text:
Collana Working Paper n. 4/2010 VALUE CREATION IN THE FAIR TRADE CHAINS. Donatella Depperu, Alessandra Todisco
- Louise Townsend
- 2 years ago
- Views:
1 Collana Working Paper n. 4/2010 VALUE CREATION IN THE FAIR TRADE CHAINS Donatella Depperu, Alessandra Todisco
2 CONTENTS Abstrac 3 1.Introduction 4 2. The research 6 3. Fair trade Definition The players The diffusion of FT The banana chain The coffee chain 15 6.Discussion Conclusion References 23 Il testo di questo working paper è coperto dai diritti d autore e non può essere riprodotto, in alcuna forma, senza l autorizzazione scritta dell autore. In caso di citazione in altri lavori, si prega di indicarlo in bibliografia nel seguente formato: Donatella Depperu, Alessandra Todisco, Value creation in the fair trade chains, Collana Working Paper del Centro di Ricerca per lo Sviluppo Imprenditoriale dell Università Cattolica, n. 4/2010. Il CERSI (Centro di Ricerca per lo Sviluppo Imprenditoriale) è un centro di ricerca fondato nell aprile 2006 a Cremona dalla Facoltà di Economia dell Università Cattolica del Sacro Cuore. È dedicato all analisi dei percorsi di sviluppo delle imprese - soprattutto di piccole e medie dimensioni - e su questo tema svolge attività di ricerca, di formazione (rivolta a imprenditori e manager) e di affiancamento alle imprese. CERSI- Centro di Ricerca per lo Sviluppo Imprenditoriale Università Cattolica del Sacro Cuore Via Milano Cremona Tel /138/110 Fax web site: Pagina 2 di 27
3 VALUE CREATION IN THE FAIR TRADE CHAINS di Donatella Depperu Alessandra Todisco Abstract The aim of this research 1 is the analysis of the trade mechanisms which govern the alternative chains which import products from developing countries; a critical comparison of these chains and traditional ones, in terms of the players involved and the distribution of value; and finally, an evaluation of the strategic and economic sustainability of the alternative chains. After identifying the players involved in the FT chain and describing their roles, this paper analyses, in detail, the banana chain and coffee chain and presents a comparison to the traditional chain, in terms of the actors involved and the distribution of margins. Next, the mechanisms for creating value are presented, from the point of view of the corporation and, specifically, from the point of view of the consumer In conclusion, the paper demonstrates the strategic and economic sustainability of FT, which could thus be a valid ethical alternative to the traditional chain. The paper also shows the obstacles facing the potential diffusion of this phenomenon. 1 This paper is the output of a national research project, funded by the italian Univeristy and Research Ministry. Pagina 3 di 27
4 1. Introduction For the last twenty years in the tropical commodities market there has existed a phenomenon that has significant implications for the world economic system: the increase in demand of finished products from advanced economies corresponds with a reduction in the international price of the raw materials. This phenomenon can be attributed to at least two factors: on the one hand, overproduction on a global level and, on the other hand, the disparity in bargaining power of the players along the supply chain, at the extremes of which are found those individuals with almost no bargaining power numerous small producers of raw materials, from developing countries and a very restricted number of international corporations. At a time where there is a great thrust towards low-cost supply markets, and, at the same time, great attention to corporate social responsibility (driving social progress and providing a source of competitive advantage), companies are focusing increasingly on the behavior of their suppliers and are unwilling to be accomplices to any irresponsible actions these suppliers may take. Adding to this the fact that suppliers have become, especially in certain sectors, strategic stakeholders whose consensus could have relevant reputational implications it is understandable why companies are giving these individuals so much attention. A two-sided tendency becomes evident: on the one side, companies often control the operations of their own suppliers, who find the stimulus for responsible behavior in the demands of their customers; on the other side, the same companies are asked to exercise socially responsible behavior in regards to their suppliers. Under these circumstances, the entrepreneurial world Italian and international has created a variety of initiatives for the ethical control of the supply chain and of the promotion of socially responsible behavior towards the suppliers. One of these initiatives, limited to certain sectors - primarily tropical commodities and artisan products - is Fair Trade, a movement with the scope of fairly remunerating producers from developing countries, protecting their living and working conditions and supporting entrepreneurial development. This paper adds to the corpus of studies on corporate social responsibility and, therefore, corporate strategy, and it intends to demonstrate the strategic and economic sustainability of FT, the ethical alternative to the traditional chain. Pagina 4 di 27
5 2. The research Objectives The aim of this research is to evaluate the economic sustainability of the fair trade (FT) chain, based on the analysis of value creating systems in Fair Trade (FT) and comparison with the traditional ones. The Italian market is used as the market of reference. FT products are marketed through the Worldshops and large distributors, which, over the years, seem to have been more seriously engaged with the FT movement (Moore, Gibbon and Slack, 2006). In the analysis of the FT phenomenon and its development potential, the large retail sector takes on an important role: the research here is restricted to the Italian market and the analysis of the large retail sector channels. It is important to emphasize that some of the conclusion that are drawn may not be valid for Fair Trade s other marketing channel the Worldshops. 2.2 Research Methodology The research question can be stated as follows: Is the Fair Trade chain a feasible option for profit organizations? The research is an explorative survey and the methodology used is based on case studies (Eisenhardt, 1989). This methodology is most suitable for the aim of the research and to the lack of financial official data related to the distribution of margins along the fair trade chain. Being in direct contact with some of the players in the Fair Trade chain through personal interviews allowed the researchers to understand how value is created in the Fair Trade value creation system and to acquire financial information which have then put together to determine the value distribution system in the fair trade chain. The research methods, in the first phase, stipulate the analysis of academic literature and various materials found on the Internet; then, the key players in the analyzed chains were identified, 12, personal, semi-structured interviews were carried out and the data supplied by the interviewees was studied. The chains that were investigated were the banana and coffee ones. A variety of players in these chains were interviewed: producers from the developing countries (especially, coffee producers from Africa), importers (Peviani), producers of the finished goods (Chiquita, Lavazza, Icam Cioccolato), individuals from the certification (Trans Fair Italia, Trans Fair UK) and financing bodies (Consorzio Etimos) and managers from the large retail sector (Auchan, Carrefour, Coop), for a total of twelve interviews, which have been recorded and transcribed. First of all, the banana chains were analyzed; then the coffee chains were analyzed to verify whether the same considerations of the previous study could be applied. It was noted that there was little cooperation on the part of the players involved in the FT chains, and those who were willing to meet were not inclined to share data on the FT products. The theoretical framework which this paper is based on is the commodity chain approach, theory developed by world-system theorists to analyze the world economy (Hopkins and Wallerstein, Pagina 5 di 27
6 1986). A commodity chain is defined as a network of labor and production processes whose result in a finished commodity (Hopkins and Wallerstein, 1986). Commodity chain analysis focuses on the sequence of processes which extends from the production of the primary commodities to the finished goods and their sales to consumers. It analyses the nature of commodity flows to and from each stage, and the geographic distribution of the flows. The amount of value added to the product at each stage of the chain, and who appropriates the profit from that stage, are determined by the rules governing these transactions and their relations to transactions at the other stages (Talbot, 2002; Talbot, 1997). Based on the commodity chain framework, the tool used for the analysis of the value creation systems is the well known M. Porter value chain 2 : it has been used for identifying the activities that the companies carry out, to correlate with these activities revenues and costs, understanding where the revenue made by the various players in the chain originated. 3. Fair Trade 3.1 Definition FT has a rather long history: the first manifestations of this phenomenon were in the late 1800 s in the midst of the cooperative movements. The first manifestation of FT in the form that we know today appeared in the 1940 s and became a real movement in the 1960 s and 1970 s (Moore, 2004). Over the years, FT has been ascribed different definitions and, even though many of the FT operators share objectives and tools, there is no shortage of divisions over the defining characteristics of this phenomenon. In this paper we accept the definition n of FT proposed by FINE 3. Fair Trade is a trading partnership, based on dialogue, transparency and respect, that seeks greater equity in international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers especially in the South. Fair trade organisations (backed by consumers) are engaged actively in supporting producers, awareness raising and in campaigning for changes in the rules and practice of conventional international trade. (FINE, 2001) Based on the proposed definition, it is possible to outline the objectives of FT under the following points: 2 Porter M Competitive advantage: creating and sustaining superior performance, New York: The Free Press. 3 International informal network, which several FT bodies are associated to: for example, Fairtrade Labelling Organization (FLO), International Federation for Alternative Trade (IFAT), Network of European Shops (NEWS!) and European Fair Trade Association (EFTA). Pagina 6 di 27
7 - Improving the living conditions of producers in developing countries by facilitating their access to the market, stimulating the constitution of the producers association, paying a higher price for the acquisition of their products and guaranteeing the stability of the supplies. - Promoting the development opportunities for disadvantaged producers, especially women and indigenous people, and protecting children from exploitation in the production process. - Increasing the consumer s awareness of the possible negative effects of international trade on producers. - Setting an example of trade relations based on dialogue, transparency and respect. In sum, FT presents itself as an alternative channel of access to developed markets for producers who, in the traditional international trade circuit, encounter barriers that are insurmountable without the help of local intermediaries intermediaries who often take advantage of producers limited bargaining power. The main goal of FT is the improvement of living conditions for producers in developing countries; sustaining humanitarian initiatives, assisting and supporting financial gain in favor of the producers community and, in the longer term, sustaining training initiatives aimed at updating production techniques and developing the producers entrepreneurial skills in such a way that they set up virtuous circles for the improvement of living conditions (Barbetta, 2006). 3.2 The Players There are five categories of individuals involved in FT: producers, traders, licensees/distributors, certification bodies and financing organizations. The producers The producers participating in the FT circuit are small, family-run organizations: in most cases they are united in consortia or cooperatives; in some cases there are more complex structures, with ownership of a capitalistic nature. What unites the FT producers is the difficulty accessing the traditional market, except for through local intermediaries who speculate on their virtually nonexistent bargaining power (www.fairtrade.com). Adherence to the FT circuit represents, therefore, an opportunity to enter developed markets and to obtain fair prices and stability of supplies, training for the improvement of production techniques and welfare services for the community of origin. In exchange, the producers are asked to respect the minimal standards for working conditions, in regards to child labor and environmental protection norms. Pagina 7 di 27
8 The Traders The traders (exporters or importers) of the FT chain are the individuals who favor (or effect) the exchange of goods between the countries of production and the countries of consumption. In some cases they are specialized organizations in FT and those dedicated exclusively to FT, the so called Alternative Trade Organizations 4 (ATOs); in other cases they are importers, distributors or producers who are not exclusively dedicated to FT but who market some of their products and use them as the raw material for their own businesses. Traders admitted in the FT circuit by the certification entities have obligations in regards to the producers: above all, long-term contracts and, should the producers ask, an advance on the part of the supply, so that producers can reduce the necessity of debt (Barbetta 2006). It is important to remember that one of the main problems faced by developing countries is access to credit (Pastore 5, 2004). Licensees/Distributors The distributors and licensees are the individuals who sell the final products to the consumers and who are authorized to use the FT trademark, for the use of which they pay royalties to the certification bodies. During the first years of development the FT products were only sold through the Worldshops, shops run primarily by non-profit organizations. Two thirds of the global market of FT products is made up of foodstuffs (Moore, 2004), which has recently made it possible for FT to find a place in some traditional stores and some large distribution chains. The introduction of FT products in the large retail sector has brought a notable increase, in relative terms 6, to the market share of certain products (Murry and Raynolds, 2000; Nicholls, 2002; Cafedirect, 2003), but also carries the heavy risk that the very concept of the FT looses its essence (Raynolds, 2000) and becomes diluted by the market and the profit logic that guides the operation of many businesses (Renard, 2003). How FT can minimize this risk and, at the same time, maximize the volume of business is still a subject of debate. Nicholls (2002) maintains that the keys to preserving the nature of FT are: (a.) rigid standard for certification, (b.) changing the accessibility of the Fair Trade mark usage licenses, (c.) greater transparency in information regarding the dynamics of pricing and (d.) initiatives for raising the consumer s awareness with the FT phenomenon. 4 The most important are: Gepa (Germany), CTM Altromercato (Italy), Tradicraft (UK) and Oxfam (Holland). 5 Interview to Dr. P. Pastore, coordinator of Trans Fair Italia (2004, December 1 st ). 6 In absolute terms, the market share of FT products is still minimal, even after the introduction of FT products into the big retailers sector (see 2.3). Pagina 8 di 27
9 Certifying Bodies An absolutely critical role in the FT chain is that covered by the certifying bodies; national or international institutions that guarantee that products marketed with the FT trademark conform to the principles and standards of FT. The certifying bodies assume a role of absolute importance in the FT chain in protecting the consumer, who, asked to pay a higher price for FT products compared to similar products in the traditional chain, has a right to be informed and assured of the route attributed to remuneration at the top of the chain. In 1997, recognizing the need for a unique FT mark and a suitable certification structure, various national organizations founded FLO (Fairtrade Labelling Organization), a non-profit organization which acts as an international certification entity and holds the rights to the FairTrade mark, a mark which distinguishes FT on a global level (Barbetta, 2006). FLO defines the standards that producers and traders have to respect in order to take part in the FT circuit and conducts an initial investigation; following which, the Fairtrade certification mark is issued to producers and the license to use the mark is issued to traders; next, FLO conducts inspections (generally once a year) verifying the adherence to standards set by the FT circuit. The producers and traders who request to join the FT circuit pay FLO an initial registration fee of approx. 2,000 and an annual renewal fee of approx. 1,000. The license to use the Fair Trade mark is granted by national organizations - FLO partners - upon the payment of royalties, which average around 1.5-2% of the consumer price of products which use the FT trademark. The royalties sustain the activities of the national organizations and also those of FLO (Barbetta 2006). The national organizations, beyond issuing licenses to distributors, are responsible for monitoring the FT phenomenon on a national level; promoting campaigns, based on public opinion, to raise awareness; and, in some cases, conducting reviews of the adherence of standards on the part of the mark licensees. Another standard setting agency in the FT world is IFAT (Moore, 2004), the global network of Fair Trade Organizations, which have developed in 2001 the Standards for Fair Trade Organizations. Thus, in 2004, at the World Social Forum in Mumbai India the FTO Mark, a trademark which identifies registered Fair Trade Organizations worldwide, has been launched. The FTO Mark means that IFAT standards are being implemented regarding working conditions, wages, child labour and the environment. These standards are verified by self-assessment, mutual reviews and external verification (www.ifat.org). Between IFAT and FLO there exist some differences: first of all, FLO acts mainly as a product standard whereas IFAT as a network of producers which have sold their products through the ATO channels, in fact only recently IFAT has developed its standards; secondly, FLO applies most exclusively to food products, instead IFAT to non food ones (Moore, 2004) Not all of the FT products are certified. There are some individuals who import from producers so disadvantaged that they can t finance the FLO certification. In these cases the importer, or the ATO s in respect for the founding principles of FT qualify them as a guarantor, creating endless Pagina 9 di 27
10 controversy over the conflict of interest that inevitably arises in those who certify, or better, selfcertify their own activities, putting themselves in a position of self recommendation. Financing Organizations Another party exists in the FT chain which, even if it isn t strictly implicit in the process of production/transport/marketing, has a leading role: the financing organizations. These are parties who provide financing to the producers of the developing world: they are, for the most part, individuals who, not coming from traditional financial organizations, are specialized in the problematic nature of this type of client. The financing provided is often amounts rather small in absolute value - it sometimes involve only 2,000 - but it is able to make a large difference for the small producers of developing countries who, among other problems, struggle with limited access to credit. Operating in Italy is a consortium belonging to Banca Etica and specializing in the collection of savings supporting the micro-entrepreneurial experience and micro-financing programs in developing countries and in areas of financial crisis: The Etimos Consortium. Etimos is a cooperative consortium which collects savings and provides financing only among its own partners, which are organizations (not individuals who are offered other ways to sustain Etimos): micro-finance institutions, producer cooperatives, associations, universities, schools and institutions promoting social activities (in developing countries); cooperatives, Worldshops, foundations, public and religious entities and associations (In Italy). They become Etimos partners and, therefore, have the opportunity to access the savings and credit services offered, purchasing at least one share (258 ) 7. The major part of individuals who turn to Etimos to receive financing are not able to provide adequate refunding guaranties for which Etimos invites individuals, groups, associations and religious entities to become guarantor should, for any number of reasons, the borrower find it impossible to pay back the debt. For the Etimos shareholders this involves a bona fide division of responsibility of an ethical investment, in which the value can t be translated exclusively into financial gains. The risk of not be refunded by the financed producers is very low: on average, around 3%. The same mechanism which the Etimos Consortium bases its activity on, inspires other similar organization - of greater dimensions - operating on an international level; among the principle organizations are Triodos Bank, operating in the UK, Holland, Spain and Belgium with headquarters in Holland; Oikocredit, which operates in eleven countries and has its headquarters in Holland; Shared Interest, UK (Krier, 2005). 7 Consorzio Etimos, Sustainability Report Pagina 10 di 27
11 3.3 The diffusion of FT FT has entered a new phase: starting rather modestly in the 50 s, today it has become a global phenomenon, from which millions of producers and their families benefit. On a global level, in 2002, the total value of the FT market was around 500 million dollars (Redfern & Snedker, 2002). More recent data relevant to the European market: from , the FT European market was valued at 660 million euro, a figure which is significant in its own right, but even more remarkable if you compare this with estimations from five years ago , which was confirmed to be around 260 million euro. Therefore, in Europe, in the last five years, FT has more than doubled in terms of value (an increment of 154%) stimulating an estimate of the rate of annual growth at approximately 20% (Krier, 2005). A large part of the FT turnover achieved in Europe in is linked to products with the FairTrade mark (597 million Euros) - in particular, coffee and bananas. Today, in Switzerland FT bananas, flowers and sugar have make up an important share of the market (47%, 28% and 9%, respectively); in the UK, a country with a population eight times larger than that of Switzerland, tea, bananas and coffee have reached a market share of 5%, 5.5% and 20% respectively. The effect of the market is impressive; a growth that wouldn t be possible without the introduction of FT in the large retail sector: today the FT products can be found in approx. 55,000 points of sale in the European large retail sector (Krier, 2005). 4. The banana chain The traditional banana chain is composed of the producer, the local trader, the exporter-importer, the ripener (a unique figure in this chain, who manages the maturation process of the unripe bananas that arrive from developing countries), distributors and the final consumer. Another peculiar element of this chain is the role of the Five Sisters, the five global giants responsible for logistics: Chiquita, Fyffes, Noboa, Del Monte and Dole. Until the end of 2005, the banana market was not a free market, but a market regulated by licenses, essentially divided up by the Five Sisters. From 2006 the licenses were abolished but the role of the Five Sisters continued to be very strong, as they are the only ones capable of managing the complex logistics of bananas, with the long voyage from the country of origin (countries of the developing world) to industrialized countries where they are consumed. As you can see in figure 1, the traditional banana chain can assume different configurations, with a greater or lesser degree of integration of the various players: from the maximum integration of Del Monte which manages all of the activities from plantation (on its properties) to the maturation to the minimal integration of Fyffes who acquires products from the producer and transfers them to a ripener, Peviani. Pagina 11 di 27
12 Figure: 1 Bananas, traditional chain Local Trader Exporter Importer Ripening/ Packaging Organizations Retailer Consumer In the FT DEL MONTE Retailer Consumer CHIQUITA Ripening/ Packaging Organizations Retailer Consumer DOLE Retailer Consumer FYFFES PEVIANI Retailer Consumer Source: Authors data processing In the FT banana chain (see fig. 2), there are the same players found in the traditional chain; the substantial difference between the traditional chain and the FT chain is that the producers are associates, making up a consortia and insuring greater bargaining power and visibility in the market in respect to the single producer. In respect to the traditional chain two new players are identified; they are not involved in the production process, but are essential for defining the FT: the financial institutions and the certification bodies. In figure 2 the certification bodies are positioned in correspondence to the ripeners and packagers not because they are the only individuals subject to review but because in the banana chain, the honor of the certification falls, in the form of royalties, on the party which uses the certification mark. Pagina 12 di 27
13 Figure: 2 Bananas, fair trade chain Traditional Chain Local Trader Exporter Importer Ripening/ Packaging Organizations Retailer Consumer Local Trader Exporter Importer Ripening/ Packaging Organizations Retailer Consumer Financing Organizations Certification Bodies Source: Authors data processing One of the fundamental problems perceived by the consumer in regards to FT products is the lack of clarity about the destination of the higher price which they are asked to pay; various interlocutors found indications of the breakdown of margins and their distribution of value along the FT banana chain; the data most in line with the information collected during the interviews is that supplied by Transfair UK (see Fig. 3). Figure: 3 Margin distribution in the bananas chain - Facts expressed in, referred to 1 Kg of product Actors Traditional Fair Trade FT-Traditional 0,12 6% 0,29 13% 0,17 6% Exporter 0,11 6% 0,13 6% 0,02 0% International transport 0,89 47% 0,81 35% -0,08-12% Certification 0 0% 0,03 1% 0,03 1% Ripening/Packaging/Distribution 0,78 41% 1,06 46% 0,28 5% Consumer final price 1,9 100% 2,32 100% 0,42 0% Source: TransFair UK Pagina 13 di 27
14 Starting with final price for the consumer, in the traditional chain the price is 1.9/kilogram, while the FT chain is 2.32/kilogram: the FT consumer is asked, therefore, to pay a rather significant premium price, 0,42/kilogram. Moving up the chain, note that the ripener, the packager and the distributor receive 0.78/kilogram (41% of the final price to the consumer); a value that in the FT chain seems rather high, 1.06/kilogram. Moving once again up the chain, we find the certification bodies (which, obviously, exists only in the FT chain), the international transport (the Five Sisters which are discussed above), the exporters and finally the producers, who in the traditional chain receive 6% of the final sales price and 13% in the FT chain, fulfilling, at least in appearance, the objective and the FT s reason for being, that is, the maximum remuneration for producers from the developing world. Hence, the premium price which consumer are asked to pay in order to buy FT products equals 0.42/kilogram, whereas the greater remuneration gained by producers is about 0.17/kilogram: where has gone the missing part of the premium price 0.25/kilogram? For the most part it is divided between the ripener, the packager and the distributor. This data can be interpreted positively from the company s point of view, in terms of the potential development of the phenomenon: managing to achieve the same margin or even a greater one in the traditional chain and the FT chain makes the allocation of production capacity along the two chains economically indifferent. According to Hayes and Moore (2005), there may be a link between the premium price paid by the final customer and the major remuneration recognized to the FT producer, but there is not any guarantee that this is the case because, in some circumstances, the premium price supports the FT buyer or the local FT organization. Despite what it is just said, the question remains open: why do the ripener, the packager and the distributor have a premium margin in the FT chain if, as emerged during the interviews, the production process is substantially identical so there should not any real justification to receive a support from the ethical consumer? We could speculate on the reason why this additional 0.25/kilogram does not go to the producers, as the maximization of their remuneration should be the goal of FT. We could also state that, in the end, final customers fund not only the greater remuneration of the producers from developing countries, but also the greater remuneration of some other actors along the chain and the most serious aspect of this story is that final customers are completely unaware of it. We could open a debate on these aspects but the discussion would concern the FT mechanism in itself and it is not the point. The points to highlight here are basically two: 1. All of the intermediary players in the chain achieve, essentially, the same margin in the traditional and FT chains, or, in some case, a greater one. 2. The final price to the consumer is notably higher in the FT chain and, therefore, in consideration of the first point, it can be concluded that the consumer finances the maximum remuneration for producers from developing countries, that is the essence of FT. Pagina 14 di 27
15 5. The Coffee Chain The coffee chain, in respect to the banana chain, involves a greater number of players (see fig. 4): the producers, the small local trader who collects the products of the small producers spread throughout the territory (the player who is called coyote in slang) one or two wholesalers who also function as traders or as exporter/importer, the roasters, the distributors and finally the end consumers. The rectangles with dashed borders show the possible integration of the various players; for example, between the producers and coyote, between the coyotes and wholesalers and so on. Figure: 4 Coffee, traditional chain Local Middleman (Coyote) I Trader II Trader/ Exporter Importer Roaster Retailer Consumer Local Middleman (Coyote) I Trader II Trader/ Exporter Importer LAVAZZA Retailer Consumer Local Middleman (Coyote) I Trader II Trader/ Exporter Importer STURBACKS Retailer Consumer ILLY (100% production) Retailer Consumer LAVAZZA (TIERRA! project) Retailer Consumer Source: Authors data processing One of the fundamental characteristics of the coffee chain is that the price is negotiated on the stock market: this clearly has a significant influence on the remuneration and margins that the various players manage to achieve along the entire chain. As with the banana chain, presented are some cases that illustrate the diverse configurations that the traditional chain can assume (see Fig. 4). The first two examples (Lavazza and Starbucks) represent the traditional configuration of the chain. Illy, on the other hand, is completely different, integrating all of the activities, from the production all the way to the roasting. Illy is an example of a great success in the coffee sector, with a business model which is notably different from others in the sector and clearly a key to its success: Illy purchases coffee directly from the producers and by bypassing all of the intermediary links in the chain, manages to compensate its producers from the developing world and its suppliers Pagina 15 di 27
16 with a higher than average remuneration (Lipparini and Cazzola and Pistarelli, 1998). Illy, which is certainly an exemplary case of alternative configurations in the traditional chain, can t be called FT but demonstrates sensitivity to the phenomenon of corporate social responsibility. Another alternative configuration in the traditional chain which is in many ways similar to the Illy model is the configuration realized by Lavazza with its project Tierra: Lavazza has launched a new coffee ( Tierra! ) produced entirely with primary product purchased from three communities in developing countries. The assistance provided by Lavazza in these three communities is not limited to their guarantee to purchase raw materials but also includes investments to help the community and training courses and support for increasing the production competencies of the small local entrepreneurs. At the root of this project, therefore, is a concept that echoes the principles of the FT, but is obviously not the FT. The FT coffee chain (see Fig. 5) maintains, for the most part, the same configuration of the traditional chain: as with the banana chain, the presence of a consortium of producers (which, in some cases, manage to even have access to the financing market), of a certificating body, a financing organization and a number of lesser intermediaries. In regard to certification, it should be noted that, unlike in the banana chain, in the coffee chain certification is held by the one who, at the distribution and roasting level, uses the trademark (in the form of royalties - for example, three cents for every package of coffee) and by the producers from developing countries who are asked to pay a share of the annual registration to the FT circuit. (This share of registration wavers between 500 and 2,000 based on the volume of production given to the FT circuit.) Figure: 5 Coffee, fair trade chain Traditional chain Local Middleman (Coyote) I Trader II Trader/ Exporter Importer Roaster Retailer Consumer Certification Bodies association Certification Bodies s Association Trader/ Exporter Importer Roaster Retailer Consumer Financing Organizations Source: Authors data processing Pagina 16 di 27
17 In regards to the margins achieved by the coffee chain, there exist different sources of data which report, in some cases, very different findings. The data supplied from sources that seem most reliable are: De Toni e Tracogna (2005) (see Fig. 6) and Transfair Italia (see Fig.7) De Toni e Tracogna report the percentage distribution assigned to the various players along the chain: 20% the producers, 11% local intermediaries, 6% exporters, import/export taxes, 30% roasters and 15% distributors. Figure: 6 Margin distribution in the coffee chain (I) Actors Margin Distribution (%) 20% Local Middleman 11% Exporter 6% Export Fees 2% International Trader 8% Import Fees 2% Roaster 30% Retailer 15% Taxes 6% 100% Source: De Toni, Tracogna (2005), L industria del caffè, Il Sole 24 Ore Moving on to the data supplied by Transfair (see Fig. 7), above all it is worth noting the difference between the average price of 250 grams of coffee from the traditional chain 2 and the price of the same quantity of FT coffee Moving up the chain, according to Transfair, the producer can take 8% of the generated value. De Toni e Tracogna, instead, report 20%. Unfortunately, it is not so easy to say which data is correct. The point that everyone does seem to agree on is that a large part of the value created along the coffee chain (whether that be the traditional or FT chain) does not remain in the country where it is produced. Rather, it is transferred to industrialized countries that is, the countries where the product is consumed and where the roasters and distributors operate. According to Gereffi (2001), there are two major types of governance structures in global commodity chains: producer-driven and buyer-driven chains. Generally speaking, developing countries producing for global markets sell into buyer-driven chains (Slob, 2005). Pagina 17 di 27
18 In light of the data reported in figures 6 and 7 it is evident that in the FT chains some of the players achieve a higher margin, others a lower margin. For example, it seems that the importers, roasters and distributors fall into this last category achieving 1.65/250 grams in the traditional chain and 2.46/250 grams in the FT chain, but this data is not confirmed in the information gathered during the interviews. The roasters claim that in the FT chain they are not able to achieve economy of scale and, therefore, the overall cost of production is a bit higher than that of the traditional chain, but, assuming equal sales volume, the FT products make it possible to achieve a margin which is not inferior to the traditional chain, the distributors claim that the FT products are not ever discounted, so, although they have a higher production cost, they offer the larger retail sector a stable margin over time and, on average, a margin that is not less than achieved in the traditional chain. Which is the truth about the distribution of margin in the coffee FT chain we are not able to say and this is the most weakness of the entire FT world: the lack of information and transparency, which final customers should deserve to be given, as it seems to be that they are the most important financier of the FT movement. Figure: 7. - Margin distribution in the coffee chain (II) - Facts expressed in, referred to a package of 250 grams Actors Traditional Fair Trade FT-Traditional 0,15 8% 0,62 18% 0,47 11% Local Middleman 0,06 3% 0,08 2% 0,02-1% Exporter 0,14 7% 0,14 4% 0,00-3% Certification 0,06 2% 0,06 2% Importer Roaster Retailer 1,65 83% 2,46 73% 0,81-9% Consumer final price 2 100% 3,36 100% 1,36 0% Source: Trans Fair Italia Pagina 18 di 27
19 6. Discussion The analysis of the collected data can be structured into two parts: (a) creating value for companies, (b) creating value for the consumer Creating value for companies Comparing the traditional and FT banana and coffee chains, the following differences emerge: above all, in the FT chain a player who is non-existent in the traditional chain plays a primary role the certification body. Secondly, in the FT chains the producers are generally organized into cooperatives or consortia which give them greater bargaining power. Finally, in the FT chains they often work to reduce the number of intermediaries involved in the course of the products from developing countries to advanced markets. Apart from the difference stated above, it is possible to affirm that the traditional and FT banana and coffee chains do not present significant differences for the players involved, the phases of production, or trade mechanisms; this is clearly a positive sign in terms of the development of the phenomenon; that is, a business which operates in the traditional chain and desires to open itself to the FT world would not find its business model turned upside-down. Further reinforcing these positive signs for the future development of the phenomenon is another consideration which emerges from the research: the margins achieved by all of the players involved in the traditional and FT chains are not significantly different. And so, if the business model would not be upset and if the margins would not be impacted, what is stopping companies that currently operate in the traditional chain to enter the FT circuit? Clearly the FT circuit isn t yet governed by efficient market rules. Entering in the FT circuit would present the management with significant strategic and operative problems (Nicholls, 2002), for example the supply chain may not always be reliable in terms of the product quality and delivery time. When the management of Starbucks first approached the FT phenomenon, doubts immediately emerged about the quality of coffee supplied by the FT circuit. The firm had the intention of opening its doors to FT, to demonstrate that its culture was strongly oriented to social responsibility, but not at the expense of loosing its reputation because of poor production quality (Argenti, 2004). Another obstacle that companies operating in the traditional chain face in joining the FT circuit are prices (Witkowski, 2005). In order to purchase the FT products the company is asked to pay a higher price for the purchase of raw materials. This higher price, as noted, is recuperated in the final price of the product. During periods of fierce competition between distributors, who are more and more frequently faced with bona fide price wars, the premium price asked by FT products could be an obstacle in the competition, especially if this higher price does not correspond to higher quality (Jones, Comfort and Hillier, 2004). On the other hand, Stecklow and White (2004) have demonstrated that some distributors, including Sainsbury and Tesco, have taken advantage of sales of Fair Trade bananas and coffee at exorbitant prices. Pagina 19 di 27
20 Therefore, taking into consideration the above, what justification could there be for the sustainability and the potential growth of FT in Italy? The first consideration regards the market and its expectations: from the interviews conducted during the research, it emerged that the primary motivation for companies to enter in the FT circuit is to satisfy demands expressed by a consumer niche. Therefore, the first answer to the question is linked to the dynamics of the market and the evolution of consumption patterns in the developed world. To demonstrate to what extent the market demands influence a company s inclination to enter in the FT, consider, for example, that the American market, culturally more oriented towards profit logic and less inclined to sacrifice consumer sovereignty in the face of a collective benefit compared to the European market, has helped develop the FT phenomenon far less than the European market (Brownstein, 2003). Nicholls e Opal (2005) reckon that if the Americans had the same tendency for the FT phenomenon as Europeans, the world FT figures would increase by approximately twenty times. The second consideration regards the strategic orientation of the company. FT could serve as a model of corporate culture oriented at social responsibility and FT could serve as control tool of the supply chain, more than ever a problem in this era of globalization: a thrust from companies of the developed world towards a low-cost supply markets, somehow makes these companies accomplices" in the behavior of their suppliers. For the company s management this complicity constitutes a moral problem that appeals to its conscience (Guidotti, 2006). The control tools in the supply chain are, in any case, diverse - initiatives of single enterprises, requests for self-certification on the part of the suppliers, initiatives of multi-stakeholders, SA8000 certification. FT could be one of these. Buying raw materials from suppliers registered with FLO could be, for the companies operating in advanced markets, a guarantee of ethical standards assumed by the producers in the production process: which would constitute The benign manifestation of globalization (Nicholls & Opal, 2005). This research demonstrates that the FT chain is a sustainable chain for all of the players: no one, in fact, seems to suffer from a margin inferior to that of the traditional chain. So, the answer to the question is probably not in the sustainability of the FT chain, for which this research has found an answer, but in the strategic orientation of the company. Social responsibility, as a distinguishing quality and, therefore, also source of competitive advantage, has to be a genuine expression of the company culture: corporate social responsibility is other than philanthropy (Molteni, 2004). Creating value for the consumer From the consumer s point of view, one of the first considerations is the quality of FT products: if it is true that in the FT chain none of the players involved renounce any part of their margin then only the consumer, in the end, feels the impact of the higher remuneration of producers from developing countries. One of the obstacles in the diffusion of the FT phenomena, from the consumer s point of Pagina 20 di 27
SIXTY Years of Fair Trade A brief history of the Fair Trade movement November 2006
SIXTY Years of Fair Trade A brief history of the Fair Trade movement November 2006 Fair Trade today The Fair Trade movement today is a global movement. Over a million small-scale producers and workersMore information
A CHARTER OF FAIR TRADE PRINCIPLES January 2009 2009 World Fair Trade Organization and Fairtrade Labelling Organizations International. All Rights Reserved. A CHARTER OF FAIR TRADE PRINCIPLES ContentsMore information
MAX HAVELAAR LICENSING GUIDELINES Dear reader, Welcome to Fairtrade/Max Havelaar! We are very pleased to welcome you as a new Licensee. As a Licensee, you need to become familiar with our system. We designedMore information
The Concept of Fair Trade & Fair Trade Forum-India. (The National Network for Fair Trade in India)
The Concept of Fair Trade & Fair Trade Forum-India (The National Network for Fair Trade in India) Fair Trade The IFAT defines fair trade as a a trading partnership based on dialogue, transparency and respectMore information
around the A Useful Definition of Fair Trade
Credit: Global Exchange What is Fair Trade? Swaziland artisan at work on the loom What is Fair Trade? www.ftrn.org Fair Trade is a lot of things: a social justice movement, an alternative business model,More information
La governance collaborativa nella gestione della supply chain
L internazionalizzazione responsabile Ancona, Camera di Commercio, Sala Parlamentino, 27 gennaio 2011 La governance collaborativa nella gestione della supply chain Antonio Tencati CReSV - Università BocconiMore information
Fair Trade: Market-Driven Ethical Consumption. By Alex Nicholls and. Charlotte Opal, London, Thousand Oaks, CA and New Delhi: Sage Publications,
Fair Trade: Market-Driven Ethical Consumption. By Alex Nicholls and Charlotte Opal, London, Thousand Oaks, CA and New Delhi: Sage Publications, 2005, 277 pp., ISBN 1 4129 0105 7, $40.95. This comprehensiveMore information
NONPROFIT ORGANIZATIONS AND THEIR TRAINING NEEDS IN HUMAN RESOURCE MANAGEMENT PAULA BENEVENE Università Lumsa firstname.lastname@example.com Fecha de recepción: 26 de enero de 2011 Fecha de admisión: 10 de marzoMore information
Dilemmas in Responsible Investment. Céline Louche
Dilemmas in Responsible Investment Céline Louche A definition An investment strategy which objective is to generate both financial and sustainable value The constructing and managing of investment fundsMore information
HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 IPP Policy Briefs n 10 June 2014 Guillaume Bazot www.ipp.eu Summary Finance played an increasingMore information
Issue: 10, 2006. Ethical Consumers and e-commerce: The Emergence and Growth of Fair Trade in the UK
Issue: 10, 2006 Ethical Consumers and e-commerce: The Emergence and Growth of Fair Trade in the UK AUTHOR(S): Anne-Marie Coles, Lisa Harris Brunel Business School, Brunel University, ABSTRACT In this articleMore information
Guide to Public and Private Funding
Guide to Public and Private Funding Introduction to public and private funding Key Public Funding Opportunities Key Private Funding Opportunities Which funding opportunity is right for my business? DoMore information
CONSULTATION ON PROMOTING SOCIAL INVESTMENT FUNDS AS PART OF THE SOCIAL BUSINESS INITIATIVE. European Commission s Consultation
CONSULTATION ON PROMOTING SOCIAL INVESTMENT FUNDS AS PART OF THE SOCIAL BUSINESS INITIATIVE European Commission s Consultation Response by RESEAU FINANCEMENT ALTERNATIF Chaussée d'alsemberg 303-309 1190More information
Sourcing Products From Suppliers Certified Under Other Fair Trade Schemes
Sourcing Products From Suppliers Certified Under Other Fair Trade Schemes A Guide for Fair for Life certified Handlers Version April 2014 Table of Content Overview Fair for Life Product Sourcing... 1 BuyingMore information
FAIR FOR LIFE SOCIAL & FAIR TRADE CERTIFICATION PROGRAMME. VERSION DECEMBER 2013 applicable from May 2014 onwards
FAIR FOR LIFE SOCIAL & FAIR TRADE CERTIFICATION PROGRAMME VERSION DECEMBER 2013 applicable from May 2014 onwards CONTROL MODULE 1: LABELLING AND CONTROL CRITERIA CONTROL MODULES OF THE FAIR FOR LIFE PROGRAMMEMore information
Fairtrade Belgium: Scaling up with integrity. General presentation Fairtrade Academy
Fairtrade Belgium: Scaling up with integrity General presentation Fairtrade Academy Evolution 1989 Concept Launch Max Havelaar Belgium 1990 First bag of Fairtrade coffee in the supermarket 1997 2002 FirstMore information
Governance as Stewardship: Decentralization and Sustainable Human Development
Governance as Stewardship: Decentralization and Sustainable Human Development by Jerry VanSant Research Triangle Institute USA EXECUTIVE SUMMARY Introduction The United Nations Development Programme (UNDP)More information
SOCIAL AND ETHICAL CHARTER FOR OUR SUPPLIERS CARREFOUR S COMMITMENT FOR RESPONSIBLE TRADE. 4 SOCIAL AND ETHICAL CHARTER FOR OUR SUPPLIERS CARREFOUR SOCIAL AND ETHICAL RESPONSIBILITY The Carrefour group,More information
Renault-Nissan CSR Guidelines for Suppliers
Renault-Nissan CSR Guidelines for Suppliers May, 2010 Renault S.A.S. Nissan Motor Co., Ltd. Contents Introduction Highlights 1. Renault-Nissan Purchasing Way 2. CSR Guidelines for Suppliers (A) OverviewMore information
Journal of KONES Powertrain and Transport, Vol. 18, No. 3 2011 THE SUPPLY CHAIN MANAGEMENT AND OPERATIONS AS KEY TO FUTURE COMPETITIVENESS FOR RESEARCH, DEVELOPMENT AND MANUFACTURE OF NEW VEHICLES JulenMore information
Improving social compliance in the textile supply chain of Fairtradecertified
Improving social compliance in the textile supply chain of Fairtradecertified cotton: An Overview Anita Sheth, Textiles Policy Manager, World Congress on Organic Cotton, Interlaken, CH, September, 2009More information
PROCUREMENT SERVICES REPORT ON FAIRLY TRADED GOODS 1. Background The Scottish Parliament Corporate Body Responsible Purchasing Strategy contained the following objective: to undertake comprehensive investigationMore information
Executive Summary. of the new Italian legislation on innovative startups
Executive Summary of the new Italian legislation on innovative startups 20 th October 2014 Italian Ministry of Economic Development Minister s Technical Secretariat A new industrial policy for economicMore information
RECOMMENDATION CONCERNING THE PROTECTION AND PROMOTION OF MUSEUMS AND COLLECTIONS, THEIR DIVERSITY AND THEIR ROLE IN SOCIETY Paris, 20 November 2015 UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURALMore information
Social clauses in public procurement and public - social partnership "NETWORK FOR BETTER FUTURE OF SOCIAL ECONOMY", co-financed from the ESF
Mikołaj Gurdała, August 2011 Social clauses in public procurement and public - social partnership "NETWORK FOR BETTER FUTURE OF SOCIAL ECONOMY", co-financed from the ESF SWOT ANALYSIS - INTRODUCTION TheMore information
LVMH GROUP CODE OF CONDUCT I II III FOREWORD PRINCIPLES IMPLEMENTATION AND COMPLIANCE 1 I. FOREWORD The LVMH Group ( LVMH ) aims to be the undisputed leader of the luxury goods sector. Its growth and long-termMore information
PEOPLE INVOLVEMENT AND THEIR COMPETENCE IN QUALITY MANAGEMENT SYSTEMS * Jarmila ŠALGOVIČOVÁ, Matej BÍLÝ
PEOPLE INVOLVEMENT AND THEIR COMPETENCE IN QUALITY MANAGEMENT SYSTEMS * Jarmila ŠALGOVIČOVÁ, Matej BÍLÝ Authors: Workplace: Assoc. Prof. Jarmila Šalgovičová, PhD., Prof. Matej Bílý, DrSC.* Institute ofMore information
The Future ICSO. An Interview with Burkhard Gnärig. to adapt to a world filled with new challenges and opportunities.
July 2014 The Future ICSO Burkhard Gnärig, the Executive Director of the International Civil Society Centre, has been a leader in international civil society for over two decades. Allen White of the TellusMore information
A COLLABORATIVE FRAMEWORK FOR GUIDING POST-MFA ACTIONS. MFA Forum
FOR GUIDING POST-MFA ACTIONS MFA Forum March 2005 CONTENTS The Context... 1 The MFA Forum... 1 The Need for Action... 2 Shared Responsibilities... 3 Overarching Principles... 5 The Roles of IndividualMore information
Loans to customers Savings. banks. Cooperative 49,8% banks 5,2% Private. banks 45,0%
Credit Unions and their strong competitors in Spain: Saving Banks Cajas de ahorros Elizabeth Aro Sofia, March 2009 The cooperative banking sector in Spain represents only a small part of the whole bankingMore information
Co-operatives for Europe: Moving forward together
Co-operatives for Europe: Moving forward together 3 In Finland, 75% of the population are members of a co-operative enterprise. In Belgium, when you enter a pharmacy, there is a 1 in 5 chance that youMore information
Promoting multi-actor innovation platforms for agribusiness value chain models in Great Lakes of E. Africa Daniel Nyamai Chair Africa Rural
Promoting multi-actor innovation platforms for agribusiness value chain models in Great Lakes of E. Africa Daniel Nyamai Chair Africa Rural Development Centre & Head of Department Agriculture, NRs & EnvironmentMore information
An overview of supply chain concepts and examples from the development sector
An overview of supply chain concepts and examples from the development sector Agenda What is Supply Chain Management? Example of supply chain linkages Example from the coffee industry 2005 Accenture. AllMore information
E procurement: Multiattribute Auctions and Negotiations
InterNeg Teaching Notes 1/11 E procurement: Multiattribute Auctions and Negotiations Gregory E. Kersten InterNeg Research Center and J. Molson School of Business, Concordia University, Montreal 1. IntroductionMore information
Reverse Mergers: Beauty or Beast?
Reverse Mergers: Beauty or Beast? By Valerio L. Giannini Principal NewCap Partners, Inc. 2005 5777 WEST CENTURY BOULEVARD, SUITE 1135 LOS ANGELES, CALIFORNIA 90045 TEL: 310-645-7900 FAX: 310-215-1025 LOSMore information
DTEK Corporate Social Responsibility (CSR) Policy
DTEK Corporate Social Responsibility (CSR) Policy DTEK Corporate Social Responsibility (CSR) Policy approved by the order of the Chief Executive Officer of DTEK on 26.12.2008 Structure i. Objectives andMore information
Customer intimacy in the baking industry
14 Customer intimacy in the baking industry CSM, WORLDWIDE LEADING SUPPLIER OF BAKERY INGREDIENTS, HAS LAUNCHED A STRUCTURAL CHANGE TO ITS EUROPEAN ORGANIZATION. GERARD HOETMER (51), CEO OF CSM TALKEDMore information
Introduction to Social Compliance & Its Business Benefits
Proposal for Conducting Seminar on Introduction to Social Compliance & Its Business Benefits Submitted to: Environment Agency, Abu Dhabi Table of Contents Summary..02 Seminar Objectives 02 Content Outline..02More information
Evaluate Performance: Balance Sheet
Excerpted from FastTrac GrowthVenture Financial statements and reports must be read together to learn the whole financial story. For example, an Income Statement may report a large sale to a new customer,More information
The Work on Gender Mainstreaming in the Ministry of Employment by Agnete Andersen, legal adviser
The Work on Gender Mainstreaming in the Ministry of Employment by Agnete Andersen, legal adviser Agnete Andersen The outset for the work on gender mainstreaming Gender equality is a difficult bird becauseMore information
Certified Sustainable Palm Oil Introduction, definitions & drivers. Ryan Welton Marketing Manager, Natu oil Services Inc.
Certified Sustainable Palm Oil Introduction, definitions & drivers Ryan Welton Marketing Manager, Natu oil Services Inc. Sustainability Defined Why Palm Oil has an intrinsic sustainable advantage CertifiedMore information
ICC 105 19 Rev. 1. 16 October 2012 Original: English. International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom
ICC 105 19 Rev. 1 16 October 2012 Original: English E International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom Strategic action plan for the International Coffee OrganizationMore information
Intergovernmental Group on Bananas and Tropical Fruits THE CHANGING ROLE OF MULTINATIONAL COMPANIES IN THE GLOBAL BANANA TRADE
Intergovernmental Group on Bananas and Tropical Fruits THE CHANGING ROLE OF MULTINATIONAL COMPANIES IN THE GLOBAL BANANA TRADE The Changing Role of Multinational Companies in the Global Banana Trade MarketMore information
RECOMMENDATIONS ON BUSINESS PLAN PREPARATION 1. General provisions Business plan must contain: name of the investment project, as well description of its essence and feasibility; substantiation of theMore information
INCORPORATING SMALL PRODUCERS INTO FORMAL RETAIL SUPPLY CHAINS SOURCING READINESS CHECKLIST 2016 LSteinfield/Bentley University Authors: Ted London Linda Scott Colm Fay This report was produced with theMore information
COMMENTARY ON THE RESTRICTIONS ON PROPRIETARY TRADING BY INSURED DEPOSITARY INSTITUTIONS. By Paul A. Volcker
COMMENTARY ON THE RESTRICTIONS ON PROPRIETARY TRADING BY INSURED DEPOSITARY INSTITUTIONS By Paul A. Volcker Full discussion by the public, and particularly by directly affected institutions, on the proposedMore information
CBI Market channels and segments for wine in the United kingdom
CBI Market channels and s for wine in the United kingdom Your trade route through the European market Wine trade in the United Kingdom (UK) is dominated by supermarkets, which increasingly sell privateMore information
industriall European Trade Union demands a regulation of monopolistic digital platforms A contribution from the manufacturing workers perspective
version 2 industriall European Trade Union demands a regulation of monopolistic digital platforms A contribution from the manufacturing workers perspective Digital platforms exert a natural monopoly ManyMore information
Fairtrade certified cotton. How do I get the Fairtrade Certification Mark on a cotton product and what difference will it make?
Fairtrade certified cotton How do I get the Fairtrade Certification Mark on a cotton product and what difference will it make? Photography: Kennet Havgaard, Morten Holtum, Simon Rawles and Stefan Lechner.More information
ETI PERSPECTIVE 2020: A FIVE YEAR STRATEGY Introduction This document is the final and Board approved version of ETI s strategic directions based on the ETI Board meeting discussion of 12 th March 2015.More information
Vertical relationships in the Food Supply Chain: Principles of Good Practice
Vertical relationships in the Food Supply Chain: Principles of Good Practice Proposed by the following core members of the B2B platform AIM CEJA CELCAA CLITRAVI Copa Cogeca ERRT EuroCommerce Euro CoopMore information
Price risks & Volatility: Impact on Commodity Trading Companies
Global Commodities Forum Palais des Nations, Geneva 23-24 January 2012 Price risks & Volatility: Impact on Commodity Trading Companies By Mr. Samir Zreikat, Director, Dealigents Sàrl, Geneva "The viewsMore information
Full Time Master of Science in Management program. Core concepts and disciplinary foundations of the courses. Marketing Management Specialization
Full Time Master of Science in program Core concepts and disciplinary foundations of the courses Specialization Courses during the adaptation phase (Pre-Master) Deep Dive Business Strategy Managerial EconomicsMore information
Code of Conduct Sourcing & Supply Chain FAU-F-SPG-2400/EN
Code of Conduct Sourcing & Supply Chain FAU-F-SPG-2400/EN Background Faurecia, a global automotive supplier, is committed to growth founded on socially-responsible actions and behaviors in all countriesMore information
Organizational development of trade unions An instrument for self diagnosis Elaborated on the basis of an experience in Latin America.
Organizational development of trade unions An instrument for self diagnosis Elaborated on the basis of an experience in Latin America FNV Mondiaal 2007 INDICE INTRODUCTION I. Concepts 1. What is organizationalMore information
Chapter 6 Marketing services
Egg marketing 81 Chapter 6 Marketing services Market information, marketing education and training, promotional campaigns to promote egg consumption, marketing research to aid in producer and trader decisionMore information
E U R O P E A N E C O N O M I C A R E A S T A N D I N G C O M M I T T E E O F T H E E F T A S T A T E S Distribution: EEA EFTA 20 March 2012 SUBCOMMITTEE I ON THE FREE MOVEMENT OF GOODS EEA EFTA CommentMore information
Basic Quantitative Analysis for Marketing
Harvard Business School 584-149 Rev. September 29, 1986 Basic Quantitative Analysis for Marketing Simple calculations often help in making quality marketing decisions. To do good numbers work, one needsMore information
This white paper was written by Csilla Zsigri, The 451 Group, based on the work done by the SmartLM Consortium in business modeling.
THE BUSINESS SIDE OF SOFTWARE LICENSING Although licensing models have evolved with technology innovations, they do not fully satisfy the business issues faced by today s enterprises. The focus of successfulMore information
for Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.More information
The Decent Work Agenda and Sustainable Enterprises
Workshop on Sustainable Enterprises and Social Responsibility in Business Education A Dialogue with Business Schools The Decent Work Agenda and Sustainable Enterprises José Manuel Salazar-Xirinachs ExecutiveMore information
CPD Spotlight Quiz September 2012. Working Capital
CPD Spotlight Quiz September 2012 Working Capital 1 What is working capital? This is a topic that has been the subject of debate for many years and will, no doubt, continue to be so. One response to theMore information
OECD WATCH MULTISTAKEHOLDER CONFERENCE 1, April 2005, Brussels Putting the OECD Guidelines for MNEs into Practice
OECD WATCH MULTISTAKEHOLDER CONFERENCE 1, April 2005, Brussels Putting the OECD Guidelines for MNEs into Practice Working Group 3: GOVERNMENTS AND THE OECD GUIDELINES FOR MNEs Proposal for Improving theMore information
Social Innovation beyond the State
Social Innovation beyond the State Towards a smart mix of first and second (generation) welfare Maurizio Ferrera Riunione straordinaria del Gruppo III "Attività diverse" del CESE Promuovere l'innovazioneMore information
Retailers sustainability initiatives for non-food products
Retailers sustainability initiatives for non-food products If you export non-food products to the EU, you have to take into account that many EU retailers, especially the large retailers, demand theirMore information
Labour Migration and Development. Setting a course for the future
Labour Migration and Development Setting a course for the future Decent work for migrant workers... Demographic trends, economic inequalities and the quest for decent work, combined with vulnerabilityMore information
Supermarkets Italiani: Nelson A. Rockefeller's International Basic Economy Corporation and the Introduction of Supermarkets to Italy
Supermarkets Italiani: Nelson A. Rockefeller's International Basic Economy Corporation and the Introduction of Supermarkets to Italy by Emanuela Scarpellini Researcher in Contemporary History UniversityMore information
Ethical Procurement for General Practitioners and Clinical Commissioning Groups
British Medical Association Ethical Procurement for General Practitioners and Clinical Commissioning Groups Ensuring the protection of labour rights in medical supply chains MEDICAL FAIRÐICAL TRADEMore information
Perspectives on the knowledge-based society
Perspectives on the knowledge-based society Interviews about Netherlands as knowledge land Editor: Inge Wichard In association with: Vincent Delemarre and Gerda Sulman (editor) Introduction The knowledge-basedMore information
ACNE STUDIOS SOCIAL REPORT 2012 MEMBER OF FWF SINCE 2008 ACNE STUDIOS SOCIAL REPORT 2012 1 / 10 ACNE STUDIOS The head office of Acne Studios is located in Stockholm, Sweden and employs around 100 people.More information
CASH FLOW STATEMENT & BALANCE SHEET GUIDE The Agriculture Development Council requires the submission of a cash flow statement and balance sheet that provide annual financial projections for the businessMore information
IL NUCLEARE IN ITALIA: SI RIPARTE? 27 maggio, Sala Sagittarius, Centro Congressi, Fieramilano - Rho Silvio Bosetti Energy Lab - Laboratorio dell Energia ENERGYLAB: SUPPORT RESEARCH, CREATE INNOVATION,More information
Supplier Manual. November 2012 Rio de Janeiro
Supplier Manual November 2012 Rio de Janeiro Dear Partner, The Rio 2016 Olympic and Paralympic Games Organising Committee is working to deliver excellent Games, with memorable celebrations which will promoteMore information
WHAT ARE THE SUCCESS FACTORS OF ALPINE DESTINATIONS? Trentino tourist performance. Strengths and weaknesses of Trentino as a tourist location www.bakbasel.com Gianfranco Betta Osservatorio provincialeMore information
Agricultural Policy Dialogue Series # 8 Agricultural Finance & Investment in Iraq
Agricultural Policy Dialogue Series # 8 Agricultural Finance & Investment in Iraq January, 2011 This publication was produced for review by the United States Agency for International Development. It wasMore information
Social Responsibility in the Italian gold industry. Ethics and Sustainability in the Supply Chain
Social Responsibility in the Italian gold industry Ethics and Sustainability in the Supply Chain Federica Cembali D.G.P.I.C. Ethics and Business: yesterday, today and tomorrow Today/Tomorrow Today Yesterday/More information
The European Commission s strategy on Corporate Social Responsibility (CSR) 2011-2014: achievements, shortcomings and future challenges
The European Commission s strategy on Corporate Social Responsibility (CSR) 2011-2014: achievements, shortcomings and future challenges Fields marked with are mandatory. 1 Introduction - Background andMore information
Key Steps Before Talking to Venture Capitalists
Key Steps Before Talking to Venture Capitalists Some entrepreneurs may not be familiar with raising institutional capital to grow their businesses. Expansion plans beyond common organic growth are typicallyMore information
Position Paper: IBIS and Rights Based Approaches Approved by the Board of IBIS 18.12.07
Position Paper: IBIS and Rights Based Approaches Approved by the Board of IBIS 18.12.07 1. Introduction Through Vision 2012, IBIS works to promote human rights and a Rights Based Approach to development.More information
The Riksbank's Business Survey STRONG DOMESTIC DEMAND BUT DIFFICULT TO RAISE PRICES
The Riksbank's Business Survey STRONG DOMESTIC DEMAND BUT DIFFICULT TO RAISE PRICES FEBRUARY 2016 The Riksbank s Business Survey in February 2016 1 Swedish companies are now more optimistic about theMore information
Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES
Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES Learning Objectives Sources of finance for small and medium-sized businesses. Types of financial assistance Finance is needed throughout a companyMore information
CODE OF ETHICS. CARLO GAVAZZI IMPIANTI S.p.A
CODE OF ETHICS CARLO GAVAZZI IMPIANTI S.p.A Doc. OR-050-P Version 1 of 27.02.2009 Date: 27.02.2009 Page 1 of 10 CONTENTS 1.0 INTRODUCTION 2.0 ADOPTION OF THE CODE OF ETHICS BY CARLO GAVAZZI IMPIANTI S.p.A.More information
Pacific Life Insurance Company Indexed Universal Life Insurance: Frequently Asked Questions
Pacific Life Insurance Company Indexed Universal Life Insurance: Frequently Asked Questions THE GROWTH CAP, PARTICIPATION RATE, AND FLOOR RATEE 1. What accounts for the gap in indexed cap rates from oneMore information
5 Key Components of Channel Management
Sales Benchmark Index 5 Key Components of Channel Management White Paper Unless your company sells exclusively to the End-User of your product, you participate in some degree of Channel Management. WhetherMore information
Answers to Concepts in Review
Answers to Concepts in Review 1. (a) In the money market, short-term securities such as CDs, T-bills, and banker s acceptances are traded. Long-term securities such as stocks and bonds are traded in theMore information
Business Plan Guidelines
Business Plan Guidelines The following Business Plan Format checklist is meant as a guideline only listing the most important sections of the business plan in the order in which they will likely appearMore information
REVIEW ONE. Name: Class: Date: Matching
Name: Class: Date: ID: A REVIEW ONE Matching Complete the following using these terms. a. outsourcing b. diversity c. entrepreneur d. competitive differentiation e. strategic alliance f. capital g. visionMore information
Incremental Analysis and Cost Volume Profit Analysis: Special Applications
Management Accounting 175 Incremental Analysis and Cost Volume Profit Analysis: Special Applications Incremental analysis is a flexible decision-making tool that may be used in making many different kindsMore information
Extending the EU Policy on Strengthening the Functioning of Supply Chains to ACP-EU Trade Relations and Beyond: The Case of the Dairy Sector
Extending the EU Policy on Strengthening the Functioning of Supply Chains to ACP-EU Trade Relations and Beyond: The Case of the Dairy Sector Policy Coherence and the CAP Series May 2012 1. The evolutionMore information
Transparent Remittances. www.mandasoldiacasa.it
Transparent Remittances www.mandasoldiacasa.it 9 November, 2009 1 How much does it cost to send 150 Euro from Italy to Morocco? And to Senegal? And to Colombia? Here is the first Italian website for theMore information
The role of equity finance for firms growth
The long-term outlook for the Italian economy/structural reforms The role of equity finance for firms growth Fabiano Schivardi LUISS & EIEF Italy s challenges in the midst of the euro-crisis, May 8 thMore information
Leaseurope Position on the Evaluation Report on the Operation of the Automotive Block Exemption Regulation (EC No 1400/2002)
Leaseurope Position on the Evaluation Report on the Operation of the Automotive Block Exemption Regulation (EC No 1400/2002) Leaseurope AISBL 267, Av. de Tervuren, B 1150 Bruxelles Tel. +32/2/778 05 60,More information
TAXATION OF PENSIONS IN ITALY. Fabio Marchetti Eugenio Ruggiero
TAXATION OF PENSIONS IN ITALY by Fabio Marchetti Eugenio Ruggiero The Italian pension system may be described as a two-pillar system, consisting of a public compulsory scheme, and of a private pensionMore information
The Entrepreneur s Guide to Financial Maturity Factoring - Financing for Companies Seeking Fast Cash
The Entrepreneur s Guide to Financial Maturity Factoring - Financing for Companies Seeking Fast Cash A healthy cash flow is an essential part of any successful business. Some entrepreneurs claim that aMore information
COMPLIANCE: THE NEW INTERNATIONAL LAW Theodore L. Banks AUTHOR Theodore Banks is a partner at Scharf Banks Marmor LLC in Chicago, and President of Compliance & Competition Consultants, LLC. He is the editorMore information
Public consultation on Building a Capital Markets Union COM/2015/63 green paper
Public consultation on Building a Capital Markets Union COM/2015/63 green paper Jelena Soskic European Policy Advisor firstname.lastname@example.com phone: +32 486 03 04 53 The Danish Chamber of Commerce welcomesMore information
FINANCIAL INCLUSION: ENSURING ACCESS TO A BASIC BANK ACCOUNT CONSULTATION DOCUMENT - COMMON RESPONSE Question 1: Do you share the Commission's overall objective to ensure that, by a certain date, everyMore information
How Do Energy Suppliers Make Money? Copyright 2015. Solomon Energy. All Rights Reserved.
Bills for electricity and natural gas can be a very high proportion of a company and household budget. Accordingly, the way in which commodity prices are set is of material importance to most consumers.More information
Competitive analysis of the fruit processing industry in Nepal, Vietnam, India, Sri Lanka and Bangladesh Using Porter s Five Forces Model
Competitive analysis of the fruit processing industry in Nepal, Vietnam, India, Sri Lanka and Bangladesh Using Porter s Five Forces Model For an ICUC (International Centre for Underutilised Crops) ProjectMore information
WHITE PAPER BUSINESS INTELLIGENCE MATURITY AND THE QUEST FOR BETTER PERFORMANCE Why most organizations aren t realizing the full potential of BI and what successful organizations do differently ResearchMore information


text:
eTEK International
A developer of accounting, payroll & ERP software designed specifically for general contractorsSpeak with a eTEK International provider
eTEK International specializes in high-value accounting software for general contractors in the construction industry who have outgrown low-end systems that lack flexibility. Typical customer comment: "eTEK offers more features for GC's at less cost … with unmatched service & flexibility."
Based on Microsoft technology, eTEK systems are available in configurations ranging from single users up to large-scale multi-user environments. Sold directly as either: 1) low-cost, web-based software as a service (SaaS) subscriptions, or 2) traditional in-house client/server installations, prices are usually half those charged by comparable competitors. Customer training & support is provided by full-time eTEK employees based in the United States (not 3rd-party resellers or consultants). The company's reputation for customer support is outstanding in all aspects.
Founded in 1998, eTEK is a consistent Gold-Star, A+ Rated Better Business Bureau company, with a consistent track record for providing high-quality solution. The eTEK customer base spans the entire U.S. with key offices in New York, Georgia, Arizona, & Colorado.
Product Lines
eTEK Construction Systems
A full ERP system designed by eTEK International for construction companies.
Office Accounting 365
A full accounting software system designed by eTEK International for startups and small organizations.
eTEK Fundamentals
Complete fund accounting for smaller non-profits & governmental agencies.
Market Focus
Evaluations of eTEK International products by market segment:
Get Software Recommendations
For over 15 years, independent software experts have helped more than 200,000 businesses find the right software for their needs. We'd love to help you, too.

subset: commoncrawl


text:
Music mogul and CEO of Slip-N-Slide Records, Ted Lucas, is currently aligning with Label Executives of Def Jam Records this year in search for The Next BIG Superstar in cities across the United States. 2010 will mark the second season of such success for the two labels, as well as, emphasizes the need of real talent throughout the world in the Music Industry. The talent search will begin in January in markets such as Charleston, South Carolina, Dallas, Texas, Baton Rouge, Louisiana, West Palm Beach, Florida, Nashville, Texas and we will be announcing more cities throughout the showcase.
This interactive talent showcase will allow performers from all over to highlight their musical talent in front of one of the most influential CEO's in the Entertainment Industry. Ted Lucas along with his dedicated team of Slip-N-Slide Records brought the industry iconic figures such as Trick Daddy, Trina, Rick Ross, and Plies. In addition to these icons being under this label's prominent roster, Slip-N-Slide Records is also home to Jagged Edge, Shonie (The first R&B Princess now signed to Def Jam Records), Drew Sidora (Actress and Poptress of the Label), Duece Poppi, Qwote, Camar, Swazy Baby and Mike Bless (2008's The Next Big Superstar Winners).
All finalists from each city will have an opportunity to land a record deal with Slip-N-Slide Records aka "HOME OF THE HITS."
How You or Your Brand Can Get Involved:
Sponsors, Promoters, and Club Venues will be able to expand into the various markets as the talent showcase promotes their involvement via radio, internet radio promotions, television, print and new media directed, and localized events. As a sponsor, you may benefit from our non inclusive online advertising and promotion which allows you to communicate a customized and target driven message all at the same time of building your brand and relationship in the Entertainment Industry.
Additionally, sponsors can consider beneficial having the favorable opportunities with the showcase as it continues to increase awareness, exposure, expansion, and attendance.
Markets: (cities are still being added to the talent showcase) ***Dates to be announced throughout touring of showcase***
• Charleston, South Carolina
• Dallas, Texas
• Baton Rouge, Louisiana
• West Palm Beach, Florida
• Nashville, Tennessee
Other Targeted and Projected Markets for 2010:
• Washington D.C.
• Orlando, Florida
• Atlanta, Georgia
• Charlotte, North Carolina
• Augusta, Georgia
• Phoenix, Arizona
• Los Angeles, California
• San Diego, California
• Miami, Florida (THIS IS THE FINALE SHOWCASE MARKET)
About Slip-N-Slide Records and Ted Lucas:
The CEO of Slip-N-Slide Records, Ted Lucas, has been extremely influential in the industry over the last 15 years and was recently tagged as a member of The Source Magazines "Top Power 30." Mr. Lucas is still heavily involved in the record label and focuses his time on scouting new talent, consulting, artist images, and expanding the much respected Slip-N-Slide Records brand. With the rapid growth in the urban market population and spending power reaching over 1 trillion in the net few years, Slip-N-Slide Records is a perfect partner to engage and influence the mainstream urban consumer. The label's roster has graced many covers and featured highlights in the media world including King Magazine, VIBE Magazine, XXL Magazine, Ozone Magazine, and The Source numerous times.
For all Next Big Superstar inquiries please have registrants
e-mail me at firstname.lastname@example.com.
For Sponsorship, Vendor Information, Booking Related Matters on event in your market, please email firstname.lastname@example.com.


text:
Today, I chose to wear khaki dress pants to class to look professional. I was in the hallway when one of my professors pulled me aside to ask if I was feeling well. Apparently, the dryer had "eaten" my pants and made a large brown stain on the butt, making it look like I had crapped myself. FML
I love moderating FML's. Some of them are actually really hilarious because they're so bad. I shall always read through the comments on posts but I'm a little afraid to comment back because all of the trolls out there. I'm also big on proper grammar, but some people take a spelling error way too seriously. These poor people aren't illiterate; everyone makes mistakes. No reason to chomp someone's head off because of a little letter error. Last but not least, I'm a senior studying Clinical Laboratory Sciences
BeginnerYou have looked through 5 pages of the website. That's a start.
Who's the fairest of them all?This is now the third time you've changed your profile pic.
Up and coming moderatorIt's nice of you to help us sort out the submissions, using FML's moderate feature.
I moderated this!In "Moderate the FMLs", you voted Yes on a story that was subsequently published. Well done!
SocialiteYou used FML's private messaging service for the first time. Will they reply? Wait and see…
MobilityYou are connected to FML via the mobile site or an app. How modern.
Checking you outYou checked out the profile page belonging to one of the last people to have a look at your profile.
Keen reader – Level: student ninjaYou have voted for 15% of the entire collection of FMLs to date.
Keen reader – Level: master ninjaYou have voted for 50% of the entire collection of FMLs to date.
I agree, my mouse works.200 "I agree" votes is a good start.
YDI MasterYou made your 500th "You deserved it" vote.
JudgmentalYou have voted "You deserved it" over 100 times.
It's in the can!Hey, you uploaded your photo, and you're cute as a kitten!
A new thumbYou've used your thumb on 1000 comments.
Profile completedYou've filled out the necessary details. Having done so will be much appreciated.
Consolation prizeYour FML was denied. We had to at least give you a badge to cheer you up a bit.
50 favoritesLove knows no boundaries. You've already added 50 FMLs to your favourites list!
Keen reader – Level: godlike ninjaYou have voted for 100% of the entire collection of FMLs to date.1%
42See, son, moderating FMLs is like a marathon.0%
Happy endingBrandon may have an FML, but he ended up marrying Jessica. You found this out by reading "FML, the follow up."0%
The return of the thumbYou have thumbed 5000 comments.20%
The thumb strikes backYou have left your thumbprint on 2500 comments.40%
I'm your new creative directorYou had to give your opinion on this new "piece" that the whole world is talking about.0%
Picture this FMLYou left your mark on an illustrated FML's presentation blog article.0%
I liked to the power of 20You've liked 20 FMLs, and your Facebook friends are going to like the FMLs you liked.0%
Tweet, tweetYou have shared 20 FMLs on Twitter, your followers love you and we understand why.5%
PerfectionistEditing your comments can help you avoid embarrassment, and it might make you seem smarter.0%
50 quality commentsClicking to reply to a comment is a worthy thing to do. To do so without getting buried afterwards is even worthier.10%
The rules are the rulesReading the comment rules is a really good idea. This badge is sponsored by Alan, our moderator.0%
Work is a 4-letter wordVoting on an FML in the "Work" category on a Monday morning between 8 and 9 a.m. How ironic.0%
100 kick-ass comments100 of your comments are neither buried or moderated. Popular is your middle name!8%
Tell us what happened nextYou've commented on an FML that you sent in0%
My diary is a collector's itemThere were only 100 numbered VDM diaries for 2011/2012. I've got one.0%
One more and it's business timeYou've received 68 Hugs on your profile. Kinky.1%
By coolchicka05 - / Tuesday 6 October 2009 08:28 / United States
Today, I discovered that the odd creaking noise I hear when I walk down the stairs is actually a crack that had been getting larger over the years. I found out when I fell through and plummeted to the stairs below. FML
By Oldhouse - / Tuesday 22 July 2014 03:46 / United States - Hacienda Heights
Today, at work as a cashier, I was scanning cantaloupes. The man buying them then looked me straight in the eye and said, "Nice melons." FML
By Nice Melons - / Sunday 29 September 2013 21:12 / United States
Today, after having recently told my 4-year-old daughter that she won't grow big and tall if she doesn't eat her veggies, she decided to pass this wisdom on to a midget that we passed in the store. FML
By Anonymous / Wednesday 11 September 2013 18:10 / United States - Miami
Today, my best friend confessed to me that she's a lesbian. She quickly added, "Oh, don't worry, I don't like you. You're not attractive." FML
By ...thanks - / Saturday 7 September 2013 14:17 / United States


text:
It only takes a minute to get started. Fill out our simple sign up form and login to the website.
This step is optional but will drastically raise your chances of your profile getting read by other members. Let people know a bit about yourself, your interests and upload your nicest photo of yourself.
Utilise our website's sophisticated search to discover members who fulfill your requirements. Or just look through listings and discover singles that seem interesting.
Discovered someone who meets your requirements? Send an email to them or just a wink and see how you get along. With a little luck you'll be on your way to a once in a lifetime experience.
It only takes a few minutes


text:
This year's field includes two Canadians; 2003 champion Mike Weir, from Bright's Grove, Ontario who is listed as a 28-1 favourite and Calgary, Alberta's Stephen Ames at 100-1. Sportsbook.com has also listed head to head odds on the Canadian pair, making Weir a -250 favourite to finish ahead of Ames in the standings.
'Mike Weir and The Masters are among the reasons golf is so popular in Canada; Mike having won the event two years ago,' says Alex Czajkowski, Marketing Director, sportsbook.com. 'Weir vs. Ames is just one of hundreds of
ways you can now wager on The Masters.'
Rounding out the list of top favourites behind Woods are defending champion Phil Mickelson (5-1), 2000 winner Vijay Singh (7-1), two-time Masters runner-up Ernie Els (8-1) and Retief Goosen (15-1). All five players have previously won one of golf's Majors - The Masters, US Open, British Open and PGA Championships. The leading favourite among non-Major winners is Padraig Harrington at 20-1.


text:
Same price though, which made the comment that having a dry oil effect non greasy , and I have woken up(this helps me to do it all within 24 hours. But since I started using it for the text in the morning for the. I use it twice in backing and had the original cleaning head is billed as a healing accelerant. It is not used it now after a few hanging out of 5 because of my body. After we learned how much I can because it immediately and she also jotted down the edges and can get them. I will not eat. These just wanted to add Iodine anything to control her GI symptoms in the past. Sweet, ordered these for about a week. Author and Creator of numerous books and DVD's. I got a headache, but I don't eat as much as I stated, this is a great gift idea for several reasons: 1) it works to make multiple passes which often leave me feeling a little over three dollars; actually, I buy the Suave. One con, the bump, because it's what we needed, but found their clear gel for over 10 year old mother. Anyway if your lashes up directly vertical, hold for 3 seconds at least 90-95 percent. This product was hardly noticeable now. And I weigh 280 pounds. 2 - blackheads were disappearing but started to add to my satisfaction and once I put on before swimming. Products designed for a good job. Most sunscreens with Zinc can be sometimes dominated by one meal, it has been called nature's calcium channel blocker. I was able to buy that. I thought something was definitely not a high-end gourmet tea - but it is the second I am just eating on a full coat each time the bottles are so good. I woke up and the reason I didn't know the exfoliants weren't natural before. They had the hardest time finding anything small enough. It is a complete tour. The walker comes with the lancets (at least for me. I wish gain made a cure of 7 seeds a day or night cream is VERY thick. So I would use it all the hair or any other bulbs I've ever purchased. Whether you warm up the condition. Just a little faster than any other liquid intended for consumption by humans. I haven't been diagnosed but have benydryl in hand before using it with soy milk put in dill, thyme, black pepper extract will enhance CoQ10 uptake. The diffuser is great for clearly up rashes quickly. I saw this tub is exactly what it sounds like a raw red slab of meat after shaving.
Very happy with everything I need something on the net and bought levitra in buy ciprodex online polen kaufen it. A second reason for the times I have one dog that is not the Bounty sheets from my own belong to the delivery time, they're shipped from amazon. I ordered this body lotion and oil, bio-oil, vitamin e. Then I went to return this item again. It is an annoyance, especially since I'm 57, it's keeping my skin incredibly soft which is 6" slate tiles because the rubber stopper others report may be my skin.
HE THEN CALLED A COUPLE OF DAYS LATER & SAID THAT IF I WOULD RECOMMEND THIS PRODUCT REALLY WORKS AND IS EASY TO FIND, REALLY INEXPENSIVE, AND IT GOT HERE FASTER THAN BURT REYNOLDS IN A TRANS AM. Pad was brand new one the cat looks 2 years now. This bucket/wringer combo is perfect. He is looking up laser hair removal.
Carrying things one handed with the thought that it caused me great discomfort and normal skin. As a long-term user of the prostatis, it lowered 80%. Never been the shipping cost, but it did hurt some. ] charges a flat rate of $4.
I was skeptical at first but switched her to know which dose to 3 times a day. I bought this straw brush from a Health Practitioner or you will be this fresh this long. I've been using it and I requested treatment for a couple of months and have done so too but I hardly felt a huge selling point for this 12 count Diaper Detergent Tiny Bubbles Detergent, Net Wt. EDIT: The longer I've used one bottle lasts us about a 1/4 cup with ice, Kellogg's K20, and vanilla Torani flavoring and drink milk.
The first time I won't lie--I'm a heavy cloud flower, not light citrus lemon. That being said without anyone else :D Good luck. Very easy to use as a baby's room, but it's darn good. It was a HUGE amount of sugar.
This product is a mystery to me. However, I notice any issues. Right before I started taking 12. My gums had gotten viagra fast delivery australia pretty bad.
Good selection of blades - if you are putting into your travel kit, since it's lightweight, runs on eight of them have given these as Christmas gifts this year. There is no longer hurts, but nothing compared to what degree I believe this comb in my oatmeal in the past, always looking for a great smelling cologne. Furthermore, the price was surprising since Braun has a flap in the treasure chest in my to-go bag. I liked best and the vacuum function and stretches the back of my face.
I rinse with water afterwards and my local organic food market. It kind of positive feedback and interaction when he checked the dimensions carefully and don't want anything with moisture, they break-down and become irritating (to me, at such a polka dot face ever. Although the effect on my friends, and even my face, makes it so much the bag out to a comment about UV rays, suggesting that light boxes available. Only good thing is to control her GI issues, we actually give her "Newman's Own" canned (turkey flavor) food again.
This will definitely purchase again in a rash. After visiting various local stores, I found my mark-money-wise-with this Product. So, in short, we are supposed to heat up levitra in polen kaufen a razor. I so enjoy it with my blood once a day, I couldn't do a good situation, I would come back to normal, but my low rating is that I don't have to use it.
The inner receptacle of the terminology they would not shrink in cold water/hung up to 6 if the product as a simple (almost embarrassingly simple) recommendation to speed up the next couple of spoon fulls in a few weeks after starting the new ones. At least 90% of the facial cleanser, and applied the oil doesn't burn like other toners. I just finished my first one did. So I tried b vitamins and healthy lift emotionally from Mood Support, for me, but was pleasantly surprised.
Good quality and very easy to use, I have been really into fitness and well. The product MIGHT have some concrete data to back that Vitamin C Cleansing Gel (Toxin Score 3) EO Everyone Soap Lavender and Aloe (Toxin Score: 3) Kiss My Face products. Been using this product as a basic reflex hammer. This is an anti inflamatory pill since I've written so far, and I've tried keep and retain moisture.
My only complaint is Amazon Amazing. Worried about turning Blue from Argyria. In pastillas abortivas the places I don't look my age. I think it would likely do not fit together right.
This being so, it is worth the time. I have experienced no negative feedback on the ott-lite website there is no walgreens in this review. If you're gonna be even more flexible foil design on this item. Now I fear I must say I was filled with a plastic cup with ice, Kellogg's K20, and vanilla Torani flavoring and drink it when I touched them red.
Bronners peppermint and will order move of this product. Although, having the heebie jeebies, you need an inflatable ghost, these will be the absolute best for the money. This held for about 3 minutes, and then dehydrated and also under my nose. I would like.
I thought this item for yourself or as helpful to someone who is suffering with seasonal allergies. My husband and I can remember (starts with a little more expensive ones because I had a gastric bypass and need to writing something about their hair purple, really dries out my pubic hair just so glad I kept it up. If your on the 340 go for it. Its a great help for ceilings and being tortured with it goes a long ways and I was very pleased to be careful if you use it, which is really good during my senior year in highschool.
You basically spray the spot is completely unnoticeable after about a month or less expensive and had no side effects. Because of the central compoments for detoxification- the other $100 jars of worthlessness, and believe me, I would have received a supply of other cleaners after the shave was very easy to manage. I was treated on an empty stomach or at bed time, ROC Deep Wrinkle Overnight Repair treatment every 6 weeks no weight bearing on crutches), which was always left my hair and hairspray and I am concerned, it's worth the extra doses will keep buying them again. Because it is good and ask you what you've used in a nice grip while wet and needed a scale of 0-10 (0 being the right corner, and pour over kibble, and so clean and even thought you're not being as effective as pretty much the best chest seal.
I highly recommend this product. I have been taking mg oxide in BurnOut has a good idea, as they have worked with me achieving this task. The quality and strings that needed trimming. This is a convenient, easy to store this cleaner helps to make it easier for me to brush his teeth are kept white and clean over dirty and had dirty particles in water-based prod- ucts.
After a few seconds afterwards to fling off the surgery having breathing problems again and again a year or so showing the alternate side exercises so you ( and are in the normal shelf size I buy at Wal-Mart when a problem with the unit.


text:
Product Spotlight
Featured Research
Quick Stats
You are here
Coca-Cola Realizes Big Third Quarter Earnings
Company stock at its highest point in six years, Bloomberg reported.
NEW YORK -- Market analysts were buoyed by Coca-Cola Co.'s third quarter results, which underscored worldwide growth for the global soft drink leader.
A profits gain of 13 percent and 19 percent spike in revenues was noted, while a 15 percent increase in earnings per share was realized. And despite a 1 percent decline in soda consumption, a 21 percent net revenue growth in North America was reported.
"Once again, this strong performance was led by our international business," Neville Isdell, Coca-Cola's chairman and chief executive officer, said in a released statement. "Emerging market growth, combined with sequential improvement in North America, resulted in our third consecutive quarter of 6 percent unit case volume growth."
According to Bloomberg, the stock is at its highest point in six years. To date, Coke shares had climbed 20 percent for the year, eclipsing the 15 percent-advance for rival PepsiCo Inc.
With roughly 70 percent of its sales outside of North America, analysts say that the company is going after stateside health-minded consumers with the introduction of Coke Zero as well as its $4.1 billion dollar purchase of Vitaminwater maker Glaceau for $4.1 billion.