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The 2011 The U.S. Virgin Islands Economic and Product Market Databook

Description:
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 The U.S. Virgin Islands, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium in realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question. Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant. Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences). Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for The U.S. Virgin Islands. Since ICON Group has asked me to apply this methodology to a large number of categories and countries, the rather academic discussion below is general and can be applied to a wide variety of categories and countries, not just The U.S. Virgin Islands. Step 1. Product Definition and Data Collection Any study of latent demand across countries and within The U.S. Virgin Islands requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries are more likely to be at or near efficiency than others. These countries are given greater weight than others in the estimation of latent demand compared to other countries for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets). The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany. Latent demand for The U.S. Virgin Islands is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of a category is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within a category falls under the broadest definition of the category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all countries and the world at large (without needing to know the specific parts that went into the whole in the first place). All figures in this report are for sales resulting from retail channels. Step 2. Filtering and Smoothing Based on the aggregate view of categories as defined above, data were then collected for as many similar countries as possible for that same definition, at the same level of the value chain. This generates a convenience sample of countries from which comparable figures are available. If the series in question do not reflect the same accounting period, then adjustments are made. In order to eliminate short-term effects of business cycles, the series are smoothed using an 2 year moving average weighting scheme (longer weighting schemes do not substantially change the results). If data are available for a country, but these reflect short-run aberrations due to exogenous shocks (such as would be the case of beef sales in a country stricken with foot and mouth disease), these observations were dropped or "filtered" from the analysis. Step 3. Filling in Missing Values In some cases, data are available for countries on a sporadic basis. In other cases, data from a country may be available for only one year. From a Bayesian perspective, these observations should be given greatest weight in estimating missing years. Assuming that other factors are held constant, the missing years are extrapolated using changes and growth in aggregate national income. Based on the overriding philosophy of a long-run consumption function (defined earlier), countries which have missing data for any given year, are estimated based on historical dynamics of aggregate income for that country. Step 4. Varying Parameter, Non-linear Estimation Given the data available from the first three steps, the latent demand in additional countries is estimated using a “varying-parameter cross-sectionally pooled time series model”. Simply stated, the effect of income on latent demand is assumed to be constant across countries unless there is empirical evidence to suggest that this effect varies (i.e., . the slope of the income effect is not necessarily same for all countries). This assumption applies across countries along the aggregate consumption function, but also over time (i.e., not all countries are perceived to have the same income growth prospects over time and this effect can vary from country to country as well). Another way of looking at this is to say that latent demand is more likely to be similar across countries that have similar characteristics in terms of economic development (i.e., African countries will have similar latent demand structures controlling for the income variation across the pool of African countries). This approach is useful across countries for which some notion of non-linearity exists in the aggregate cross-country consumption function. For some categories, however, the reader must realize that the numbers will reflect the contribution of The U.S. Virgin Islands to global latent demand and may never be realized in the form of local sales. For certain country-category combinations this will result in what at first glance will be odd results. For example, the latent demand for the category “space vehicles” will exist for “Togo” even though they have no space program. The assumption is that if the economies in these countries did not exist, the world aggregate for these categories would be lower. The share attributed to these countries is based on a proportion of their income (however small) being used to consume the category in question (i.e., perhaps via resellers). Step 5. Fixed-Parameter Linear Estimation Nonlinearities are assumed in cases where filtered data exist along the aggregate consumption function. Because the world consists of more than 200 countries, there will always be those countries, especially toward the bottom of the consumption function, where non-linear estimation is simply not possible. For these countries, equilibrium latent demand is assumed to be perfectly parametric and not a function of wealth (i.e., a country’s stock of income), but a function of current income (a country’s flow of income). In the long run, if a country has no current income, the latent demand is assumed to approach zero. The assumption is that wealth stocks fall rapidly to zero if flow income falls to zero (i.e., countries which earn low levels of income will not use their savings, in the long run, to demand). In a graphical sense, for low income countries, latent demand approaches zero in a parametric linear fashion with a zero-zero intercept. In this stage of the estimation procedure, low-income countries are assumed to have a latent demand proportional to their income, based on the country closest to it on the aggregate consumption function. Step 6. Aggregation and Benchmarking Based on the models described above, latent demand figures are estimated for all countries of the world, for The U.S. Virgin Islands and for the smallest economies. These are then aggregated to get world totals and regional totals. To make the numbers more meaningful, regional and global demand figures are presented. Figures are rounded, so minor inconsistencies may exist across tables.
 
Contents:
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. 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