
273 EVENING HANDBAGS
274 EVERYDAY COOKIES
275 EXERCISE EQUIPMENT AND PERSONAL CARE APPLIANCES
276 EXPLOSIVES MANUFACTURING
277 EXTENDED STAY AND BUSINESS SUITE MOTELS
278 EXTERMINATING AND PEST CONTROL SERVICES
279 EXTERNAL SANITARY PROTECTION PRODUCTS
280 EXTRUDED CRISPBREADS
281 EYE CARE TREATMENT
282 FABRIC COATING MILLS
283 FACIAL AND BODY TONING SYSTEMS
284 FAMILY CLOTHING STORES
285 FARM MACHINERY AND EQUIPMENT
286 FASHION DOLLS
287 FAST FOOD
288 FAX MACHINES
289 FELT-TIPPED AND FIBER-TIPPED PENS
290 FEMININE SANITARY PROTECTION
291 FERMENTED SAUCES
292 ...
619 PLUMBING PRODUCTS
620 PLUSH TOYS
621 POLISHING SUPPLIES
622 POLLOCK
623 POLLUTION CONTROL EQUIPMENT AND SERVICES
624 POLYCARBONATE SPORTS BOTTLES
625 POLYMERASE CHAIN REACTION (PCR) MACHINES
626 POPCORN
627 PORE CLEANSING STRIPS
628 PORK PIES
629 PORT AND SHIPBUILDING EQUIPMENT
630 POTASH, SODA, AND BORATIC MINERALS MINING
631 POTATO CHIPS
632 POTTED POINSETTIA PLANTS
633 POULTRY PROCESSING
634 POWDER DETERGENTS
635 POWER TOOTHBRUSHES
636 PRAWN APPETIZERS AND DIPS
637 PRECIOUS METAL JEWELRY AND PERSONAL ARTICLES
638 PREFABRICATED METAL BUILDINGS
639 PREMIUM AND SUPER PREMIUM ICE CREAM
640 PREMIXED ALCOHOLIC BEVERAGES
641 PREPARED AND PROCESSED CHICKEN AND TURKEY POULTRY
642 PRE-RECORDED CASSETTES
643 PRERECORDED TAPE, COMPACT DISC, AND RECORD STORES
644 PRESCRIPTION EYEGLASS FRAMES
645 PRESENTATION MATERIALS
646 PRIMARY ALUMINUM PRODUCTION
647 PRINTED CIRCUIT BOARDS
648 PRINTERS
649 PRINTING SPECIAL BUSINESS FORMS AND CHECKBOOKS
650 PRIVATE RESIDENTIAL CONSTRUCTION
651 PROCESSED FISH AND CRAB
652 PROFESSIONAL ANALOG COMPASSES
653 PROGRAMMABLE LOGIC DEVICES
654 PROPELLING PENCILS
655 PROPERTY AND CASUALTY INSURANCE
656 PROTEOMIC PROTEIN CHIPS
657 PUBLIC RELATIONS AGENCIES
658 PUBLISHING ADVERTISING
659 PUBS, CLUBS, AND NIGHTCLUBS
660 PUFFS
661 PULMONARY DRUG DELIVERY SYSTEMS
662 PULP MILLS
663 PUMP DEODORANTS
664 PURSES
665 RADIANT NATURAL GAS SPACE HEATERS
666 RADIATORS AND PUMPS
667 RADIO AND TELEVISION BROADCASTING
668 RAILROAD EQUIPMENT
669 RANGE HOODS
670 READY MEALS
671 REAL ESTATE INVESTMENT TRUSTS
672 RECONSTITUTED WOOD PRODUCTS
673 RECORDED MUSIC
674 RECREATIONAL VEHICLE DEALERS
675 RED AND ROSÉ WINE
676 REFERENCE SOFTWARE
677 REFINING CANE SUGAR FROM RAW CANE SUGAR
678 REFLECTOR LIGHT BULBS
679 REFRIGERATION AND HEATING EQUIPMENT
680 REGIONAL NEWSPAPERS
681 RELAYS AND INDUSTRIAL CONTROLS
682 RELISH
683 REMEDIATION SERVICES
684 RENDERING ANIMAL FAT, BONES, AND MEAT SCRAPS
685 RENEWABLE ENERGY EQUIPMENT
686 RENTAL OF TRUCKS WEIGHING 3.51 TO 15 TONS
687 REPLACEMENT TIRES FOR CARS AND LIGHT VANS
688 RESIDENTIAL CONSTRUCTION
689 RESIDUAL FUEL OIL
690 RESTAURANTS
691 RETAIL BAKERIES
692 RETIREMENT SAVINGS PLANS
693 RETREADING OR REBUILDING TIRES
694 REUPHOLSTERY AND FURNITURE REPAIR
695 REUSABLE PLASTICS FOOD CONTAINERS
696 REWRITABLE COMPACT DISC MEDIA (CD-RWS)
697 RFID TAGS
698 RICE MILLING
699 RIDE-ON TOYS
700 RINGTONES
701 ROAD BIKES
702 ROLLERBALL PENS
703 ROLL-ON DEODORANTS
704 ROOMING AND BOARDING HOUSES
705 ROOT VEGETABLES
706 ROPE, CORDAGE, AND TWINE MILLS
707 ROYAL JELLY SUPPLEMENTS
708 RUBBER BRACELETS
709 SALAD ACCOMPANIMENTS
710 SALINE BREAST IMPLANTS
711 SALON HAIR CARE PRODUCTS
712 SALT AND VINEGAR POTATO CHIPS
713 SANDWICH CRACKERS
714 SANITARY PROTECTION PRODUCTS
715 SATELLITES
716 SAUCES, SALAD DRESSINGS, AND CONDIMENTS
717 SAUSAGE ROLL APPETIZERS
718 SAVORY SNACKS
719 SAW/BAW DUPLEXERS
720 SAWMILLS
721 SCANNERS
722 SCENTED CANDLES
723 SCHIFFLI MACHINE EMBROIDERY
724 SCHOOL FOOD SERVICE
725 SCONES
726 SCRAP RECYCLING
727 SCREW MACHINE PRODUCTS
728 SEAFOOD CANNING
729 SEASONAL COOKIES
730 SECONDARY SMELTING AND ALLOYING OF ALUMINUM
731 SECURITY SYSTEMS SERVICES
732 SELF-TANNING PRODUCTS
733 SEMICONDUCTOR AND RELATED DEVICE MANUFACTURING
734 SEMI-MOIST DOG FOOD
735 SEMI-PERMANENT HAIR COLORANTS
736 SENSORS
737 SERVICES
738 SET FRENCH YOGURTS
739 SEWAGE TREATMENT FACILITIES
740 SEWER FACILITIES
741 SEWING, NEEDLEWORK, AND PIECE GOODS STORES
742 SEX TOYS
743 SHAMPOO
744 SHAVING RAZORS AND BLADES
745 SHEER WINDOW FURNISHINGS
746 SHELLFISH
747 SHIP BUILDING AND REPAIRING
748 SHOE POLISH
749 SILICONE CONTACT LENSES
750 SILVER ORE MINING
751 SINGLE-SERVING DRY AMBIENT SNACKS
752 SKIN CARE PRODUCTS
753 SKOL LAGER BEER
754 SLAUGHTERING ANIMALS EXCLUDING POULTRY
755 SLEEPING BAGS
756 SLICED COOKED MEAT
757 SLOW-RELEASE HOUSEHOLD FRESHENERS
758 SMALL FIREARMS MANUFACTURING
759 SMART CARS
760 SMIRNOFF ICE READY-TO-DRINK ALCOHOLIC BEVERAGES
761 SMOKED SALMON
762 SMOKER'S TOOTHPASTE
763 SMOOTHIES
764 SNACK FRUIT PIES
765 SNOWBOARDING BOOTS FOR STEP-IN BINDINGS
766 SNOWMOBILES
767 SOCCER BALLS
768 SOCKS, STOCKINGS, AND TIGHTS
769 SOFT CHEESE
770 SOLAR VESTS
771 SOLID AND SEMI-SOLID COOKING FATS
772 SOUP
773 SOUR BEETROOT PICKLES
774 SOY MILK
775 SPACE HEATERS
776 SPARKLING MINERAL WATER
777 SPECIAL OCCASION WRITING INSTRUMENTS
778 SPICE AND EXTRACT MANUFACTURING
779 SPORTING GOODS RETAILERS
780 SPORTS AND ENERGY DRINKS
781 SPREADABLE OILS AND FATS
782 SPREADS AND MARGARINES
783 SQUASH BALLS
784 SRAM (STATIC RANDOM ACCESS MEMORY)
785 STACKING POTATO CHIPS
786 STANDARD AND BULK ICE CREAM
787 STAPLERS
788 STATIONARY BICYCLES
789 STEAM AND AIR CONDITIONING SUPPLY
790 STEEL WIRE DRAWING
791 STELLA ARTOIS LAGER BEER
792 STICK AND SOLID DEODORANTS
793 STILL BOTTLED WATER
794 STONE MINING AND QUARRYING
795 STORAGE BATTERY MANUFACTURING
796 SUGAR CANDY
797 SUN CARE PRODUCTS
798 SUPER PREMIUM TAKE-HOME ICE CREAM
799 SUPPORT ACTIVITIES FOR AIR TRANSPORTATION
800 SURFACE ACTIVE AGENT MANUFACTURING
801 SWEET PICKLES
802 SWITCHGEAR AND SWITCHBOARD APPARATUS
803 SYNTHETIC AND SEMI-SYNTHETIC OIL
804 TABLE LAMPS
805 TAKE-HOME COMPLETE ICE CREAM DESSERTS
806 TALCUM POWDER
807 TAMPONS WITHOUT APPLICATOR
808 TANNING BEDS
809 TAPIOCA TEA DRINKS
810 TARTAR CONTROL TOOTHPASTE
811 TAXICABS
812 TEA LIGHTS
813 TEEN ENTERTAINMENT MAGAZINES
814 TELECOMMUNICATIONS EQUIPMENT
815 TELEPHONE AND TELEGRAPH FACILITIES
816 TELEVISION BROADCASTING
817 TEMPORARY EMPLOYMENT SERVICES
818 TENNENT'S LAGER BEER
819 TEQUILA AND MESCAL SPIRITS
820 TESTING LABORATORIES
821 TEX-MEX FOODS
822 TEXTILE FABRICS
823 THAI FOODS
824 THIGH HIGHS HOSIERY
825 THREAD MILLS
826 TIRE CORD AND TIRE FABRIC MILLS
827 TISSUES
828 TITANIUM LACROSSE STICKS
829 TOBACCO STEMMING AND REDRYING
830 TOILET BLEACHING TABLETS
831 TONE-ON-TONE HAIR COLORANTS
832 TOOTHBRUSHES
833 TOOTHPASTE FOR SENSITIVE TEETH
834 TORTILLA MANUFACTURING
835 TOY STORES
836 TRADITIONAL CHUTNEY
837 TRAIL MIX
838 TRANSFORMERS
839 TRANSLATION AND INTERPRETATION SERVICES
840 TRANSPORTATION EQUIPMENT
841 TRAVEL TRAILER AND CAMPER MANUFACTURING
842 TREATS FOR DOGS
843 TRUCK TRAILER MANUFACTURING
844 TURKEY PIECES
845 ULTRA DISPOSABLE DIAPERS
846 UNDERWATER DIGITAL CAMERAS
847 UNDERWEAR, NIGHTWEAR, AND SWIMWEAR
848 UNDERWIRE BRAS
849 UNISEX FRAGRANCES
850 UNLEADED GASOLINE
851 UNSCENTED CANDLES
852 UPHOLSTERED HOUSEHOLD FURNITURE MANUFACTURING
853 URANIUM-RADIUM-VANADIUM ORES
854 USED CAR DEALERS
855 UTILITIES
856 VACUUM CLEANERS
857 VALVES AND PIPE FITTINGS
858 VEGETABLE AND SEED OILS
859 VEGETARIAN FOODS
860 VENETIAN BLINDS
861 VENTURE CAPITAL
862 VERTICAL BLINDS
863 VIDEO TAPE AND DISC RENTALS
864 VIENNA AND FRENCH BREAD
865 VITAMIN TONICS
866 VODKA
867 VOICE-RECOGNITION DICTATION SOFTWARE
868 VOIP TELEPHONE SERVICE
869 VOL-AU-VENT APPETIZERS
870 WAFFLES
871 WALLETS AND PURSES
872 WALL-MOUNTED LIGHT FIXTURES
873 WASHER-DRYERS
874 WASHING MACHINES
875 WATCHES
876 WATER SUPPLY AND IRRIGATION SYSTEMS
877 WCDMA/UMTS-BASED CELLULAR TELEPHONES
878 WEB SERVERS
879 WEDDING DRESSES
880 WEFT KNIT FABRIC MILLS
881 WEIGHT GAINER AND MUSCLE BUILDER SUPPLEMENTS
882 WELDING AND SOLDERING EQUIPMENT MANUFACTURING
883 WET MILLING OF CORN
884 WHISKEY
885 WHITE BREAD
886 WHOLE CHICKEN POULTRY
887 WI-FI CELLULAR TELEPHONES
888 WINDOW BLINDS
889 WINE
890 WINERIES
891 WINTER SPORTING GOODS
892 WIPES
893 WIRELESS COMMUNICATION SERVICES
894 WIRING DEVICES
895 WOMEN'S APPAREL AND ACCESSORIES
896 WOMENSWEAR AND LINGERIE
897 WOOD PRESERVATION
898 WOOL YARN
899 WORKERS' COMPENSATION INSURANCE
900 WRITING INSTRUMENT REFILLS
901 YARN SPINNING MILLS
902 YELLOW FATS
903 YOGA MATS
904 YOGURT WITH LIVE CULTURES
905 DEFINITION OF TERMS
906 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS
906.1 Disclaimers & Safe Harbor
906.2 ICON Group International, Inc. User Agreement Provisions
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
