In this example, the SWOT analysis should help determine whether or not the product should be introduced. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. ukay Physical resources (location, facilities and equipment), Human resources (employees, volunteers and target audiences), Current processes (employee programs, department hierarchies and software systems), Economic trends (local, national and international financial trends), Funding (donations, legislature and other sources), Relationships with suppliers and partners, Political, environmental and economic regulations. 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. Threats refer to factors that have the potential to harm an organization. XXXII No. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. For example, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. 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. Students looking for free, top-notch essay and term paper samples on various topics. Ukay 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 Kinonvert nila 'yung lumang cinema into a thrift shop. The specific objectives are: to describe the consumers' market behavior toward the presence ofukay-ukay and to identify the factors that influence individuals whopatronize these goods; 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. It is also a popular trend among sellers to conduct live selling. She used to be in the corporate world for a decade but followed her heart and became a writer. WebUkay Land Sdn. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). Will Kenton is an expert on the economy and investing laws and regulations. 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) The profit comes quickly because it is computed on a per-sale basis. 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. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. This will assist you with getting your business up and running. is a company based in Malaysia, with its head office in Ampang. These positive experiences, perceived values, and purchase behaviors were found to translate to purchase intention while spreading throughout the community due to word-of-mouth intention. His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. Others are recorded as pasalubong for Philippines-based relatives. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. Warner Media Company. The cookies is used to store the user consent for the cookies in the category "Necessary". 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). 2002. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. 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 Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. By clicking Accept, you consent to the use of ALL the cookies. We conclude the following based on our study: Buying or Selling Ukay-Ukay or UK is ILLEGAL. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). Reports state that ukay businesses generate 1.2 million daily. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. 16 September 2001: B1,B3. It also concludes that several motivators to purchase second-hand clothing overlap, attracting and retaining consumers into a repeating fashion cycle, validating previous research on the role of consumers in a circular economy. 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. Since he can only work a maximum of 15 hours a day. Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. 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.. "The Coca-Cola Company: A Short SWOT Analysis. This entailed some implementation cost on the side of the government. Powered by. Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. - 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 , The Philippine Ukay-Ukay Culture as Sustainable Fashion As soon as he promoted his video on Twitter, some users started calling him out for gentrifying ukay-ukay, for being burgis, for not acknowledging that shopping in an ukay-ukay is more than a challenge, especially since [proletariats] treat it as a lifestyle. Other users also came to his defense, saying that it is a non-issue when he certainly is not the only person of privilege who shops in ukay (for example, photographer Shaira Luna has talked about her love for ukay countless times) or that hes not influential enough to actually gentrify ukay-ukays. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. Some people would resort to buying ukay-ukay items because the latter are relatively homogenous with the brand new garments and accessories that may be bought in relatively high-class stores and shopping malls. He also explains that Philippine-made textiles and garments are said to be 30 percent more expensive than their counterparts in the market, due partly to the inefficient local production and technology processes as well as their relatively low productivity. For example, the company debating whether to release a new product may have identified that it is the market leader for its existing product and there is the opportunity to expand to new markets. Accessibility Statement. We are the FIRST ever Ukay-Ukay Online Seller. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. Besides evaluating the key success factors, the proposed model also suggests 10 success factors that represent a strong contribution to the literature by providing a valuable sub-pack for creating and operating a micro-enterprise. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. 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. 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: How To With Table and Example - Investopedia Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Most of the costumers are females. The company's main field of business will be in Quezon City, with a target market of thrift clothing lovers in their 20s. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. Those from the United States came from neighborhood home garage sales (de Castro 2001). Ukay Ukay 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. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. The company was established on August 17, 2005. According to the interview most of the ukay-ukay store owners price their products based on the quality and the brand of the stocks. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. 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. The tremendous growth of this business phenomenon is observed in Santiago City. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, Using a survey questionnaire to gather data from 30 purposive and 100 random samples of entrepreneurs and customers, respectively, this descriptive study aimed to deter-mine the competitiveness, viability, economic benefits and difficulties faced by the business as basis for formulating interventions to uplift the business. But many people would love it if the government will abolish the law. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. 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. 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. 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. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Course Hero is not sponsored or endorsed by any college or university. Unbelievable Ukay-Ukay Stores Where The respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. engages in property development. Thank you so much for accepting my assignment the night before it was due. A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four components. 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). Ukay-ukay may be considered a special type of good available in the market. With the list of ideas within each category, it is now time to clean-up the ideas. COMPETITIVENESS, VIABILITY, ECONOMIC Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. Primary data are data that are collected to help solve a problem or take advantage of an opportunity on which a decision making is pending. There is class A, B and C and their prices differ according to its class. The task of initially cleaning or washing your goods is already tiring itself. Interview-a formal consultation usually to evaluate qualifications. The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. 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. Cabreza, V. 2001. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. Independent SWOT analysts, investors, or competitors can also guide them on whether a company, product line, or industry might be strong or weak and why. Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. > ", Seeking Alpha. 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. This visual arrangement provides a quick overview of the companys position. 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. This cookie is set by GDPR Cookie Consent plugin. Reports state that ukay businesses generate 1.2 million daily. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. 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. FAQ | In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. We also reference original research from other reputable publishers where appropriate. Oftentimes, the SWOT analysis you envision before the session changes throughout to reflect factors you were unaware of and would never have captured if not for the groups input. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. This cookie is set by GDPR Cookie Consent plugin. SWOT does not account for the differences in weight. Most commercial construction contracts require mediation. 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. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. Meron din sa Sta Lucia Mall, Cainta. It's powerful to have everyone in the room discuss the company's core strengths and weaknesses, define the opportunities and threats, and brainstorm ideas. How Does 401(k) Matching Work for Employers? Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. He provided Business News Daily with a sample SWOT analysis template and example that was used in the firms decision to expand its practice to include dispute mediation services. Mostly, women are the ones who like to shop for ukay-ukay over men. With ukay-ukay, there will always be something for someone. There is seemingly limitless applications to the SWOT analysis. 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. Analytical cookies are used to understand how visitors interact with the website. Every questions was answered by the said respondents honestly. Ever wonder what your behavior says about your leadership style? Out of 20 respondents (sellers), 17 of the respondents corresponding to 85% said that they get their stock in Cebu City, and other respondents corresponding each at 1% said that they get their stocks in Manila, Korea and Samar. 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). In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. What once started as a charitable act has indeed become a multimillion-peso trade. It can require a lot of time, energy and trial/error. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). First, a company assesses its internal capabilities and determines its strengths and weaknesses. SWOT analysis was first used to analyze businesses. WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. CONFERENCES To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Coca-Cola's shares (traded under ticker symbol KO) have increased in value by over 60% during the five years after the analysis was completed. Small (three employees) can change and adapt quickly. Analysis For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. Most business owners now prefer finding a supplier instead of thrifting goods by themselves. 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. 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. A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. International Journal of Entrepreneurship and Small Business. Only few, Filipinos know that ukay-ukay is illegal. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. Second, how it enters the market is unique. External forces influence and affect every company, organization and individual. Investopedia does not include all offers available in the marketplace. High-quality customer service, strong brand recognition, and positive relationships with suppliers were some of its notable strengths; whereas, a constricted supply chain, interdependence on the U.S. market, and a replicable business model were listed as its weaknesses. It is suggested that the issue of urban diversity should be opened up to public debate, the aim being to understand and adequately address all its multiple aspects and effects on entrepreneurship and everyday life in general. But many dont mind about the law that prevents from selling ukay-ukay. These four aspects can be broken into two analytical steps. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. 2013. Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. 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. Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. It aims to describe the nature of the situation as it exists at the time of the study. 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. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. 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. In their viewpoint, the topmost reason why they prefer to buy some clothes in an ukay-ukay store because it has cheap and affordable price. Due to the frequency of calamities happening in our country, a certain humanitarian group called the Salvation Army used to ship second-hand garments and other goods as forms of help to the filipino victims. For smaller disputes, mediators dont work as a team, only as individuals; Scholefield staff can offer anyone the advantage of a group of neutrals to evaluate a dispute. Their experience gives a unique advantage. (Threat) How many competitors exist, and what is their market share? Bhd. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. Using internal and external data, the technique can guide businesses toward strategies more likely to be successful, and away from those in which they have been, or are likely to be, less successful. There are different classes of Ukay-Ukay. SWOT analysis assesses internal and external factors, as well as current and future potential. Consumer confidence in RP down. > This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. and then Add to Home Screen. Dont make the mistake of thinking about your business operations informally, in hopes that they will all come together on their own. The lack of knowledge about the Ukay-Ukay. "Home Depot SWOT Analysis & Recommendations.". 11 Pros and Cons of an Ukay-Ukay Business - Business Most potential clients have a negative impression of mediation, because they feel mediators dont understand or care to understand the problem, and rush to resolve it. In addition, the items on the left side of the table are more positive/favorable aspects, while the items on the right are more concerning/negative elements. Give us your email address and well send this sample there. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. 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. The ukay shopping phenomena all started in Baguio. Ukay-Ukay business a very profitable business because it can earn 2,000-6,000 per week and within a month you can have a profit up to 30,000. 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.
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