“FORTUNA LEATHER CRAFT LTD”

Group Members:
Faraz Al Rashid (1610850)
Kh. Radia Musarrat (1620246)
Rashidul Hoque (1621180)
Sabikun Nahar Pretom (1621305)
Salman Khan Shawon (1621559)
Rabeya Sultana Jui (1730323)

Course: International Business (INB301)

Section: 01
Submitted to: Hasan Md. Mahmood Ul Haque
Lecturer, School of Business, IUB
Date of Submission: 05/04/2018

1
Letter of Transmittal
5th April, 2018

Hasan Md. Mahmood Ul Haque

Lecturer
School of Business
Independent University, Bangladesh.

Subject: Letter of transmittal.

Respected Sir,

It is our great pleasure to submit the report to you. As per requirement of the course, we have
completed an export plan which is done as a partnership business including 6 members in a
group. We have tried to utilize all the knowledge we gathered through a group discussion and
information taken from online research. Before facing the real business world, we have gather
initial knowledge about the export planning process.

Thank you so much for your kind co-operation. Without which this report cannot be completed.
We would like to take every opportunity to express our gratitude of indebtedness to you.

Thank you once again for your kind co-operation.

We sincerely hope that you would accept our report and we would be thankful once again if you
give your wise advice on our effort.

Sincerely,

Group: MAROONS

2
Acknowledgement
Apart from the efforts made by us, the success of any project depends largely on the
encouragement and guidelines of many others. We take this opportunity to express our gratitude
to the people who have been active in the successful ending of this project.

Our first acknowledge goes to the almighty Allah for giving us the patience and courage to finish
this task within its deadline.
Then we would like to show our greatest appreciation to our honorable faculty Hasan Md.
Mahmood Ul Haque. We feel motivated and encouraged every time we attend his classes.
Without his encouragement and guidance this project would not have materialized.

Although we couldn’t work as a team but still acknowledgments must go to the team members,
who at least help me out to make the project both possible and successful.
The guidance and support received from all the persons who contributed and to this project was
vital for the success of the project. We are grateful for their constant support and help.

3
Table of Contents

Executive Summary……………………………………………………….. Error! Bookmark not defined.

Company Description:……………………………………………………………… Error! Bookmark not defined.

History: ……………………………………………………………………………………….Error! Bookmark not defined.

Mission and Vision: ……………………………………………………………… Error! Bookmark not defined.

Core Competency: ……………………………………………………………… Error! Bookmark not defined.

The Export Team: ……………………………………………………………… Error! Bookmark not defined.

Product Description: ……………………………………………………………… Error! Bookmark not defined.

SHOES AND SANDALS………………………………………………………… Error! Bookmark not defined.

ACCESSORIES………………………………………………………………………. Error! Bookmark not defined.

Country Analysis: ……………………………………………………………….. Error! Bookmark not defined.

Grid Analysis: ………………………………………………………………………… Error! Bookmark not defined.

Market Entry Strategy: ……………………………………………………………..Error! Bookmark not defined.

International Law: …………………………………………………………………….Error! Bookmark not defined.

Sales Forcasting: ……………………………………………………………… Error! Bookmark not defined.

Risk Management: ……………………………………………………………… Error! Bookmark not defined.

External Assistance: ……………………………………………………………… Error! Bookmark not defined.

Operational Timeline and performance milestone……………………..Error! Bookmark not defined.

References: …………………………………………………………………… Error! Bookmark not defined.

4
Executive Summary

We made a report on export plan in which country evaluation and rating are included. We
selected Fortuna Leather Craft Ltd Company. Fortuna Leather Craft Ltd is a Bangladeshi
company engaged in manufacturing and exporting leather products in local and international
market. The Company was founded in 1984. Currently, Fortuna Leather Craft Ltd is a leading
exporter of leather products from Bangladesh. It exports leather products in several countries.

In this report we described that why this company is successfully exporting their products and
also selling in country. Fortuna Leather Craft Ltd Company is maintaining their quality and their
service. For this, they are one of the successful exporters in this sector.

Our plan is to export leather shoes< boots, belts and wallets to Philippines and Japan and to
ensure high quality products with reasonable price so that we can survive in market using
diversification targeting many markets at once.

Our main target for exporting is Japan because the average applied tariff rate is one of the
lowest in the world. Our target segment is mainly the middle class to lower class people
including students. Setting up a business is pretty easy in Japan compared to other countries. A
business can be set up in just 14 days in Japan. A successful business in japan can be generated
within 3 to 5 years

Philippines is our 2nd option as there are more risk factors and tariff rate is bit higher than
Japan. A total of 50 million BDT will be invested in both countries together. So if we can succeed
in these countries, then we can succeed in any other.

5
Company Description:

Fortuna Leather Craft Ltd is a Bangladeshi company engaged in manufacturing and exporting
leather products in local and international market.

6
History:

Fortuna Leather Craft Ltd is operating under a big company name Fortuna Bangladesh which
was established in 1984 to manufacture and export garments. It has grown and diversified into
major industrial mixture. Then Fortuna had sold out it’s garments division and invested it in a
new shoe manufacturing project. It can produce 12,000 pairs of shoes per day. Along with this
Fortuna had opened retail outlets to sell leather shoes, bag and accessories.

Mission and Vision:

Fortuna’s major goal is to develop Bangladesh’s economic growth globally by creating new
opportunities. It is a business company which provides different kinds of quality products. By
developing a smooth relationship including trust, honesty and sincerity with other stakeholders,
Fortuna is hopeful to turn an active environment that can make new opportunities for
Bangladesh.

Fortuna’s vision is to be the leading leather products traders and suppliers in terms of quality,
efficiency and margins by managing our partners, customers and associates in a productive and
efficient manner.

Core Competency:

We are a leading manufacturer of footwear, accessories and always maintain the quality of our
products. We always try to develop our products with unique designs so that the competitors will
face difficulties to copy our products.

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The Export Team:

We have the best export team who are working to give better service. Fortuna Leather Craft Ltd
Company’s exporting duty is really increasing as much as they pre- planned. Their
manufacturing concerns are decorated with useful information and also other services to
its members comprising the top class entrepreneurs and manufacturers of leather
products. They are rapidly developing our goods with the trends.Each of these
developments have been established with vast experience in design and fashion industry.
The members in factories are producing a wide variety of leather products fulfilling the
internationally recognized quality requirements among in the world. Though our
manufacturing operations located in Bangladesh, we have a liaison office in the heart of
New York City.

Product Description:
Fortuna Leather Craft Ltd is one of the oldest leading footwear companies in Bangladesh for
their quality and durability. We have the capacity to produce 12,000 pairs of shoes & 500 bags
per day. Our targeted customers are those who are price sensitive. Their product is crafted with
best quality leather and they ensured the best materials to use in their products. The goal of
their designers is to make their product looks stylish and also feel comfort at the same time.
They have collections for men, women and kids. Their main products are leather crafted shoes
beside that they also produce leather crafted accessories.

The following are some of the Fortuna's leather crafted products:

8
SHOES AND SANDALS

Talking about Model-FR-16 gent’s type shoe which are crafted with pure leather and EVA
outsole. It is low in density and comfort to use. It's price tag is BDT 2112/=

This is the gent’s type sandal Model-864-0024. The sandal is crafted with leather and rubber
sole. It is very comfort to use and is available in 4 sizes. It's price tag is BDT 1009/=

9
This is the ladies type shoe Model-Cherry03. It is crafted with leather and rubber sole. It is
comfort to use and looks unique because of its design. It's price tag is BDT 1008/=

It is the kid type shoe Model-Doraemon-06. The design is from the cartoon character's shoe Doraemon.
It is leather crafted and low in density so it will be easy to use by the childrens. It's price tag is BDT 576/=

ACCESSORIES

It is the ladies type bag Model- LWIN 12103. It is crafted with fine leather and inside it is
wrapped with cotton. It is two chained bag and can carry plenty of stuffs because of it's big
capacity. It's price tag is BDT 2400/=

The Model- w-3031 is crafted with fine leather and designed in a very simple way. It has many
card holders and has a button to lock the bag. It's price tag is BDT 576/=

10
It is men type belt Model- P22 101 102. It has a simple design and the materials used in it
ensures it's efficiency. The price tag is BDT 637/=

11
12
Country Analysis:

1. Contextual Factors

Japan
Population(Million) 127
Natural resources Coal, Oil, Natural gas
Geography Several thousands of islands(4
largest)
Neighbor: Korea, Russia, China
Topography Honshu(mountainous with
Coastal lowlands); Mt.
Fuji(highest mountain & a
volcano)
Climate Varies with seasons
(Winter,Summar,spring, Autumn)
Culture Contemporary modern culture
which is a mixture of
Asian,European & North
American
Political climate Constitutional monarchy
Philippines
103.3
Fertile arable land(it has more
mineral resouces)
More than 7 thousand island (11
largest)
Mt. Pulog 7 Mt. Apo (Highest
point)
5 types of climates: tropical
rainforest, tropical savanna,
tropical monsoon, humid
subtropical, and oceanic
Combination of cultures of the
East and West (They preserve a
very traditional way of life)
Constitutional Republic

2. Strategy & Policy Factors:

Japan Philippines
GNP(PPP) $5.444 trillion $970.8 billion
GDP Growth( Trillion) $4.939 trillion $304.9 billion
Inflation 1.7% 1.78%
Unemployment 2.4% 5.3%
Literacy 99% 96.3%
Exchange rate 1.26 Yen 0.62 Peso

Tariffs & Quotas 4% 23.5%

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Grid Analysis:

Country
Variable Weight Japan Philippines
1. Acceptable(A), Unacceptable(U)
factors
(a) Allows 100 percent A U
ownership
-
(b) Allows licensing to A A
majority of companies
-
2. Return(Higher number= Preferred
rating)
(a) Size of investment 0-5 3 4
needed
(b) Direct costs 0-3 2 2
(c) Tax rate 0-2 2 1
(d) Market size, present 0-4 3 2
(e) Market size, 3-10 years 0-3 3 3
(f) Market share, Immediate 0-2 2 1
potential, 0-2 years
(g) Market share, 3-10 years 0-2 2 2
Total 17 15
3. Risk(Lower number= Preferred
rating)
(a) Market loss, 3-10 years 0-4 3 1
(b) Exchange problems 0-3 0 0
(c) Political-unrest potential 0-3 1 2
(d) Business laws, present 0-4 2 3
(e) Business laws, 3-10 years 0-2 1 2
Total 7 8

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Market Entry Strategy:

Selecting market entry strategy is influenced by various factors, such as the promising size of the
market, targeted market, the customers buying capacity, etc. Our form of operation is exporting.
The entry strategies for our product are-

Diversification Strategy: We are going to follow diversification strategy. We will go to many

markets fast of Japan and Philippine and then build up slowly in each markets. There are two
primary reasons to diversify. First, diversified portfolios have less risk than concentrated
portfolios. Second, diversification allows investors to add riskier types of investments to their
portfolios without increasing their overall risk levels.

Direct Exporting: We are going to follow Direct Exporting. It will help us to interact with the foreign
market directly without any third parties interference. We are going to enter into Japan and
Philippine market. We are going to hire local distributes. They will act according to the company’s
instructions and will help us to inform about the market needs and the market research.

Pricing Strategy: We are introducing our product to price sensitive market. So, we are going to
offer our product at the same price as we are offering in our country. The exchange rate of
Philippine is higher in our home county so they will get the product even in lower price
according to their country. The exchange rate of Japan is lower in our country but the product
price they will get is acceptable according to their purchasing power. As we are following Direct
Exporting pattern so, there will be high chances of making greater profits since
intermediaries/middlemen are eliminated.

Targeted Customers: The countries we have chosen one is Philippine which is a developing
country and another one is Japan which is a developed country. Our main targeted customers
will be the people with minimum income. Now people with lower income will be able to buy
fashionable leather crafted products at a reasonable price.

Sales and Promotion Strategies: For sales and promotions we are going to use Television
Commercials (TVC), Online Social Advertising, Billboards and Newspapers. We will telecast
advertisement on TV in the countries we will start promoting our product even before entering
the market, so that till we reach the market people will already be familiar with Fortuna Leather
Craft LTD. At the same time we will also start promoting it on online social medial.

Transportation and Logistics: Fortuna Leather Craft LTD's main motto is to provide a product
that is affordable for the rural people. Thus the transportation will be held by shipping because;

15
it is a less pricey method of transportation. From port of Chittagong, Bangladesh to port of
Nagoya, Japan it will take 23 days to reach and from port of Chittagong, Bangladesh to port of
Bataan, Philippines it will take 17 days to reach. We will prepare our products for transport
according standard packaging and we will research for prospective transporters to transport
them to Japan and Philippine. We will hire Freight Forwarders and they will supervise the
transport and will organize the safe, efficient and cost-effective transportation of the product.

International Law:
International law is a set of rules which is normally regarded and accepted as a binding in
relations between states and between nations. It also serves as a framework for the practice of
stable and organized international relations. International law differs from state-based legal
systems, it is primarily applicable to countries rather than to private citizens. (Wikipedia)

Dispute Resolution
In International Business, there can be a lot of reasons for disputes. The primary reasons for
dispute can be - delayed shipment or non-shipment due to change in government regulations or
market conditions, no conclusive agreement, payment related problems, etc.

As we will be exporting our Fortuna leather products to Japan and Philippines, we first need to
set a dispute resolution. So, we will either go for Ad hoc arbitration or Mediation process, as they
are flexible, relatively cheap and a fast way to settle disputes by just discussion or consultation
between the parties - that is if the parties co-operate. If parties are not able to co-operate, the
assistance of an institution to move the arbitration forward will be necessary.

Language Consideration
Fortuna leather products are made in Bangladesh and we are going to export to Japan and
Philippines. Both these countries have their own different languages, which is completely
different from the home country of the products. In Bangladesh, our products are labeled in
English and marketed in the country language (Bengali). So we are going to follow the same
pattern in the exported countries too. The products will be labeled in English but will be
marketed in their languages, which is Japanese and Philippines. It will help them understand our
product, it's features and other product related information. And our targeted buyers are mainly
the rural working class people and the students.

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Contract Terms and Conditions
Fortuna Leather Company is introducing its product first in the Asian countries (Japan and
Philippines), so that we can capture the Asian markets before going Global. It will help us gain
knowledge and experience in export business. We are going to make terms and conditions
flexible enough to fit in other countries as well –

We will manufacture the leather products only in the home country until we get 40% of the
market

Manufacture will only be according to the demand

Payment method will be in cash, cheque, direct debit payment and in installments

The delivery will be made within 20 to 25 days

The distributers will have to check the product after they arrive in the exported countries and
before distribution

The distributer’s commission will increase up to 5% after the sales of every hundred products

Product Liability Consideration

Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and
others who make products available to the public are held responsible for the injuries those
products cause. Although the word "product" has broad connotations, product liability as an area
of law is traditionally limited to products in the form of tangible personal property. (wikipedia) It
basically means the responsibilities caused by the defected products, such as- Design Defect,
Manufacturing Defect and Marketing Defect. Any defected product can cause dissatisfaction and
bad advertisement; plus it cannot be compensated. Consequences of it can harm the Fortuna
Leather Company's reputation in International Market. The company can be sued by the affected
party and it also can force us to stop our export business with that particular country.

Product liabilities can arise in any step of exporting, so we are going to take precautions from the
very beginning. We will examine each product while manufacturing and also inspect the final
product before and after sending the shipment. If any defect could be found in the product while
inspecting them, the product will be immediately recalled. It would be sent back only after it has
been fixed.

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Intellectual Property Protection
Our products name, trademark, copyright, patent will be trademarked in Japan and Philippines by
a online service portal and it will help us to secure our business origin and basically the
intellectual properties. There will be other percussions like - we will make our employees create
a written agreement signed when the person begins working with the company.

Sales Agent and/or Distributor Agreements

The distributor must be listed under company registration act in both exported countries

The distributers will only distribute the products of Fortuna

The distributers will get raise up to 5% on sales of every hundred products

The distributors must not charge any excessive amount from the customers than the price
selected by the company

In the case of any product related defect the distributers will have to inform the
Exporter/Producer first and then act according to their decisions

Export/Import Regulations
Exporting:

Some products, which have military uses, can be subject to export restrictions

Exporting to some of the countries maybe restricted

As we are exporting Leather Products to countries like Japan and Philippines, it won't be an
issue.

Importing:

Importing can also be subject to restrictions, as well as to special taxes known as "duties"

As we are only focusing on Exports, this would not be an issue either.

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Sales Forcasting:
Generally sales forcasting uses past figures to predict short term and long term performance.
It’s a tricy job, because so many diferrent factors can affect future sales, such as- economic
downturns, employee turnover, changing trends and fashions, increased competition,
manufacturer recalls and other factors.

Country Product 1st year 2nd year 3rd year 4th year 5th year
name
Japan Leather 30000 36000 42000 48000 54000
crafted
shoes &
accessories
Philipine Leather 20000 24000 28000 32000 36000
crafted
shoes &
accessories
Total unit 50000 60000 70000 80000 90000
sales

According to sales forecast we planned to export 50,000 units in first year as our company have
annual production capability is 43,00,000 units. If we become success we increase our sales
year by year. And here, we showed 5 years sales forecast of our products.

19
Financial Requirements:

As “Fortuna” is a large and honourrable company, we are going to financing our capital
ourselves. We are going to invest 5millions taka for our export plan. Where we will invest for
initial requirement is 3 millions taka & for subsequent cost requirement is 1millions taka.

Initial Investment Requirement:

 Capital requirement for equipment and structures necessary to start the business

 Working capital financial requirements in the form of raw materials, related supplies and
people before a sale is made.

Subsequent Cost Requirement :

 Recruiting a management team

 Preparing product specifications

 Preparing product prototype design

 Product testing

 Initial Marketing costs

 Initial Administrative costs

 Excess funding required

Risk Management:
Market Risk: Market risk is the risk of losses in positions arising from movements in market
prices. It includes the demand and supply risk. The Producers/Exporters must try to meet the
customer demand and for that they can hire professionals who will analyses the market and come
out with an approximate result of the demand and supply. The professionals can also help to
analysis the 23customer’s preferences and customers taste. The Producer/Exporter should also
maintain the quality of the product they are offering.

Transfer Risk: Transport risk is when the product are stolen or damaged while transportation.
The transport risk can be handled by insurrecting the product that are transported. Here we are
transporting our product through shipment, so we can insure our product by Marine Insurance.
Insurance will help the Producer/Exporter to reduce the financial risk throughout the

20
transportation process. The risk will be taken by the freight forwarder or the incurrence company
until it reaches to its final destination.

Risk of Non-Performance: Risk of non-performance occurs when the export customer

repudiate the contract and refuse to pay. In this situation any efforts the Producer/Exporter makes
to enforce the contract will add costs that detract from their expected profit. This arises when the
export customer refuses to acknowledge their obligations to pay. It can be mitigated. The
Producer/Exporter may consult with an international trade attorney before entering a large export
contract and an export credit insurance agent to insure against the risk of the contract being
repudiated (Export Risk & Management, n.d.).

Legal Risk: There are different local laws in different countries. The differences can be in many
factors such as Taxation, Business Laws, Employment Practices, Property laws and
Government Laws for business. The company must study and understand the legal laws and
restrictions before entering into the market of any county. The Producer/Exporter can take help
from any legal advising farms that deals with the business related issues.

Risk of Fraud: Risk of fraud occurs when the company’s tread partners tries to get some illegal
advantages from the company. Trading with foreign countries are more complex then trading in
home country. Sometimes, it takes time to understand the foreign market for the
Producer/Exporter.
This risk can be mitigated by doing business with reputed customers. The Producer/Exporter can
get their customers credit records from the help of banks to know if that customer will be able to
repay the payments or installments.

External Assistance:
Export Registration Certificate (ERC) can Import and Export any permissible item without any
value and quantity restrictions. We have many known agencies and quite good link up in the
country. “C&F AGENTS’ in CTG, people in customs so we have enough support to export
products / or simply take the good out of the country.

The Japan External Trade Organization (JETRO) can help Japan import our products in the
Japanese market. From free business consultations to temporary office space, JETRO makes it as
effortless as possible for the Japanese

Philippines, Bangladesh already have a good relationship with Philippines so exporting to

Philippines is very easy Volume of trade during 2011-2012 between Bangladesh and the
Philippines was around US$ 50 million. So for us exporting to Philippines is very easy

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Operational Timeline and performance milestone:

An operational timeline means planning or organizing every step after the strategic planning is
done. Our company is fortuna and we have decided to export our products to Japan and
Philippine here is an operational timeline table given below.

This timeline is provided as a basis for discussion and development of the planning process, and
should be modified and customized to meet your organization’s needs.

Develop Planning Timeline and Approach , Consultant review of written organizational records ,
Discuss alternate approaches and plan formats with Planning Committee; determine desired
process and format of end product , Write brief summary of organizational history and
accomplishments, current situation , Identify information needed for strategic planning ,Facilitate
discussion to develop list of stakeholders , Develop a plan for soliciting stakeholder input ,
Committee brings proposal to Board for approval .

Review/Validate Mission and Vision • Approval of proposed planning process • Initial

discussion of mission • Develop org. values, if desired • Stakeholder input to mission/5 year
vision • Wordsmithing of mission as needed • Approval of revised mission statement & 5 year
vision

Gather relevant data and stakeholder input Sample strategies listed below. Decision about data
gathering needs and priorities should be made during development of timeline and approach. •
Hold constituent/stakeholder focus groups • Membership and/or client survey • Interview key
partners/funders • Prepare relevant financial information • Research other models/peer
organizations • Competitive scan/environmental scan • Review bylaws and current
organizational systems, identify gaps

Set goals/develop plan framework (usually accomplished in the context of a board retreat) •
Review data • Brainstorm goals and objectives • Cluster/prioritize goals to identify 3-5 broad
goal areas • Set broad goals in support of mission

A performance milestone is a way to observe measure and monitor the progress and/or
performance of a project. Milestones in general exist as intermediate stages that must be fulfilled
before reaching a final goal or objective. In terms of their usefulness, milestones can be defined
and provide a foundation from which to monitor progress. They can also serve as proof for
explaining and reporting the status of a project. Key characteristics of milestones include their
frequency and potential for providing opportunities for course corrections and learning
experiences. Milestones can also be used to maintain accountability and motivate staff.

22
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23
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terminal,philippines/#/?a=0&b=0&c=Port%20of%20Chittagong,%20Bangladesh&d=Port%20of%
20Manila%20(Manila%20International%20Container%20Terminal),%20Philippines
18. https://en.wikipedia.org/wiki/International_law
19. https://en.wikipedia.org/wiki/Product_liability
20. http://injury.findlaw.com/product-liability/what-is-product-liability.html
21. https://globaledge.msu.edu/global-resources/trade_law
22. http://www.inflation.eu/inflation-rates/japan/historic-inflation/cpi-inflation-japan-
2018.aspx
23. https://www.google.com/search?q=inflation+rate+of+philippines&oq=inflation+rate+of+
phili&aqs=chrome.0.0j69i57j0l4.10959j0j7&sourceid=chrome&ie=UTF-8
24. http://ports.com/
25. https://www.export.gov/article?id=Japan-Market-Entry-Strategy
26. https://www.fool.com/knowledge-center/advantages-of-diversification-strategies.aspx

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