Give the Scope and Coverage of Minerva bag corporation. Please refer to the below information.

Minerva Bag Corporation, a Philippine-based company, makes high-quality bags that are handcrafted and use unique materials during the manufacturing process. The distribution channel of the product is inside the domestic market of the Philippines.

RECOMMENDATION

There are a lot of bag companies that have made their presence in the global markets like Louis Vuitton, Coach, Lavie, Apollo etc. These big names in the bag industry employ famous designers to design their bags so as to add exclusivity to their bags.

The bags market has a very wide and versatile customer-base and all the big companies are competing to provide the best products to the people. In this competition they come up with latest designs and features in their bags, for example, the facility to charge electronic items in bagpacks is one of the newest technologies in this market.

Some broad recommendations that we would want you to consider:

Our company hires the greatest and brightest designers because they will be the only source of difference for your bags.

If our company is doing well, it should not only concentrate on domestic markets, but also consider expanding globally to take advantage of underserved customers.

To help combat market rivalry, our company could focus on selling high-quality bags to its clients that are both inexpensive and competitively priced, giving them a difficult option.

Our company offers a global warranty on all of its bags, similar to what larger firms like Skybags do now. This will ensure that the customer is protected wherever he travels and that he can have his bag replaced or repaired at any time.

Foundation

It is critical to understand the full scope of the impact on business before penetrating a new market. By gathering this data, our corporation could now create a strategy and business plan that drives local success while remaining aligned with the overall corporate strategy and goals. Within the business plan, following will be stated; short, medium, and long term strategy, goals and objectives, business model and structure, annual budget, and tactical project plan. Now that the corporation has a vision of what we want, it is now time to establish a beachhead team. A beachhead team is sending executives from the company to create a local team in that country from scratch. Using proven senior interim executives enables the company to hit the ground running, quickly validate assumptions, and drive key readiness initiatives while the company searches for the right senior management team. And once there is a team established, they need to create organizational readiness within the branch. Cultural differences, whether in language, regulations, or customs, necessitate a firm's flexibility in the policies and procedures put in place in an international operation to ensure employees are engaged and carrying out the company's plans. Last but not least, establish close relationships with local businesses. By reaching out to them it creates a supporting ecosystem of complementary products and services, which can be obtained through third party relationships, to gain a significant competitive advantage.

Protection

The corporation must review government- and industry-specific regulations to ensure that compliance and certifications are obtained if needed, determine if any localization of the product is needed, initiate a patent and trademark review-some countries are known for "copying" good ideas, initiate testing and quality assurance review based on local standards, and consider a local logistics and distribution network. And most importantly prioritizing legal readiness & tax and finance readiness. Because some countries are notoriously litigious, it is critical that strong legal processes are put in place to reduce unnecessary commercial risks. Thus, early on, the proper tax and finance infrastructures must be established to ensure that you receive timely reporting and that your foreign entity follows local corporate policies and procedures.

Expandion of our business overseas is not for the faint of heart, but it is unavoidable for most businesses as global markets offer greater opportunities for growth. The difficult task of "going global" can be made easier by paying attention to details and outsourcing administrative functions. Gaining a thorough understanding of the targeted markets, competition, current local market trends, and the requirements for successfully launching and driving growth is a critical first step.