WebSWOT for Ukay Ukay is a powerful tool of analysis as it provide a thought to uncover and exploit the opportunities that can be used to increase and enhance companys operations. ", Panmore. Its crucial to know which suppliers are reliable and trustworthy. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Survey-to examine as to condition, situation, or value. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. A case study of Central Chidlom and Siam Paragon. From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. And yet we seldom question where these are coming from, and how they continue to thrive. Some source interviews were conducted for a previous version of this article. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. It is clear that people see this market as an alternative to counterpart goods burdened with soaring prices; however, with the invocation of laws that prohibit importation and sale of secondhand garments, consumers of such commodity have different reactions and suggest alternative solutions so as not to be affected negatively (in terms of the economic dimensions of their lives), said Abueg. In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. And lastly, buying or selling ukay-ukay is an illegal activity. Its used for strategic It must then decide how to use those results to attract new investors. XXXII No. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) How to Get a Bank Loan for Your Small Business, How to Conduct a Market Analysis for Your Business, Guide to Developing a Training Program for New Employees. However, a SWOT analysis is just one tool in your business strategy. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. Researcher-the one who conducts the research. Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. (Threat) How many competitors exist, and what is their market share? These ideas can later be discarded; in the meantime, the goal should be to come up with as many items as possible to invoke creativity and inspiration in others. International Journal of Entrepreneurship and Small Business. Thank you so much for accepting my assignment the night before it was due. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which new leads to pursue. engages in property development. Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. Ukay-ukay shopping is like treasure hunting, but instead of looking for a treasure, you are literally digging from the piles of clothes which are mostly vintage and of high value. The ukay shopping phenomena all started in Baguio. We recommend also that the government should abolish the R.A. 4653 because even if there is law, still many ukay-ukay stocks are imported in our country from Japan, Korea and etc. Most of them had a weekly income that ranges from 2000-6000 pesos. FAQ | Second, how it enters the market is unique. Ukay-ukay may be considered a special type of good available in the market. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. The minimum startup costs for an ukay ukay store business: $2,254 The maximum startup costs for an ukay ukay store business: $37,876 The average startup costs for an ukay ukay Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. There is class A, B and C and their prices differ according to its class. Ukay-ukay may be considered a special type of good available in the market. Reports state that ukay businesses generate 1.2 million daily. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. For PhP100, you can score three to four items from the selections, but things can go for even lower prices (some even for PhP10) every week because all items must go. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. However, the practice of having video blogs about ukay like that of Guison is more a mainstreaming of the ukay-ukay culture, rather than gentrification. Also part of this mainstreaming are fashion and lifestyle magazines and websites such as Preview, Cosmopolitan, and Inquirer, which have featured the ukay-ukay culture on their platforms from a list of ukay shopping tips to ukay-ukay commandments every thrifty fashion girl must know.. Out of 20 respondents (costumers), 3 respondents corresponding to 15% were 15-20 years old, 9 respondents corresponding to 45% were 20-30 years old, 3 respondents corresponding to 15% were 30-40 years old, 2 respondents corresponding to 10% were 50-60 years old and 2 respondents corresponding to 10% were 60-70 years old. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. The ukay shopping phenomena all started in Baguio. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. If you can afford it, you can employ extra hands to help you. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. SWOT analysis is a strategic planning technique that provides assessment tools. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. 14, Filipino Gen Z Consumer Behavior Towards Ukay-Ukay and their Role in a Circular Fashion Economy, Jodi Aedrienne L. Bengzon, De La Salle University Integrated School (Manila) External influences, such as monetary policies, market changes, and access to suppliers, are categories to pull from to create a list of opportunities and weaknesses. Get your custom essay on, Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". Though the thesis was written in 2005, what he wrote remains valid: The textile and garments industry still needs adequate provisions for the training of as well as incentives for workers, technological efficiency, development in market production, and creation of regulating bodies, he said. This compensation may impact how and where listings appear. The collective knowledge of the team will allow you to adequately analyze your business from all sides. You can still dispose of items through giveaways or discounts. (Opportunity) What trends are evident in the marketplace? Tabulation and analysis of data gathered was done after collecting all questionnaires. This website uses cookies to improve your experience while you navigate through the website. This will only become truly problematic when a substantial amount of ukay-ukay stores across the Philippines do focus on selling class A items when there are people whose only option is to buy 50-peso (or less) clothes. Will Kenton is an expert on the economy and investing laws and regulations. Using this information, a company can make smarter decisions to preserve what it does well, capitalize on its strengths, mitigate risk regarding weaknesses, and plan for events that may adversely affect the company in the future. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. Magaganda rin 'yung collection nila ng shoes, bags & clothes. It is very lucrative in cities or even provinces anywhere in the country. This makes it ideal for stay-at-home mothers or students who need a side hustle. Sorry, preview is currently unavailable. In the 90s, an NGO received an unusually large volume of garments as donations that were supposedly for the poor. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which In recent years, however, participation in street entrepreneurship has been re-read either as a rational economic choice (neo-liberal theory) or as conducted for cultural reasons (post-modern theory). To inform people also about its disadvantages. Stores like Goodwill Industries in the U.S. and Salvation Army in the U.K., both distributed by Methodist churches, have begun to be a viable place for buying cheap clothes. Save my name, email, and website in this browser for the next time I comment. External factors are typically things you or your company do not control, such as the following: After you create your SWOT framework and fill out your SWOT analysis, you will need to come up with some recommendations and strategies based on the results. Requirements, How It Works, and Example, Human Resource Planning (HRP) Meaning, Process, and Examples, SWOT Analysis: What It Is and When to Use It, The Coca-Cola Company: A Short SWOT Analysis, Home Depot SWOT Analysis & Recommendations. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. Out of 20 respondents (sellers), 6 of the respondents corresponding to 30% said that they price their stock based on the brand of an ukay-ukay, 2 of the respondent corresponding to 10% said that they price their stocks based on the type garment, 11 of the respondents corresponding to 55% said that they price the ukay-ukay based on the quality and 1 of the respondent corresponding to 5% said that they price their stocks by piece. Where did the ukay-ukay owners get their stocks? Enter the email address you signed up with and we'll email you a reset link. The study found out that ukay-ukay is not as preferred as department stores and other stores, but could be competitive based on the (a) consumers evaluation of the stuffs as passing the criteria on durability, prestige, originality and uniqueness, low pricing, and desiring to continue patronizing the ukay-ukay stores, (b) entrepreneurs perceptions on its profitability and long-term viability, high prospects of continuing their business in the next 5 years and becoming more knowledgeable while engaging in the business. Course Hero is not sponsored or endorsed by any college or university. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. Thus, this study analyzes Filipino Gen Z consumers motivating factors of perceived value, the dynamics of individualism, and investigates their role in the ukay-ukay CE. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Before you start, its better to learn the pros and cons of the business. 1. Be your own boss Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. - Buy Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Uka , To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. SWOT for Ukay Ukay is a powerful tool of analysis as it provide a thought to uncover and exploit the opportunities that can be used to increase and enhance companys operations. In addition, it also identifies the weaknesses of the organization that will help to be eliminated and manage the threats that would catch the attention of the management. WebUkay Land Sdn. Well occasionally send you promo and account related email. But there have been notes from anthropologists like Lynne Milgram saying that access to secondhand clothing already grew after World War II in Southeast Asia.. With the list of ideas within each category, it is now time to clean-up the ideas. Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until EST. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. SWOT does not account for the differences in weight. You can download the paper by clicking the button above. Silverio,Ina Alleco.The Economics of Ukay Ukay. Most respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 35% is that sometimes when buying ukay-ukay it has holes, broken zippers, dirt and etc. What once started as a charitable act has indeed become a multimillion-peso trade. These cookies ensure basic functionalities and security features of the website, anonymously. Before you start, its better to learn the pros and cons of the business. Manila (CNN Philippines Life) Wearing a pair of Ray-Ban sunglasses with a leather fanny pack slung across his shoulder, David Guison introduces a new segment for his video blog, called 500-Peso Ukay-Ukay Challenge. He talks in front of a camera with the four-storey ukay in Anonas as the backdrop, and shares how when he was in college, he would go to an ukay-ukay every week and hunt for one-of-a-kind pieces. The company was established on August 17, 2005. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan However, if these clothes were goods that were intended to be given to them anyway, theyve only become another victim of an underground ukay trade that also rips off millions from the government. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) A SWOT analysis won't solve every major question a company has. Its SWOT analysis prompted Value Line to pose some tough questions about Coca-Cola's strategy, but also to note that the company "will probably remain a top-tier beverage provider" that offered conservative investors "a reliable source of income and a bit of capital gains exposure.". This way, you can see how the overall strategy developed from the SWOT analysis will filter down to the segments below before committing to it. Clothing Poverty The Hidden World of Fast Fashion and Second-hand Clothes, Evaluating competing theories of street entrepreneurship: some lessons from a study of street vendors in Bangalore, India, Trade Analysis of Retail and Service Industries in North Dakota for Planning Local Economic Development, Master international franchising in China: the case of The Athlete's Foot, Key Success Factors in Female Micro Entrepreneurship-A Study of the Catering Business, Indigenous Australians and competition and consumer issues: A review of the literature and an annotated bibliography. 2002. BUS_RESEARCH Is this gentrification? To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Abstract Conventionally, street entrepreneurs were either seen as a residue from a pre-modern era that is gradually disappearing (modernisation theory), or an endeavour into which marginalised populations are driven out of necessity in the absence of alternative ways of securing a livelihood (structuralist theory). While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. Value Chain Analysis: What It Is and How to Use It, Six Forces Model: Definition, What It Is, and How It Works, What Is PEST Analysis? Contrary to authorities notion that these commodities are donations from foreign countries, wagwag items are actually purchased from Hong Kong-based Salvation Armys rummage sale sites. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. Even if the government isnt very active in regards with this law. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. Small (three employees) can change and adapt quickly. The research instrument to be used in gathering primary data is the questionnaire. Consumer confidence in RP down. To determine how much profit does an Ukay-Ukay business earns. Powered by. There are different classes of Ukay-Ukay. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. This is actually the area of strategy development where organizations have an opportunity to be most creative and where innovative ideas can emerge, but only if the analysis has been appropriately prepared in the first place, said Pophal. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. We see them in almost every corner in the Philippines: in wet markets, in dilapidated buildings, in side streets, and in plazas, among many others. Locsin says that this period after the second world war coincides with the time the UN Relief and Rehabilitation Administration (UNRRA) gave billions of dollars worth of relief to Asia, which was around 1943 and 1949. What does a real-life SWOT analysis look like? "Home Depot SWOT Analysis & Recommendations.". His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. 8 Top IT Companies In The Philippines. As a compromise, the secondhand fashion industry (ukay-ukay), is an interesting sustainable alternative since it reduces waste and recirculates clothingtwo integral grounds for a circular economy (CE). By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. My Account | PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. No one has been a mediator before or been through any formal mediation training programs. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. It aims to describe the nature of the situation as it exists at the time of the study. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. Since he can only work a maximum of 15 hours a day (Mark, In Cambridge, there are individuals from three different citizenships: Ethiopians, Brazilians, and Americans. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. The SWOT framework can be constructed in list format, as free text, or, most commonly, as a 4-cell table, with quadrants dedicated to each element. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. in it and least respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 1% is that some are not branded. The cookie is used to store the user consent for the cookies in the category "Performance". Those who sold ukay-ukay decried that many will lose their jobs and main sources of income those who man the stores, who sort out the clothes, those who are into the transport of goods. Bhd. Strictly speaking, gentrification is a term used by urban planners to refer to poor neighborhoods that have been renovated to cater to a more affluent market. Type your requirements and Ill connect you to It is one of several business planning techniques to consider and should not be used alone. Every questions was answered by the said respondents honestly. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. 1-c 2007 Volume No. The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. These frameworks are essential to fundamentally analyzing companies. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. In the meantime, Filipinos everywhere protested against the ban, saying that it is anti-poor on so many levels. due to the corruption in the government. The profit comes quickly because it is computed on a per-sale basis. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that Many entrepreneurs enjoy running a business just within the comforts of their homes. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. May it be a pair of vintage pants or thrift bags, customers often find something they like. You can get a custom paper by one of our expert writers. You will have to be very hands-on in entertaining your customers as you assist them. Since he can only work a maximum of 15 hours a day. This cookie is set by GDPR Cookie Consent plugin. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. Ukay ukay (in short UK) is actually gouging in a pile of run down clothes,the word is derived from the word phrase 'halukay' which literary means "digging" or "make a mess". If the term is employed to the context of ukay-ukay culture, then it possibly is. However, the topmost reason why some of the respondents dont prefer buying in an ukay-ukay store because some of stocks are not in good condition. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. Bhd. Accessibility Statement. is a company based in Malaysia, with its head office in Ampang. Kinonvert nila 'yung lumang cinema into a thrift shop. Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. If you plan on selling your goods online, it needs additional work as you also need to upload photos and label each one of your goods. Class A contains high quality stocks. "SWOT Analysis: What It Is and When to Use It. Most respondents (costumers) corresponding to 31%, believe that the advantage of ukay-ukay is that it is cheap and affordable and the least chosen advantage of ukay-ukay corresponding to 4% is that shopping for it can lessen their expense on clothing and also a least advantage is that shopping for it is fun. ", Seeking Alpha. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. There have also been a surge of online shops that sell vintage clothes, style the pieces to make the pieces more attractive to middle-class taste, and sell them in a much higher price. What once started as a charitable act has indeed become a multimillion-peso trade. It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. Aside from the physical strain, managing an ukay-ukay business also needs ample time. their weekly income is from the range of 2,000-6,000, 5 of the respondents corresponding to 25% said that their weekly income is from the range of 6,000-10,000, 4 of the respondents corresponding to 20% said that their weekly income is ranging from 10,000-15,000 and 3 respondents corresponding to 15% said that their weekly income ranges from 15,000 and 20,000. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. It does not store any personal data. According to Luisito Abueg, who studied the economics of secondhand retail trade in the country, ukay items have largely been purchased in warehouses in Hong Kong that store Salvation Armys clothes. The appeal of low-cost clothing continues to entice visitors into these stores in search of branded clothing for cheap prices. Use a series of analysis strategies, like SWOT, in your decision-making process to examine and execute strategies in a more balanced, in-depth way. Following the journey of a pair of jeans Clothing Poverty takes the reader on a vivid around-the-world tour from cotton fields to retail stores. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. Academia.edu no longer supports Internet Explorer. Investopedia requires writers to use primary sources to support their work. In 2001, the Philippines imported US$2.29 billion or PhP116.7 billion worth of consumer goods-approximately 6 percent higher than the previous years imports of US$2.25 billion (or PhP104.4 billion). Mostly, women are the ones who like to shop for ukay-ukay over men. She now writes for a number of websites and other online media publications. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. In addition, it also identifies the weaknesses of the organization that will help However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. Primary Data- are the data that are collected to help solve a problem or take advantage of an opportunity on which a decision is pending. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. john ballen net worth, how did the government support the internet,
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