JACPACK - COLOMBIA

Section 1. The Market:

Product and Competition Analysis

Team 87:

Kit Ying So 22695927@student.uwa.edu.au Australia

Khushboo Kukreja khushboo.kukreja@indiraisbs.ac.in India

Corey Mills c_mills@uncg.edu USA

Shaunna Jean-Louis shaunnajeanlouis1@gmail.com USA

Denisse Carolina Meza León A01252266@itesm.mx Mexico

Zinathi Mpakama 218019580@mycput.ac.za South Africa

Berlind van Wijk b.c.van.wijk@student.rug.nl Netherlands

September 26th, 2021

Assigned Tasks
Kit Ying So
-
Khushboo Kukreja
-
Corey Mills
- p
Shaunna Jean-Louis
-
Denisse Carolina Meza Leon
-
Zinathi Mpakama
-
Berlind van Wijk
-

Part Name

Promotion Channels Shaunna, Kittie and

Khushboo

Message Shaunna, Kittie and

Khushboo

Promotional Materials Shaunna, Kittie and

Khushboo

Helping with research Berlind, Zizo, Corey,

Denisse

List of potential partners Berlind

(distributors) + hofstede

Submission section 2

Looking through section 1:

add bullet points (also to
executive summary)

Looking through section 2

when finished: layout,

1
grammar, references correct?

Making a survey? And

analysing survey data

Look into the mexican Zizo

market: what colors do they
like

2
Content
Jacpack - Colombia
Assigned Tasks 1
Executive Summary 3
1. Section 1. The Market: Product and Competition Analysis 4
1.1 Industry and Competition Analysis 4
1.1.1 Clients 4
1.1.2 Competitors 4
1.2.3 SWOT Analysis 5
1.2 New Market Selection and Analysis 6
1.2.1 Key competitors in the proposed market 6
1.2.2 Cultural, legal, political, and economic factors 6
1.2.2.1 Political & Legal Factors 7
1.2.2.2 Economic Factors 7
1.2.2.3 Social & Cultural Factors 7
1.2.2.4 Technological Factors 7
1.2.4 Consumer tastes and preferences 7
1.2.5 Distribution 8
References 9
Appendix 11

3
Executive Summary
The textile industry represents one of the largest industries in the international market. The
same has been reflected in Colombian exports. In the last decade, Colombia has managed to
grow its economy by 4.2%. This number has made it the third fastest growing country in the
region, reaching consolidated industries such as Brazil. This growth is mainly due to access to
new markets, and the support from the State to the industry through mechanisms such as
public-private alliances, which aims to promote the productivity and competitiveness of those
sectors that present a high export potential by strengthening existing trade agreements.

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1. Section 1. The Market: Product and Competition Analysis
1.1 Industry and Competition Analysis
The global backpack market was valued at USD 18 billion in 2019 and is expected to reach
USD 22 billion by 2026, expanding at a CAGR of around 6% during the forecast period,
2020-2026. Hikers and students are the common users for backpacks and are preferred over
handbags to carry heavy equipment and loads, due to the limited capacity of handbags for
carrying heavy loads (DataIntelo, 2021).
The competition in the global backpack market is highly intense and competitors use
strategies such as collaborations, ventures, partnerships, acquisitions, new product launches,
and agreements to gain new market share.
1.1.1 Clients
It is important to consider that for the entire company, it is necessary to define what type of
market they want to attack. Since without any market, there will be no customers and without
customers, there will be no successful business. Given this, some of the most frequent clients
of this company and industry are students and corporate workforce who are looking for
handbags to transport heavy equipment and loads that do not fit into the limited capacity of
handbags (DataIntelo, 2021).
Likewise, we can mention that their potential clients may also consider people who do
sports, since the growing trend of style on the part of people is driving the growth of the
market.
1.1.2 Competitors
Globally, there are a lot of competitors in the backpack industry. Companies are coming up
with innovative ideas and techniques with respect to the design, price range, and variety of
backpacks due to an increase in the demand for travel and tourism activities (Fortune
Business Insights, 2021).
Key competitors are tapping in on opportunities by stepping up their investments in
research and development, resulting in innovative solutions that cement their position in the
market. For instance, Under Armor launched a new line of soft goods in 2020, including
waterproof backpacks and tech sleeves to broaden their offerings in the travel segment
(Fortune Business Insights, 2021).

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Table 1.1.2
Competitors of the textile industry in the manufacture of backpacks.

Note. Table prepared by our own account.

1.2.3 SWOT Analysis

To analyse JacPack's competitive position in the backpack market, it is critical to evaluate the
organization's internal and external environments, because of the significantly broad and
extensive global and domestic market for backpacks, this competition study will concentrate
on Jacpack’s primary opponent, Totto.
SWOT assessments are useful for benchmarking a firm in relation to its external
environment and rivals, doing an industry analysis and situation analysis, as well as scenario
planning for future endeavours (Leigh, 2009).
Table 1.2.3
SWOT Analysis

Note. Table prepared by our own account.

6
1.2 New Market Selection and Analysis.
In order to select a potential development market, we look for the main imports and exports of
the countries of the world in relation to Colombia. Within Table 1 found in Appendix 1 we
can see the main importing countries of tariff item 42.02.12. Which make mention of trunks,
suitcases, vanity cases, executive-cases, briefcases, school satchels and similar containers,
with outer surface of plastics or textile materials.
Colombia's exports represent 0% of world exports for this product, its ranking in
world exports is 62. The average distance of importing countries is 3053 km and the export
concentration is 0.18. But, Colombia's imports represent 0.3% of world imports for this
product, its ranking in world imports is 52. The average distance of supplying countries is
14074 km and the market concentration is 0.74 (Trade Map, 2021).
After that, we observe the trade balance and growth of exports to the countries in
Table 2. So the country we agreed with the most, turned out to be Mexico. Adding the fact
that both countries have a free trade agreement, making the commercialization of Jacpack's
products to Mexico a little easier.
1.2.1 Key competitors in the proposed market
Taking into account the above points and analysis, below we present a brief analysis of the
two main competitors within the Mexican national territory.
Chenson Nylon de México S.A. de C.V. has a variety of product ranges in terms of
the product mix. They have different collections to target a larger scale of segment, such as
school bags and lunch box bags for kids, casual out bags for teens, work and travel bags as
well. They have utilized social platforms such as Tiktok and Instagram as the channel to
promote, and Shein as a distributor to expand their business. They use cost-leadership as their
pricing strategy and free shipping if purchase over USD $699 as promotion. On the other
hand, its weakness lies in their USP, because they focus more on school kids, although they
have a range of different products and segments, only focusing on school kids as an audience
(Chenson, 2021).
The second main competitor may be Yadatex. This company increases their
customer’s satisfaction and triggers purchase intention by short delivery time, within one day
delivery. Free-return policy within 7days. Setting their market position in a stylish backpack,
innovative and designed with famous cartoons or animation, such as Dragon balls, Naruto. In
terms of promotion, limited promotion and marked price deduction are used. Using online
presence, also use cost leadership as pricing strategy. Nevertheless, the main weakness is that
their product range is more standardised, with only one or two types and sizes of backpack
being offered (Grupo Yadatex, 2021).
1.2.2 Cultural, legal, political, and economic factors
Mexico is the largest trading nation in Latin America and one of the world's top 15
(Embamex, 2021). GDP grows steadily and the country has high levels of foreign direct
investment. This has been driven by Mexico's competitive production costs, and its
membership of the North American Free Trade Agreement (NAFTA). As the economy has
grown so has the demand for imports.
After the country selection, more research about the proposed market i.e. Mexico can
be done by PEST Analysis.

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1.2.2.1 Political & Legal Factors
Became the United States third largest trading partner in goods and services and second
largest in goods only in 2020. Mexico is open to foreign direct investment in the vast majority
of economic sectors. It follows the presidential democratic system of government and
administration, somewhat like the U.S. and holds a significant power/influence in Latin
America and also in global affairs. However, the country has established very good diplomatic
relations with various countries of the world, it has always maintained a neutral position in the
internal conflicts throughout the country’s history. The Mexican judicial system is also
independent and free.
1.2.2.2 Economic Factors
Mexico has free trade agreements with over 50 countries putting more than 90% of trade
under free trade agreements. It is the second largest economy in Latin America. It is a key part
of the MINT group (Mexico, Indonesia, Nigeria, and Turkey) and is classified as an
upper-middle income country by the World bank.
1.2.2.3 Social & Cultural Factors
Mexico is largely a Spanish speaking country. About 80% of the people live in urban areas. It
is one of the more affordable countries in Latin America compared to others, food prices and
rent in Mexico are also lower. However, there are some social challenges that Mexico is
facing- poverty, corruption etc. Putting social challenges aside, Mexico has drawn attention
and respect in terms of their cuisine, family values, etc. The Mexican football team is one of
the world’s best teams.The Mexican population consists of a larger portion that are between
the ages 15-55 years old and the average age is 28, which are mostly young adults. This could
mean fashion, music, and entertainment will be on trend always.
1.2.2.4 Technological Factors
Mexico has been a key target market of big giants such as Amazon, Facebook, Google, etc.
and is ready to revolutionize its economy with technology. Increased investment in
technology by the Mexican government will encourage many companies to view Mexico as a
promising market for their products.
1.2.4 Consumer tastes and preferences
Due to the growing preference for durable and lightweight backpacks for comfort and
convenience, Mexicans, during the pandemic, began to set their shopping preferences through
online stores. As the vast majority of physical stores closed, consumers and suppliers had to
make the decision to select other means of buying and selling.
Department stores began to have a greater presence and flow of goods, so distribution
became a faster and more efficient function. Given this, suppliers focused more on their
delivery method and especially on packaging, since they are also currently offering a greater
customer service strategy.
In addition to this, we can segment some of the preferences that the customer observes
when making a purchase. Depending on the activity to be carried out, whether it is traveling,
practicing a sport, or daily use. Likewise, these can be divided according to their level of
capacity and type of material with which it is made (cotton, nylon, leather, among others).
(Fortune Business Insights, 2021).

8
1.2.5 Distribution
Having plunged during 2020, retail current value sales of bags and luggage will rebound
modestly during 2021, as schools reopen, workers return to their offices and travel revives.
Retail current value sales of bags and luggage will rise 4% to MXN64 billion during 2021.
With the pandemic helping to habituate local consumers to online shopping,
e-commerce will continue to grow in importance. Mixed retail, particularly department stores,
is the most important distribution channel for bags and luggage, ahead of non-grocery
specialists – apparel and footwear specialist retailers and leisure and personal goods specialist
retailers.
E-commerce surged in importance as a distribution channel for bags and luggage
during 2020. With consumers spending much more time at home during the year and many of
them having more leisure time, a growing number tried online shopping for the first time.
Meanwhile, with physical stores closed for an extended period, many manufacturers and
retailers pivoted to e-commerce, significantly increasing their investment in this channel
(Passport, 2021)

9
 Section II
2. Marketing
What is the best way to promote JACPACK’S products in the new market? (promotion
channel)
Should the product be marketed directly to end consumers or to retailers or distributors?
What are the less expensive or free promotion channels that allow reaching the customers and
retailers/distributors, such as online advertisement, mailing lists, social media groups,
professional associations, and meetings, via bloggers or opinion leaders, industry periodicals,
or similar channels that are not as expensive as TV or radio, but allow to get directly (and
ethically) to the decision-makers?.
https://www.startupoverseas.co.uk/starting-a-business-in-mexico/marketing-a-business.html

Can specialized digital influencers be considered an effective channel of communication with

their consumers?
The most commonly used social media platforms are Facebook (facebook page), Whatsapp
(status/ story), Youtube and Instagram.
https://www.statista.com/topics/3477/internet-usage-in-mexico/
After a set of in-depth research, the female audience group aged 18-34 years old is defined as
the target audience and the most commonly used social media platforms in Mexico for this
target group are Facebook, Whatsapp and Instagram (Statista, 2018).
Therefore, the most suitable promotion channels would be online presence and digital
marketing in the use of the social media platforms mentioned above.
Jacpack already has a presence in Guatemala through a distributor, has some Reps in the US
and directly exports to Australia and Canada. In order to be able to distribute the bags in
Mexico, there are a few options that Jacpack can consider. Some of the most suitable options,
according to us, are listed in the table below.
Table 2.1: Distribution Channels

Company Location About this company Link to

website

Managed Primary: Specialized in helping foreign companies do http://ww

Strategies Guadalajara, business in Mexico. We help companies w.manag
(source) Mexico identify commercial partners and link them edstrategi
with importers, suppliers and distributors. We es.com/
Category: Other locations: manage relationships with channel partners
distributor United Kingdom, and the sales cycle for clients throughout the
United States, country acting as the company's Sales
Mexico Representative in the market.

INPOMEX Primary: Providing companies with a point of entry https://in

10
(source) Queretaro, and contact in Mexico, INFOMEX develops pomex.co
Mexico and manages bespoke sales teams, marketing m/
Category: and advertising services, as well as providing
distributor representation at industry events and
conferences.

Mexico Primary: Helping Your Business Succeed in Mexico. https://me

Representa Guadalajara, xicorepre
tion Mexico If you are a small or medium sized business sentation.
(source) and you know there’s a market for your com/es/
products in Mexico but don’t have the
Category: resources to have a presence in Mexico, we
sales agent can help.

What We Offer:
* Representation of companies outside of
Mexico looking to grow their customer base
by selling into Mexico.
* Sourcing of offshore low cost suppliers
within Mexico for export.
* Experience on the supplier and customer
sides of the Mexican manufacturing industry.
We know NAFTA inside and out and have
intimate understanding of the Mexican supply
chains and its players.

Klover9 Primary: We use our deep business knowledge and http://ww

Sales Guadalajara, strong business connections to help global w.klover9
Representa Mexico companies to grow their exports into Mexico .com/
tion and & Latinamerica and to have a strategic
Manageme approach to the market.
nt (source)
We will reduce the time and optimize your
resources in opening an attractive,
fast-growing, profitable, but competitive new
export market.

We are an experienced company that

understands the market needs and the
distribution channels.

We provide “soft-landing” to your company.

We reduce time in opening a tough,
competitive and fast-growing new market
hence reducing travel and research costs and
optimizing your business profitability.

As soon as we concrete a business, you will

have a local and reliable business partner
supporting your sales process.

11
We recommend that Jacpack should create a Facebook account and page for the new market,
not only because Facebook is one of the broadly used online platforms in Mexico, but also it
helps Jacpack to increase the brand’s awareness in the new market. In terms of Facebook
advertisement, here are the steps specifically to promote JacPack toward the target group.
A- FACEBOOK ADS
STEP 1 ) Create a Facebook Business page .
STEP 2) After creating the page, go into the tab called Facebook ads manager or you can
either search it also and then choose the option called Campaigns, then click the tab Create
to get the access of creating a new Facebook ad.
STEP 3) The next step is to choose brand awareness as the campaign objective, since Jacpack
is entering the Mexico market with a brand new Facebook page, it is more important for them
to have a high rate of exposure so the audience can have more understanding on the brand’s
value and products. There are many options available including Brand awareness, reach, lead
generation, traffic, engagement, etc. In this case, traffic, engagement and messages are
important, because Facebook will optimize ad placements based on the chosen objective.

STEP 4 ) Give a name to your campaign and choose the page for which you want to create
the ad.

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STEP 5 ) Then comes the ad sets. In this, choose a target audience for the ad set, it will give
you options like choose a custom audience or choose audience based on different aspects like
location (Mexico), gender (Female), age (18-34), detailed targeting (mid-high income level)
and language (Spanish).

STEP 6) After creating a target audience, it is time for actually creating your ad. Choose
where you want your ad to be placed. First pick an ad format, then upload an image/video that
you want to feature in your ad, then write your headlines and body, pick an appropriate call-to
-action and add links that you want people to click on. After that, choose where you want your
ad to be placed, like feeds, stories, in-stream, messages, etc. It is suggested that the more
placements the user selects, the more reachable the ad will be to the target.

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STEP 7) Finally, set up the budgets.

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It is also important for Jacpack to understand the customer relationship management (CRM)
and use the Facebook analytic to know about what posts that audience have more flavor to as
well as increasing interaction and engagement for the next time campaign.
Since JacPack has created their Instagram account, we recommend that JacPack can utilize
more of the Instagram features such as Reels and organic reach that are cost efficient but able
to drive more traffic. Organic reach is a good way for Jacpack to increase the engagement
with their audience by using the like, share, and comment functions. Instead of having video
posts on feed, Jacpack can post video by using reels, the algorithm will lead the video to
potential similar target audience, so it helps to drive the traffic and boost their awareness
faster.
Using user generated content, this is recommended for Jacpack to increase engagement and
electronic word of mouth (eWOM) by resharing the audience's posts on both Instagram
stories and feeds, tagging or mentioning the audience's instagram.

B- Tik Tok Ads

STEP 1) Visit this website to create to an Ads Manager account:
https://ads.tiktok.com/i18n/signup/
STEP 2) Locate the option ‘Account Info’ to enter business information like the company
website, the industry you represent and where your company is located.
STEP 3) Create an Ad and choose a format. TikTok has two format options which are images
and videos. You can upload media previously created or create something new in the Ad
Manager.
STEP 4) Click the Campaign tab and select ‘Ad Group’. This will let you choose the target
audience, there are options for gender, age, location, language, and many more to choose
from.
STEP 5) Create a budget, you can choose from a daily or lifetime budget. You can also
schedule how long you want your Ads to run and how you want to be charged through the
‘Billing Event’. The Billing Event lets you choose between being charged by every click or
every time your goal is reached.
STEP 6) Click the submit button and you will publish your new Ad.

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2.1 Message
What is the best way to convince consumers to buy the product?
https://www.apifonica.com/en/blog/marketing-message/
• What are the best messages, slogans, and other marketing campaign elements? (
• If applicable, discuss if the brand name or its presentation should be modified to make the
product more appealing to the tastes and traditions of the consumers in the new market. Please
take into account that the marketing strategy for the client is very important and it has a very
clear DNA printed on each communication piece they make. So make sure you follow the
same path.

Looking at Hofstede’s cultural dimensions, people in Mexico societies are classified by a high
score in Indulgence. These people generally exhibit a willingness to realise their impulses and
desires with regard to enjoying life and having fun. They possess a positive attitude and have
a tendency towards optimism. In addition, they place a higher degree of importance on leisure
time, act as they please and spend money as they wish (source). Therefore, while delivering
the message, it is important for Jacpack to acknowledge this cultural content by using the
wording, value and phases of the content that are relevant to fun, enjoying life and happiness.

Additionally, people in Mexico score low on Individualism (see Figure 2.1). In Individualist
societies, people are supposed to look after themselves and their direct family only. Mexico is
a collectivistic country, where people feel they belong to a loyal in-group and align
themselves with that group’s opinion (source). A focus on differentiating yourself as an
individual is therefore not the best approach for slogans and captions in Mexico.

Mexico

Colombia

Figure 2.1: Comparison Hofstede’s Cultural Dimensions

It can be seen that the cultural difference between Colombia and Mexico is not that big, which
means there is no need for a big corporate strategy transition. This makes the extension
abroad easier.

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IDEAS FOR JACPACK SLOGANS

1- Bring color to your life.

2- A bag to your heart.

3- Perfect Handbags for every occasion.

4- Add stylish moments in your life.

IDEAS FOR JACPACK CAPTIONS

1- Get your life tinted with the new color of Jacpack’s bag. Do not miss out!

2- Go on the go with Jac!

3- Experience the bold life. Only with Jacpack.

On the use of colors, the message or content is recommended to avoid using blue, yellow and
black colour. This is because these colors can represent mourning and masculinity in Mexico
(Carrier, 2012). Therefore, the color pink is recommended to cater the target audience’s flavor
as a way of showing femininity and sweetness, it is often used for cake or candy shops,
childhood or fun (Carrier, 2012). We also recommend Mexican pink (ROSA MEXICANO)
that can be used on social media content, because it has a historical cultural element. Mexican
rose also became the standard tone of Mexico City, where this color is not only found in art
and clothing, but also in its taxis, credentials, offices and official documents (The Mazatlan
Post, 2018). This makes it clear that there is a color that can unite Mexico and make
Mexicans proud of what they are . It is used to be culturally integrated in Mexican culture and
generate positive emotions of the target audience to make them think of home or having a
feeling that they feel familiar with (The Mazatlan Post, 2018).

Figure 2.2: Backpack in color: Rosa Mexicano (source)

2.2 Promotional materials

(Figures and real data given) 30% of females age 18-34 in Mexico using Facebook.
Therefore, by considering the cultural context in the appropriate use of color and languages,
we have the following contents adjusted to make it more appealing to the target market. To
interest our target audience, we need to give information about the company’s products, by
creating flyers, posters or social media posts that we can use to promote the company's
product in ‘pink tone’ and Spanish.

FLYERS-

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FACEBOOK & INSTAGRAM POST OR STORY-

18
19
( source- self design)

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References
CIA. (2021). Mexico - The World Factbook. Retrieved on September 17th, 2021 from:
https://www.cia.gov/the-world-factbook/countries/mexico/#introduction
Chenson. (2021). ¿Quienes somos? Retrieved on September 17th, 2021 from:
https://chenson.com.mx/pages/quienes-somos
Colibri. (2021). 5 Mexico Consumer Trends to Guide Business Strategy. Retrieved on
September 18th, 2021 from:
https://www.colibricontent.com/5-mexico-consumer-trends-to-guide-business-strategy/
DataIntelo. (2021). Global Backpack Market by Types. Retrieved on September 17th, 2021
from: https://dataintelo.com/report/backpacks-market/
Embamex. (2021). Overview Of The Mexican Economy. Retrieved on September 18th, 2021
from:
https://embamex.sre.gob.mx/filipinas/index.php/negocios-y-comercio/overviewmexicanecono
my
Euromonitor Passport. (2021). Analysis of the textile industry. Retrieved on September 17th,
2021 from: Analysis | Passport (euromonitor.com)
Export Enterprise SA. (2021). Mexico: Economic And Political Outline. Retrieved on
September 17th, 2021 from:
https://santandertrade.com/en/portal/analyse-markets/mexico/economic-political-outline
Export Enterprise SA. (2021). Mexican Foreign Trade In Figures. Retrieved on September
17th, 2021 from:
https://santandertrade.com/en/portal/analyse-markets/mexico/foreign-trade-in-figures
Fortune Business Insights. (2021). Backpack Market Segmentation, Growth Insight, Share,
Trends, Industry Key Players, Regional Forecast To 2028. Retrieved on September 18th, 2021
from:
https://www.thecowboychannel.com/story/43783955/backpack-market-segmentation-growth-i
nsight-share-trends-industry-key-players-regional-forecast-to-2028
Fortune Business Insights. (2021). Backpack market size, share and industry analysis.
Retrieved on September 18th, 2021 from:
https://www.fortunebusinessinsights.com/backpack-market-103853
Global Edge. (2021). Mexico: Economy. Retrieved on September 17th, 2021 from:
https://globaledge.msu.edu/countries/mexico/economy
Global Risk. (2019). Global Corruption Index. Retrieved on September 17th, 2021 from:
https://risk-indexes.com/global-corruption-index/
Grupo Yadatex. (2021). La empresa. Retrieved on September 17th, 2021 from:
https://www.yadatex.com.mx/
International Trade Information. (2021). Market Entry Strategy. Retrieved on September 17th,
2021 from:

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https://www.trade.gov/country-commercial-guides/mexico-market-entry-strategyhttps://www.
mordorintelligence.com/industry-reports/luggage-market
JacPack. (2021). About Jacpack. Retrieved on September 17th, 2021 from:
https://www.myjacpack.com/
Link Compresores. (2020). Panorama de la industria textil en Colombia y América Latina
para 2020. Retrieved on September 18th, 2021 from:
https://www.linkcompresores.com.co/panorama-de-la-industria-textil-en-colombia-y-america-
latina-para-2020/?gclid=Cj0KCQjwnJaKBhDgARIsAHmvz6eZi7OlEGGz3OJSvs9mVGLFg
x80nac-B8cbPDMimMGLudK06sP0wl8aAuXdEALw_wcB
Statista. (2021). Bags & Accessories. Retrieved on September 17th, 2021 from:
https://www.statista.com/outlook/dmo/ecommerce/fashion/bags-accessories/mexico?#revenue
Statista. (2021). Net sales share distribution of Under Armour worldwide in 2020, by
distribution channel. Retrieved on September 17th, 2021 from:
https://www.statista.com/statistics/259180/net-sales-share-of-under-armour-worldwide-by-cha
nnel/
The Heritage Foundation. (2021). 2021 Index of Economic Freedom: Mexico. Retrieved on
September 17th, 2021 from: https://www.heritage.org/index/country/mexico
US Department of State. (2021). 2021 Investment Climate Statements: Mexico. Retrieved on
September 18th, 2021 from:
https://www.state.gov/reports/2021-investment-climate-statements/mexico/
WBOC. (2021). Backpack Market 2021: Size, Growth Rate Analysis, Share and Revenue
Analysis with CAGR Status, Market Drivers and Trends, Evolving Technologies Global
Industry Forecast to 2025. Retrieved on September 18th, 2021 from:
https://www.wboc.com/story/44158246/backpack-market-2021-size-growth-rate-analysis-shar
e-and-revenue-analysis-with-cagr-status-market-drivers-and-trends-evolving-technologies-glo
bal
Section II reference:
https://themazatlanpost.com/2018/12/16/the-true-story-of-how-mexican-pink-was-born/
https://www.hofstede-insights.com/country-comparison/mexico/
https://www.statista.com/statistics/687514/age-distribution-of-users-facebook-mexico/
https://www.k-international.com/blog/color-meanings-around-the-world/
https://www.facebook.com/business/help/200000840044554?id=802745156580214
https://ads.tiktok.com/help/article?aid=9541

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Appendix
Table 1
List of importing markets for the product exported by Colombia in 2020

Note. TradeMap, 2021.

Table 2
List of supplying markets for the product imported by Colombia in 2020

Note. TradeMap, 2021

24