Market Intelligence Report: Germany

MARKET ENTRY STRAGEDY 1
Market Intelligence Report:
Germany
Prepared by:
Sergio Fernández
Yulia Sharakina
Maitane Aramburu
Alvaro Gutiérrez

Tennis is a racket sport played between two players or between two doublets, over
different surfaces: grass, cement, clay etc. It originated in Europe at the end of the 19th
century and it originally expanded to English-speaking countries. Nowadays, tennis has
globalized and it is played in almost every country of the world. Since 1926, with the creation
of the first tour, it has been considered a professional sport. The most significant tournaments
are Wimbledon, Roland Garros and the Australian and US Open (ATP Tennis). At first
players used rackets made out of wood, however, nowadays tennis rackets are made with
great technology and design that allows the players reach their full potential. The most
important aspect of a racket is its strings. This analysis shows precise instructions of how to
usher in Germany. Our goal will be to define our business strategy to introduce tennis cords
in Germany, where tennis is one of the most significant and influential sports.
Firstly we will establish the product and its design. A rigging is the set of cords that
compounds a tennis racket. The most important features of a rigging are the control, which is
used to hit the tennis ball, the transmission of sensation to the player, and the power and
comfort of feeling vibration along the arm. Tennis riggings break with use and wear, causing
players to frequently replace their rackets. The vertical cords give effect to the ball. The
reason why the cords break is because when hitting the ball, there is a friction of the vertical
cords, which provokes a force that, in some occasions, causes the breakage of the cords
(Tennis Planet). Selling a refill to the player will be the nature of the business and the main
purpose of our company. Alvaro Gutierrez will be one of the four directors of the company
and his function will be to design and produce the tennis riggings.
There are five big families of rigging: natural gut, nylon, polyester, Kevlar, and
hybrids (Tennis Warehouse). For our project, we will focus on polyester riggings. This type
of rigging is recommended for players who frequently break their cords because of its long
durability. With this type of rigging we can hit the tennis ball with more strength while
keeping control of it. The thickness of the cords in a racket can help determine its degree of
tact, power, and control. The range of this thickness ranges from 1,10mm (the most fragile),
to 1,40mm (the most resistant). For our product we will choose a thickness of 1,30 mm to
coordinate endurance with the maximum transmission of sensations to the player.
The headquarters of the company, where the testing laboratory will be found, will be
in Alcobendas, Madrid (Idealista). The reason for this location is the experience and
knowledge of Spanish on the tennis world. Spain is the greatest tennis world power with the
greater number of players and tournaments ( ITF). This fact will give our product the prestige
that will differentiate us from the rest at the time of competing with other firms within the
market. Moreover, Alcobendas is located in one of the biggest European capital cities, being
surrounded by more than ten tennis clubs known at regional and national level (RFET). For
the design of the product there will be a contest settled with the Universidad Complutense of
Madrid, the Universidad Politécnica, and ICAI, where a price of 3.000 € will be given to the
group of students that makes the best design that combines striking sensation and endurance.
We will later hire an engineer to work on this design and create a virtual model of the
rigging. Six hours will be enough to create a sample version of our product. The testing of

our product prototypes will have place at the Federación de Tenis of Madrid, located a few
minutes away from our offices (FTM). This strategic place will give us a first-hand opinion
as we will count with numerous players of different levels and categories along with different
superficies where we can test the performance of our cords.
Once we have our product and the detailed instructions of its composition, we will
mass produce in China. For this we will be contacting the representative of the Spanish
factory, where Prince and Head riggings are made. This will give us confidence and trust in
the quality of our product. We will discuss an exclusivity agreement so our product cannot be
produced in any other firm. Production will travel two times a year to China to ensure and
review the production. Each travel will have a cost of 1,590€. At Berlin we will have another
set of offices along with the warehouses where we will keep our final product coming from
China (Idealista). The cost per unit including the shipping to our headquarter in Berlin will be
18.90 €. We will try to avoid unreasonable large payments by purchasing the fewer amounts
possible on the first round. For this we will purchase 8,000 units of our product which will
cost us 151,200€.
Once established and decided the product and its design, we will focus then on its
supply. The sales will be led by Yulia Sharakina and Maitane Aramburu. First, we are going
to explain why the country chosen for our company is Germany. The most important thing is
that the German Tennis Federation, with about 1.5 million members, is the largest tennis club
in the world. In other words, we have 1.5 million potential customers. Founded in 1902 it is
one of the oldest sport federations of the world. In about 9,400 clubs tennis fans have an
opportunity to practice sport in more than 47,000 tennis courts (DTB). Germany has more
than 50 professional tournaments ATP and WTA scoring for the international circuit. In
addition, more than 5% of the top 100 players in the ATP and WTA are German (ATP;
WTA, Rankings). Our marketing strategy is primarily to promote the product by visiting the
most popular tennis clubs in Germany, Berlin, in order to achieve close business relation with
those clubs, as they potential consumers of tennis strings are localized there. So by
distributing free strings as marketing strategy, whether attracting attention and enhancing a
possible future demand.
First thing to do is to analyze the German market, as it is essential to know about the
market size, its growth rate, receptivity and others. Then is of great importance to get a
complete consumer’s profile in order to determine the market potential and its environment,
as we want to entry our business into the German consumer’s market.
We provide a brief summary of the population in figures:
Population in figures
Total population: 81,147,265
An urban composition of 85,3%, and 14,7% rural
Population density: 222 persons per sq. km
Male population (in %): 48,9%

Female population (in %): 50,9%
Natural growth: 0,11%
Average Age: 42; Mainly concentrated between 25-54 hers
Ethic origins: Almost one of five people (18.4%) have foreign roots. The foreigners in
Germany came from the following countries: Turkey (1.7 million), Italy (0.5 million), Poland
(0.4 million), Serbia and Montenegro (0.3 million), Greece (0.3 million), Croatia (0.2
million) and Russia (0.18 million).
At the end of 2005 there were about 6.76 million foreigners registered in Germany. The great
majority (80%) comes from European countries, and nearly one of three emigrants come
from EU. With this information we known that the supply of tennis strings would be focused
not only on German population it-self, but in other minority groups, so it is also relevant to
know about cross cultural business conditions. Now we consider a not Germanic population
as well- the subcultures that differ from the national culture in that case nationality, race,
language, lifestyle, values… Therefore, this may lead as to undertake some measures when
establishing business in Germany, as the cultural differences lead our firm to undertake some
marketing strategies to fit local tastes taking in consideration different subcultures. Then we
have to do an adequate market research.
Likewise, when establishing business in Germany we want to place it in a place with relevant
concentration of population, but potential buyers.
Name Population
Berlin 4.275.000
Stuttgart 2.650.000
Hamburg 2.575.000
Munich 1.980.000
Frankfurt 1.930.000
Then, it is important to take advantage of the demand conditions, which refers to the
sophistication of buyers in the market, as tennis is a kind of “senior sport”-not only in
sporting terms but also in economic, then the demand must be positive in that way to have a
positive request of our product (tennis strings).
Market Analysis
When entering a new market the fist thing we did is to identify the basic appeal; the potential
demand of our product then, population active in sport, as well the resources we need to
achieve our goal: to fit our product into the German market.

Sport participation and interest in sport in German
When doing Market analysis about Germany we must have into account the market size
potential and the market growth rate; With 25 million Germans participating in sports
activities, Germany is the second largest sporting goods market within the EU and accounted
for 19% of the total EU market in 2007.
We present a pie graph of the dimensions of sport consumption and also analyze numerous
relations between socio-demographic factors and sport consumption. This research project
was funded by the Federal Institute of Sport Science (BISp) and the Federal Ministry of the
Interior of Germany. Its aim was to determine sport-related consumption of private
households in Germany for the reference year 2010 (Ahlert G.):
More than half of the population (55.5%) actively participates in sport.
 Almost two thirds (64.2%) of the population under 16 years actively participates in sport.
 More than half of all people under 16 years practice sport at least once a week.
 Almost one third of the population (29.7%) spends money because of their ‘interest in
sport’ (for example on tickets for sports events, betting, memorabilia, and so on).
 More men (34.9%) than women (21.2%) spend money on ‘interest in sport’ (visiting
sports events, watching pay TV, etc.).
 Of the population under 16 years, 39.6% spend money on their ‘interest in sport’.
Consumption expenditure by
product as% of total
expenditure
2010
Food and drinks without alcohol 10,7%
Clothing 4,9%
Housing, water, electricity, gas
and other fuels
24,0%
Furniture, appliances and home
maintenance
6,0%
Health 5,0%
Transport 13,1%
Communications 2,6%
Education 1,0%
Hotels, restaurants… 5,6%
Others 12,5%
Key Influences on Consumer Demands in
Germany:
-Declining population with a birth rate of 1,39
babies born per woman of childbearing age
-Ageing population
-Number of households growing
-Smaller households
-Rise in number of working women
-Healthier eating habits
-Sustainability is the trend meeting consumer
concerns about environment, obesity, safety of
the food supply

In theory, the market is anticipated to grow annually by at least 0.5%, being Germany the 3rd
largest importer within the EU (imports account around USD 2.5 billion, this is13% of all EU
imports by value). And it gives us a great opportunity to export, eventually, to establish a small
store in an suitable location of a big city, with capable market, and in order to be close to the
consumers’ needs, plus to reduce the cost of transportation facilities when distributing the
material among the selected tennis clubs.
So, how much money did private households in Germany spend on sport-related activities?
This included consumption in the context of being active and participating in sport as well as
the money being spent because of an ‘interest in sport’ without actively participating in it. In
2010: The total expenses of € 112.6. Includes 30% for transport to and from sport practice or
competitions, 19,9% for sport holidays and travel including training camps, and 13,6% for
sport shoes and clothing.
Germany is one of the most highly developed and efficient industrial nations and,
after the USA, Japan, and China, has the world’s fourth largest national economy. And it
accounts around nine percent of total world trade economy.
With a population of 82 million Germany is furthermore the largest and most important
market in the European Union (EU). The Germany economy focuses on industrially produced
goods and services. In particular German mechanical engineering products, vehicles, and
chemicals are highly valued internationally. Around one euro in four is earned from exports
and more than every fifth job depends directly or indirectly on foreign trade.
We are looking for new market opportunities abroad because the domestic market is
not profitable to establish our business here. This is due to the relevant amount of
competitors, firms producing similar, even practically identical products in sport industry;
mainly sport equipment for football, paddle, tennis, and golf, as the most common sport
practices in Spain.

German consumer climate seems to be at its “momentum” and that gives us to opportunity to
introduce our business there.
Country strong points:
-Strategic location at the center of Europe
-Competitive taxation, for us constitutes a challenge.
-A highly qualified work force
-Advanced technology and expertise
-The biggest population of the European Union
Country weak points:
-Public finances are highly in deficit. The eastern part of the country is struggling to catch up
in many fields.
-The ageing population weighs heavily on growth
-The unemployment rate poses a real challenge for the development of the country and its
future influence
Government:
In general, the German political system of the post-war period has been characterized by
moderation and cooperation. The type of government of Federal Republic of Germany is
federal republic, and The Basic Law guarantees employers and trade unions independence in
negotiating wages, and they accordingly have the right themselves to select the working
conditions.
Government role in a market economy is almost positive and encourages trade:
-Enforce antitrust laws
-Preserve property rights
-Provide fiscal and monetary stability
-Preserve political stability
Property owned by foreigners is fully protected under German law, and secured interests in
property are recognized and enforced. However, the political party influence and donations
are under question.
(Metapolls.net)
Economic forecast for 2014 is optimistic, as GDP is to increase by 1.7% in 2014, including
the increase in investments and good private consumer behaviors consumption increased since
2012 1.2%), this is because of more available jobs and higher income rates.
GFK serves us as a good medium of sourcing because of its reliability and careful research;
which is based on around 2000 consumer interviews conducted each month on behalf of the
European Commission. 2Its forecasts show a total purchasing power of €1,705.4 billions for
all of Germany in 2014. Based on the current population of 80,523,746 (01.01.2013), this
equates to €21,179 per person. This means that Germans will nominally have an average of
€586 or 2.85 percent more per person at their disposal in 2014 for consumption, rent and
other living costs compared to the previous year”. Purchasing power corresponds to the
population's disposable net income, including government subsidies such as pension

payments, unemployment assistance and child benefit (GfK GeoMarketing GmbH).
As the German market is focused on social market economy, where the state guarantees
the free play of entrepreneurial forces, while at the same time promotes social balance; the
open market economy and the Basic Law” guarantees employers and trade unions
independence in negotiating wages, and they accordingly have the right themselves to select
the working conditions. Likewise, German market places few non-tariff barriers to trade. In
investment, the government generally does not discriminate against foreign investment, and
the competitive financial sector is stable.
To finish with the market research lets focus now on the market’s consumption capacity and
receptivity.
Export analysis:
Germany has 82 million of the world’s wealthiest consumers and is by far the biggest market
in the European Union Therefore, Germany offers good opportunities for Spanish exporters.
“Germany is a broadly middle class society with a social welfare system that provides for
universal medical care and unemployment compensation. GDP grew by 3.6 percent in 2010 ,
by 3.0 percent in 2011, and 0.7 percent in 2012. The GDP is projected to grow by 0.4 in
2013. And this continued growth says us about the markets’ potential”. This is the measure is
preferible when looking at per-capita welfare and when comparing living conditions or use of
resources across countries (USDA).
The trade relation between Germany and Spain are very solid, especially in the
automotive sector.
Furthermore, there is an evidence of bilateral business investments, as well as the presence of
over 900 German firms in the Spanish market, and another 200 Spanish firms in Germany, all
of them creating employment. According to Foreign Investment Registry, “during the first
quarter of the year net German investments in Spain amounted to 953 million Euro, while in
the entire year 2011 they were of around 1,196 million Euro”,
Indicators of the foreign
trade
2008 2009 2010 2011 2012
Import of goods
(millions of USD)
1.185.070 926.347 1.054.814 1.254.870 1.167.423
Export of goods
(millions of USD)
1.446.172 1.120.040 1.258.924 1.473.985 1.407.098
Balance of Payments
(millions of USD)
267.775 183.476 209.408 221.251 238.159

Population: 81.9 million
GDP (PPP):
$3.2 trillion
0.9% growth
0.7% 5-year compound annual growth
$39,028 per capita
Unemployment: 5.5%
Inflation (CPI): 2.1%
FDI Inflow: $6.6 billion
By using these quick facts, we may
conclude that Germany has a potential and
developed economy. Is the largest market in Europe, and generates average per capita
incomes that are among the highest in the world. Also Germany has one of the lowest
unemployment rates in Europe and remains, both politically and economically, the most
influential in the EU.
0 20 40 60 80 100
Country
World Average
Regional Average
Free Economies
84,1
67,1
60,3
73,4

0
Index of economic freedom
This chart provides a distribution of 2014 INDEX of Economic Freedom, and we can
clearly see than Germany is the forerunner in the business freedom, with almost free market,
accounting in 2014 with 89.9, so Germany ensures dynamic economic growth. Followed by
Spain with 77,3, 12.7 point over the world’s one, which has “Moderate freedom”. However
China is “mostly unfreedom” in comparison with these two countries, and we take it into
consideration because the manufacture of string will be placed there, due to its advancement
in technological development and cheap prices.
When analyzing the market we have to maintain our focus mainly in the sport market,
as is the potential of that kind of market that is relevant for us, because only those individuals
who practice sport would be interested in our product; both small and big tennis clubs, tennis
amateurs, professionals, and even those people who don't practice tennis, but they might
become a potential consumers as they also have an active way of life.
Behavior of the consumer
According the GFK Institute (one of the world’s largest research companies), the german
consumers are wanting to buy more by catalog and by vias online, internet. Being the price
and quality factors the critical points. The German consumer shows a strong tendency to
compare prices and buy frequently in the "discount stores." Be influenced by offers he do not
hesitate to visit several outlets to buy at the most attractive prices.
The difficulty we may face with is the direct selling; retail buyers may only be interested in
importing products directly if they are unique, possess some specific attribute, or offer
significant advantages in terms of quality, price, or financial promotional support. However,
new products on the German market may require up to 12 to 18 months of testing to gain
market acceptance.
Therefore, what we may do is an integration strategy into German market to make buyers be
fully aware of the quality of our product. This is by using Business level strategy by
differentiation.

1
On one hand, we can ask business supporting companies as Infosys, with which we
may collaborate in order to be informed about the emerging markets in Germany, in order to
establish our business of racquets’ strings. Two major Infosys’ enterprises in Frankfurt and
Munich.
On the other hand, ICEX Spanish Export and Investment association supports the
participation of 22 Spanish companies in the sport sector industry in lounge ISPO of Winter
games, which takes in Munich from 26 to 29 January. We could use this event to raise
awareness of our product to consumers so that people would recognize our brand. It would
give reliability to our company and more opportunities to establish business contacts and
possible negotiations from sponsors and investors. ICEX, as a public company, would help us
to promote internationally, with more competitiveness. We use this association as kind of "
trusted intermediary " that informs us of potential competitors, free-riders , but also providing
technical support and advice of possible market risks.
In this company there ICEX program called "PIPE " that specifically addresses international
business. The mission is to catch both buyers and investors’ attention to spread our brand
product in efficient way. We will use a core competency by showing our innovative
production
By the way, the EU Institutions of “Sport Conventions”, by Council of Europe, places the
sport industry in a good way of doing business. The Council is aware that sport has a distinctive
role to play as a force for social integration, tolerance and understanding. The Council of
Europe encourages sport all European members have highly developed infrastructures and
technology devoted to it, then we can take advantage of that favorable political, economic,
social and cultural conditions. From here we conclude that we have all the necessary to start our
business, with public supported, so when looking for financing we can ask Spanish
government.
After the analysis of the German market, we will explain our market strategy. The
first thing we are planning to do is to rent a warehouse in Berlin, a place where the products
will arrive from a Chinese industry. In those rented offices will have an employee distributing
and organizing shipments, it will be some kind of freight forwarder specialized in export
activities, and who will assume all the logistic issues. Our sales will be mostly undertaken
online, through internet, in order to be available in any time and realize 24-hors trading.
Therefore, we are planning to invest around € 1,000 on a solid website with good online
attendance that allows to realize payments online, and which also will give a list of clients
and address of merchandise distributions with shipments in order to facilitate the
management of our German distributer.
As our business grow and expand we will find ourselves looking for quality language
services. "Excellang LLC" is a translation agency That May Provide us with translation of
our website for Germanic readers, technical and paper documentation, communication and
media as well. These shipments will be carried out by German mail. If a customer wants a
faster shipping method, this will be included in his final bill of exchange.

2
In addition, our sales directors will accept to do more than 20 trips every year to
Germany to promote and sell the product. A selection of the top 100 clubs will be done,
focusing in the number of tennis courts, number of customers, and size of their tennis schools
to promote our product. In fact, we will work with the German Tennis Federation to make
our visits to coincide with regional and national high-level tournaments.
We will focus primarily on youth tournaments due to the strong influence of
customers who use tennis strings with high regularity. When visiting clubs, we will look for
promising sponsors and investors to start a business cooperation, then the negotiations will
facilitates to introduce our product into the sport shops of the clubs , however , the majority
of sales would be done online. Of the main order of 8,000 units, 600 will be allocated into
advertising. In other words, in the trips the directors would take, 600 units of tennis strings
would serve as a kind of tester to players and tennis enthusiasts. This will generate a public
opinion of our product, and every potential and willing consumer could then test it.
Finally we will establish how we will organize our funding. Sergio Fernandez will be
in charge of the finance area. All the funds we need to start our business should be externally
provided because of the youth of the team and the financial crisis of Spain. ICO (Instituto de
Crédito Oficial) is our best option to help our business on its beginning. The ICO is a Public
Bank of Spain, under the Ministry of Science and Innovation through the “Ministry of
Economy” and “Business Support”. ICO is not funded by the State budget and it is financed
through their issues on international capital markets. Its functions are to promote economic
activities that contribute to the growth and development of Spain, improving the distribution
of national wealth. In particular, those that by their social, cultural, innovative or ecological
significance, deserve priority attention (ICO, objetivos). To achieve these objectives the ICO
will finance us through loans. This will lead us to invest in operations or liquidity needs of
our company, both inside and outside of Spain. In this aspect, ICO directly analyze and
assume the risk of operations because of the excellent economic forecasts of our company.
ICO is focusing on self-employed entrepreneurs and companies with less than five years from
its creation or beginning of its activities.
We will use this funds though Santander because of the security and confidence of
this large entity. The Santander Group is a Spaniard banking group that includes a network of
financial institutions with a presence throughout the world but mainly in Europe and Latin
America (Acerca par. 1). The Santander has 187 000 employees, 102 million customers,
14,400 branches and 3.3 million shareholders worldwide (Acerca par. 3). The Santander
Group is the fourth largest bank in the world, the largest bank in the Euro Zone, the largest
company in Spain, and the sixth largest company in the world (Global). Its operational
headquarters, where 6000 employees work, is in Boadilla del Monte, Madrid (Acerca par. 6).
Santander will give us solid references in the negotiations in China. The type of interest could
be fixed or variable (euro, dollar USD), plus the margin (4.00%) established by the credit
entity because of the repayment (amortization). The amortization´s term from 2 to 12 years.
The Credit Entity gives a 1% of commission to those operations with less than a 5 years term.

3
We will summarize the cost costs €/year we need to finance (Approx.):
Production:
- Design contest: 3.000€
- First Purchase of Final Strings (8,000 units): 151,200€
- Office in Spain: 7,200€
- Engineer (6 hours): 240€
- 2 Travel to China (Including transports, room, and board): 3180€
- Others (Provision for other expenses): 5,000€
Total Production: 169,820€
Selling:
- Warehouse in Berlin: 7,000€
- 20 Travel to Germany (Including transports, room, and board): 8000€
- Web Page: 1,000€
- German Lessons: 300€
- Distribution Personnel: 12,000€
- 2 SLU Students collaborating during internships: 5,000€
Total Selling Expenses: 43,000€
Finance and other expenses:
- Accounting Expenses (outsource accounting.): 1,500€
- Insurance and property right expenses (estimated): 10,000€
Total Finance and other expenses: 15,000€
Net Income Statement (Approx.):
Total Revenue…………………………………………………..518,000€
8,000-600 advertising units=7,400 units
Cost per Unit: 30.78€
Selling Price: 70€
Total Expenses…………………………………………………..227,820 €
Net Income……………………………………………………….290,180 € (Approx.)
Our goal will be to define our business strategy to introduce tennis cords in Germany,
where tennis is one of the most significant and influential sports. During the first year of

4
operation we will follow the same cycle: we design in Spain, produce it in China, and shell
the product in Germany. We will take advantage of the ICO funding to raise our company.
Our goal is to sell the first year the 8,000 units. Our selling rice combined with the quality
will be a key factor in a market where the average price for the same quality we are selling is
above 120€ (Tennis Warehouse). For this objective, we only need that the 0.5% of the market
buys our product just once a year. This analysis show how introduce tennis strings in
Germany it’s possible.

5
Work Cited
Aparicio, Luis. “Optimism on the Economy: The four strengths of Spain in the crisis.”
Invertia.com 17 Sept. 2012. Web. 6 Feb. 2013.
Martin, Juan. “Best Workplaces in Spain” ABC.es 11 Nov. 2012. Web. 6 Feb.
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- PRESENT SITUATION, PROBLEMS AND OUTLOOK." Journal of Comparative
Corporate Law and Securities Regulation I (1978): 299-318. Web. 17 Mar. 2014.
<https://www.law.upenn.edu/journals/jil/articles/volume1/issue4/Schwark1J.Comp.C
orp.L.&Sec.Reg.299(1978).pdf>.
Beck, Gunnar. "Germany Is Not Profiting from the Eurozone." TheGuardian 7 Jan. 2013: n.
pag. Web. <http://www.theguardian.com/commentisfree/2013/jan/07/germany-not-
profiting-eurozone-export-boom>.
"Business Location in Germany." GTAI. Federal Ministry of Economic Affairs, n.d. Web. 05
Apr. 2014.
"General Overview." GTAI -. N.p., n.d. Web. 09 Apr. 2014.
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Web. 05 Apr. 2014.
"Germany." German Economy: Facts, Population, GDP, Inflation, Unemployment, Business.
N.p., n.d. Web. 06 Apr. 2014.
"Tipos De Cordajes De Tenis." Tipos Cordajes De Tenis. N.p., n.d. Web. 09 Apr. 2014.
"String Finder." Tennis String. N.p., n.d. Web. 09 Apr. 2014.
"Best German Players." Bleacher Report. N.p., n.d. Web. 09 Apr. 2014.
"Tennis." Bleacher Report. N.p., n.d. Web. 09 Apr. 2014.
Deutscher Tennis Bund. N.p., n.d. Web. 09 Apr. 2014.
"Economic Dimensions of Sport Consumption in Germany." Springer. Ed. Ahlert G. Sport
Als Wirtschaftsbranche, 2012. Web. 24 Mar. 2014.
Rehder, Leif Erik, and Kaela McCabe. Good Market Opportunities for U.S. Exporters of
Consumer. Rep. no. GM13019. Ed. Paul Spencer. Berlin: USDA, n.d. Global
Agricultural Information Network, 2013. Web. 08 Apr. 2014.
"Tenis -ATP Español- Rankings." ATP World Tour. N.p., n.d. Web. 09 Apr. 2014.
"Clubes - Federación De Tenis De Madrid." Clubes - Federación De Tenis De Madrid. N.p.,
n.d. Web. 09 Apr. 2014.

6
"RFET, Real Federaci?n Española De Tenis, Inicio." RFET, Real Federaci?n Española De
Tenis, Inicio. N.p., n.d. Web. 09 Apr. 2014.
"WTA Newsletter- Rankings." Women's Tennis Association. N.p., n.d. Web. 09 Apr. 2014.
"Anuncios De Oficinas En Alquiler En Madrid Provincia." — Idealista.com. N.p., n.d. Web.
09 Apr. 2014.
"Tournament Calendar ." ITF Tennis. N.p., n.d. Web. 09 Apr. 2014.
Preuss, H., Alfs, C., & Ahlert, G. (2012). Economic Dimensions of Sport Consumption in
Germany - Executive Summary (June 2012)
"Lineas ICO." Planes De Financiacion ICO. N.p., n.d. Web.

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