XXXII No. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. These cookies ensure basic functionalities and security features of the website, anonymously. The researchers gathered their data through primary data (interviews and survey questionnaire) and secondary data (internet). Resulting strategy: Take mediation courses to eliminate weaknesses and launch Scholefield Mediation, which uses name recognition with the law firm, and highlights that the firms construction and construction law experience makes it different. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. SWOT analysis: What it is and how to use it (with It is also a popular trend among sellers to conduct live selling. This is how youll keep your business fresh in customers minds and edge out your competition. Before you start, its better to learn the pros and cons of the business. Their experience gives a unique advantage. If the term is employed to the context of ukay-ukay culture, then it possibly is. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? It must then decide how to use those results to attract new investors. Give us your email address and well send this sample there. Investopedia does not include all offers available in the marketplace. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. Magaganda rin 'yung collection nila ng shoes, bags & clothes. Ukay The company was established on August 17, 2005. SWOT does not account for the differences in weight. Analytical cookies are used to understand how visitors interact with the website. However, in an investigation by Newsbreak, the Department of Social Welfare and Development (DSWD) found it suspicious for this particular NGO to be receiving two container vans of clothes monthly. 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.". Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. The cookies is used to store the user consent for the cookies in the category "Necessary". Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? SWOT analysis is a strategic planning technique that provides assessment tools. 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. Opportunities refer to favorable external factors that could give an organization a competitive advantage. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Research questions are explored through in-depth interviews with local entrepreneurs. She now writes for a number of websites and other online media publications. Strengths and weaknesses are listed first, followed by opportunities and threats. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. Meron din sa Sta Lucia Mall, Cainta. My Account | This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Its used for strategic Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. In 2015, a Value Line SWOT analysis of The Coca-Cola Company noted strengths such as its globally famous brand name, vast distribution network, and opportunities in emerging markets. To get a better picture of a SWOT analysis, consider the example of a fictitious organic smoothie company. COMPETITIVENESS, VIABILITY, ECONOMIC When ukay-ukay stores become a disservice for whom secondhand clothes simply mean cheap and not vintage or an ukay challenge, then thats where the danger actually resides. However, note that it is one of many techniques, not a prescription. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. Questionnaire- a list of planned, written questions related to a particular topic, with space provided for indicating the response to each questions, intended for submission to a number of persons for reply. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) How SWOT Analysis Can Help Grow Your Business - Business According to Abueg, the market for secondhand garments flourished from its considered capital, Baguio City, province of Benguet despite a law that prohibits the wholesale of second hand clothes. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). You can still dispose of items through giveaways or discounts. The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. Philippine Star. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. 07 February 2002:7. It is one of several business planning techniques to consider and should not be used alone. In this example, the SWOT analysis should help determine whether or not the product should be introduced. Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. SWOT analysis assesses internal and external factors, as well as current and future potential. Course Hero is not sponsored or endorsed by any college or university. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. Dana's indifference curves form a.right angles b.The answer cannot be, Mike likes beer and fried chicken and views them as perfect complements: for each bottle of beer, he likes to eat 3 pieces of fried chicken. Business PLAN group 8 - Grade: 2 - Studocu and was subsequently adapted in other topographic points. The ukay shopping phenomena all started in Baguio. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) Based on the study, many people are drawn into ukay-ukay or others call it as UK. To perform the SWOT analysis, create a large box divided into four squares. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. Once youve identified your risks, you can then decide whether it is most appropriate to eliminate the internal weakness by assigning company resources to fix the problems, or to reduce the external threat by abandoning the threatened area of business and meeting it after strengthening your business, said Bauer. ukay With ukay-ukay, there will always be something for someone. Using research from around the globe, colourful stories and hard data demonstrate how the clothing, textile and recycling sectors have played a major part in making different regions of the world rich and poor. 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. How much is the weekly income of an ukay-ukay business? 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. Linda Pophal, strategic marketing communication consultant and content marketer at Strategic Communications, said these strategies should focus on leveraging strengths and opportunities to overcome weaknesses and threats. The cookie is used to store the user consent for the cookies in the category "Other. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. SWOT Analysis: How To With Table and Example - Investopedia With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. Every SWOT analysis will include the following four categories. Even if ukay-ukay is washed and disinfected before it is sold, we should wash it again thoroughly because we are not sure if its safe or not. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Trying to understand the pros and cons of starting an ukay ukay store The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. The Economics of Secondhand Retail Trade: An The SWOT analysis is a simple but comprehensive strategy for identifying not only the weaknesses and threats of an action plan, but also the strengths and opportunities it makes possible. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. SWOT analyses are not limited to companies. First, a company assesses its internal capabilities and determines its strengths and weaknesses. And yet we seldom question where these are coming from, and how they continue to thrive. Well occasionally send you promo and account related email. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Powered by. The researches limit the study in the Ukay-Ukay stores which will focus on the information and the knowledge of the costumers and sellers about Ukay-Ukay. What does a real-life SWOT analysis look like? Stitching together rich narratives from Papua New Guinean tribal people, Mozambican cotton growers, Zambian factory workers, American jeans markets, international charities, Nigerian smugglers, Londons vintage clothing scene and Vivienne Westwoods new ethical designer lines, Brooks uncovers the many secret sides of fashion. In a study by Rina Locsin, where she zoomed into the culture of ukay-ukay in Baguio, she states that it is difficult to determine the exact date of when the ukay-ukay started in the country. The gross margins for your ukay ukay store business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability. In the ukay ukay store business, employee turnover is often high, which can be quite costly and time consuming for your business. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. EST. No one has been a mediator before or been through any formal mediation training programs. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. Silverio,Ina 16 September 2001: B1,B3. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. Many entrepreneurs enjoy running a business just within the comforts of their homes. 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). According to hearsay, its origin started way back in the 80s. There is class A, B and C and their prices differ according to its class. There is never a dull moment when it comes to managing your ukay-ukay store. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. What once started as a charitable act has indeed become a multimillion-peso trade. 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. This could be an opportunity to widen your connections and network. Sorry, preview is currently unavailable. and so on. Bhd. Our SWOT analysis forced us to methodically and objectively look at what we had to work with and what the marketplace was offering, Weaver said. This entailed some implementation cost on the side of the government. Don't use plagiarized sources. The study focuses on a central neighbourhood of Athens (Akadimia Platonos) and takes into account the condition of a long and continuous economic crisis. 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.. of ukay The author completed his Master of Arts in Economics from the University of the Philippines School of Economics (UPSE), Diliman, and a preview of his thesis was published in the Philippine Journal of Development. Ukay-ukay - Wikipedia Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. Ukay 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. 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) Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume This visual arrangement provides a quick overview of the companys position. Home Depot conducted a SWOT analysis, creating a balanced list of its internal advantages and disadvantages and external factors threatening its market position and growth strategy. WebUkay Land Sdn. Additional analytic tools to consider include the PEST analysis (political, economic, social and technological), MOST analysis (mission, objective, strategies and tactics) and SCRS analysis (strategy, current state, requirements and solution). The main argument of the paper is that perceptions of urban diversity differ depending on the individual profile of the interviewees and the aspects of diversity being discussed. Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023, Small Business Trends and Predictions for 2023, 8 Big Data Solutions for Small Businesses. Since these are used garments, they are sold at less than half their prices (Cabreza 2001). When drafting a SWOT analysis, individuals typically create a table split into four columns to list each impacting element side by side for comparison. 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. 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. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. 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. 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". Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. It originated in Baguio City. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. 2013. Ukay-ukay may be considered a special type of good available in the market. You can get a custom paper by one of our expert writers. Small (three employees) can change and adapt quickly. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan It is ukay-ukay right? 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. In a thesis titled Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay by Luisito Abueg, the history of the ukay-ukay, the policies that govern the underground industry, and what it all implies for the Philippines as s struggling economy are painstakingly discussed and dissected. This cookie is set by GDPR Cookie Consent plugin. WebThe Ukay-ukay (a Filipino version of the flaw market) has successfully carved its own niche in the countrys local clothing industry these second-hand clothes stores, shoppers are Threats refer to factors that have the potential to harm an organization. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. 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. ", Seeking Alpha. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Also, each point listed within the categories is not prioritized the same. 8 Top IT Companies In The Philippines. an academic expert within 3 minutes. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. Accessibility Statement. You also have the option to opt-out of these cookies. SWOT Analysis The Big 4 Firms, 5 Top E-Commerce Sites In The Philippines You Can Build Your Online Store, What Is An IT Company? Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. Some would resort to buying ukay- ukay items because these are They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. Even if the government isnt very active in regards with this law. Most commercial construction contracts require mediation. Dont know where to start? Publisher Editor No. Philippine Daily Inquirer. 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 Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until is a company based in Malaysia, with its head office in Ampang. But many people would love it if the government will abolish the law. thank you for this information I was thinking about helping my GF and her family with a business. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Only few, Filipinos know that ukay-ukay is illegal. She used to be in the corporate world for a decade but followed her heart and became a writer. Those from the United States came from neighborhood home garage sales (de Castro 2001). Potential questions to list internal factors are: What happens outside of the company is equally as important to the success of a company as internal factors. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | imported from other country. 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. This website uses cookies to improve your experience while you navigate through the website. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. 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. We also use third-party cookies that help us analyze and understand how you use this website. Either way, you must be prepared that not all your items will be purchased. Although a useful planning tool, SWOT has limitations. > 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. 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 You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay. Every questions was answered by the said respondents honestly. Others are recorded as pasalubong for Philippines-based relatives. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. CONF_SHSRESCON The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. She feared that since these NGOs are licensed by the DSWD, the department would be dragged into cases once they engaged in illegal activities, Pille told Newsbreak. (Weakness) What are our lowest-performing product lines? A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. To install StudyMoose App tap You can learn more about the standards we follow in producing accurate, unbiased content in our. Cabreza, V. 2001. External forces influence and affect every company, organization and individual. What often comes into the minds of the Filipino people when we hear the term UK? 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. Little we Filipinos know about it. In general, a SWOT analysis will involve the following steps. 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? Its total assets decreased by 8.68% over the same period. Investopedia requires writers to use primary sources to support their work. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. Anonymous. The task of initially cleaning or washing your goods is already tiring itself. But many dont mind about the law that prevents from selling ukay-ukay. But opting out of some of these cookies may affect your browsing experience. Then, a company looks outward and evaluates external factors that impact its business. Despite hundreds of mediators in the marketplace, only a few have actual construction experience. Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Wondering how much it costs to start an ukay ukay store business? 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. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision. (2016, Apr 21). You will have to be very hands-on in entertaining your customers as you assist them. By clicking Accept, you consent to the use of ALL the cookies. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. Aside from the physical strain, managing an ukay-ukay business also needs ample time. engages in property development. However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. A SWOT analysis won't solve every major question a company has. due to the corruption in the government. Managing an ukay-ukay store business often involves a lot more physical effort than other types of businesses. This compensation may impact how and where listings appear. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers.
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