swot analysis of ukay ukay
Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. WebThus, 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. We are the FIRST ever Ukay-Ukay Online Seller. Threats refer to factors that have the potential to harm an organization. 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. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. See if your business is eligible for a tax credit of up to $26K per employee! This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. Reports state that ukay businesses generate 1.2 million daily. Publisher Editor No. A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. It is also a popular trend among sellers to conduct live selling. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. These four aspects can be broken into two analytical steps. But many dont mind about the law that prevents from selling ukay-ukay. Most business owners now prefer finding a supplier instead of thrifting goods by themselves. Academia.edu no longer supports Internet Explorer. In general, a SWOT analysis will involve the following steps. Opportunities and threats pertain to conditions outside your organization, such as market trends and regulations. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. It sought to answer the following questions: The objective of this study is to widen the knowledge of all men about Ukay-Ukay Business: The study will be conducted among the Ukay-Ukay stores in Tacloban City, Leyte to the chosen costumers and sellers of Ukay-Ukay. It must then decide how to use those results to attract new investors. This is how youll keep your business fresh in customers minds and edge out your competition. 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 A SWOT analysis can be Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. She is a banking consultant, loan signing agent, and arbitrator with more than 15 years of experience in financial analysis, underwriting, loan documentation, loan review, banking compliance, and credit risk management. Bambang in Manila have also become a used clothing district and Locsin says that thrift shops in the area became profitable businesses because a young generation looked into the ukay culture as a source of vintage clothing.. 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. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly Thank you so much for accepting my assignment the night before it was due. - 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 , Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. Is this gentrification? Investopedia does not include all offers available in the marketplace. What often comes into the minds of the Filipino people when we hear the term UK? A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. This cookie is set by GDPR Cookie Consent plugin. WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. 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. You can still dispose of items through giveaways or discounts. Max Freedman and Nicole Fallon contributed to this article. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. These include white papers, government data, original reporting, and interviews with industry experts. Then, a company looks outward and evaluates external factors that impact its business. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. I look forward to working with you moving forward . 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. Meron din sa Sta Lucia Mall, Cainta. 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. A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four components. 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. 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. This cookie is set by GDPR Cookie Consent plugin. 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. 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. Students looking for free, top-notch essay and term paper samples on various topics. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. 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. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. 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. The respondents will be chosen at random, both male and female. If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. 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. While authorities had every legal right to confiscate and even bum such items, ukay-ukay stall owners managed to remain unscathed by relocating outside Metro Manila-to locations not usually monitored by the Department of Trade and Industry (DTI) and the Department of Social Welfare and Development (DSWD), he said. 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. 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. 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) CONFERENCES Where did the ukay-ukay owners get their stocks? Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). an academic expert within 3 minutes. 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. Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. 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. , especially that nowadays, the prices are getting higher and higher. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. The result of the survey was tabulated. 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. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. 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 In which the product will be sold online, since Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. Research questions are explored through in-depth interviews with local entrepreneurs. 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. 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. Aside from the physical strain, managing an ukay-ukay business also needs ample time. One is their low prices when compared to substitute and complementary goods. Every questions was answered by the said respondents honestly. 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. (Weakness) What are our lowest-performing product lines? The Temptation of the Shopping Center: How to Avoid Distracted Shopping. It does not store any personal data. 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.. 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. It is ukay-ukay right? 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. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. Many entrepreneurs enjoy running a business just within the comforts of their homes. 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. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these Small (three employees) can change and adapt quickly. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. 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. International Journal of Entrepreneurship and Small Business. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. 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. 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. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. The task of initially cleaning or washing your goods is already tiring itself. (Opportunity) What trends are evident in the marketplace? FAQ | 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. People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. 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. 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. 2 talking about this. (Threat) Are there new regulations that potentially could harm our operations or products. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Mostly, women are the ones who like to shop for ukay-ukay over men. The research instrument to be used in gathering primary data is the questionnaire. 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. 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). Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. Even if the government isnt very active in regards with this law. Dont make the mistake of thinking about your business operations informally, in hopes that they will all come together on their own. Research-the collection of information about a particular subject. The market for secondhand goods grew vigorously across the world. The researchers gathered data by using structured questionnaire to be answered by the respondents. Its used for strategic Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. 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. In conjunction with other planning techniques, the company used the SWOT analysis to leverage its strengths and external opportunities to eliminate threats and strengthen areas where it is weak. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. External forces influence and affect every company, organization and individual. 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. By continuing, you agree to our Terms and Conditions. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. You can learn more about the standards we follow in producing accurate, unbiased content in our. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. 8 Top IT Companies In The Philippines. WebEspecially if you're into authentic leather bags & shoes. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. What does a real-life SWOT analysis look like? 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. 16 September 2001: B1,B3. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. 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 there have been notes from anthropologists like Lynne Milgram saying that access to secondhand clothing already grew after World War II in Southeast Asia.. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. 2013. 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? Creating a SWOT analysis involves identifying and analyzing the strengths, weaknesses, opportunities, and threats of a company. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. Five years later, the Value Line SWOT analysis proved effective as Coca-Cola remains the 6th strongest brand in the world (as it was then). 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 industry first began with stalls at the sidewalks, and in a span of two years, reports account that the ukay-ukay business already generates a gross income of PhP1.2 million daily. 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. And yet we seldom question where these are coming from, and how they continue to thrive. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Since he can only work a maximum of 15 hours a day. (2016, Apr 21). (Threat) How many competitors exist, and what is their market share? 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. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. Second, how it enters the market is unique. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. All outfits will be, locally developed hand crafted, and solely manufactured from reworked linen and cotton, One of the companys goal is to produce high quality items at a reasonable cost and with. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. Dont know where to start? However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. 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. Ask for input from a variety of team members and openly discuss any contributions made. Having the ability to make decisions may be both empowering and liberating. Use these free downloads to help grow your business. Only few, Filipinos know that ukay-ukay is illegal. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. In the top-left square, you record While the business owner should certainly be involved in creating a SWOT analysis, it is often helpful to include other team members in the process. 2022 The questions serve as a guide for completing the SWOT analysis and creating a balanced list. Silverio,Ina Alleco.The Economics of Ukay Ukay. Nowadays it is a term use for place that sell old clothes, bag, shoes, and other pre-owned goods a very low prices (de Jong 2011) due to the corruption in the government. WebAn ukay-ukay (Tagalog pronunciation: [uka.uka] oo-ky-OO-ky), or wagwagan (Tagalog pronunciation: [wgwagn] wag-WA-gan) in some areas, is a Philippine store The company was established on August 17, 2005. And lastly, buying or selling ukay-ukay is an illegal activity. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? These external factors may create opportunities or threaten existing operations. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. Accessibility Statement. and so on. Ukay-ukay may be considered a special type of good available in the market. 1-c 2007 Volume No. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. 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. Its total assets decreased by 8.68% over the same period. The time in conducting this research may be limited for each member has a different time schedule and priorities. For example, if a country cutstariffs, a car manufacturer canexport its cars into a new market, increasing sales and market share. The aim of this paper is to explore the role that the increasing urban diversity plays in the establishment, development and competitiveness of entrepreneurship. Either way, you must be prepared that not all your items will be purchased. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? 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. Just like any other business, the success of an ukay-ukay business is Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. May it be a pair of vintage pants or thrift bags, customers often find something they like. When such goods are brought into the country, records would show that some were not really intended for sale: The government would maintain that these are either donations or aid from foreign countries.
