It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. Tabulation and analysis of data gathered was done after collecting all questionnaires. Researcher-the one who conducts the research. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. Dont know where to start? The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. 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. Necessary cookies are absolutely essential for the website to function properly. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? The entrepreneurs leading problems are unsteady sale and the customers difficulty in rummaging while their needs include increasing their capitalization and making their stalls more spacious and comfortable. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. You will have to be very hands-on in entertaining your customers as you assist them. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. Investopedia requires writers to use primary sources to support their work. There is class A, B and C and their prices differ according to its class. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. These cookies ensure basic functionalities and security features of the website, anonymously. Then, a company looks outward and evaluates external factors that impact its business. 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). SWOT analysis is a technique for assessing the performance, competition, risk, and potential of a business, as well as part of a business such as a product line or division, an industry, or other entity. 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? A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. I look forward to working with you moving forward . 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). Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. Coffee is only sourced from Brazil and Ethiopia. Bibliography can be find at the last page of a book and can be used as references of a researcher. The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. In the top-right square, you record strengths. These external factors may create opportunities or threaten existing operations. and was subsequently adapted in other topographic points. 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. Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. After that, you still have to organize and pack them. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. 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. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. You also have to prepare them one by one for display. With the list of ideas within each category, it is now time to clean-up the ideas. Use these free downloads to help grow your business. 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. 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. For example, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. 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. To determine how much profit does an Ukay-Ukay business earns. 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 In addition to researching and analyzing products and services that help business owners run a smoother human resources department, such as HR software, PEOs, HROs, employee monitoring software and time and attendance systems, Skye investigates and writes on topics aimed at building better professional culture, like protecting employee privacy, managing human capital, improving communication, and fostering workplace diversity and culture. Its used for strategic In the meantime, Filipinos everywhere protested against the ban, saying that it is anti-poor on so many levels. The Filipinos dont care how dirty or unsafe ukay-ukay is, they will just wash it properly with soap and disinfectant, and after that you can wear you branded shoes, clothes, bag and other ukay-ukay products. 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? 1-c 2007 Volume No. Second, how it enters the market is unique. These cookies will be stored in your browser only with your consent. Bhd. We are the FIRST ever Ukay-Ukay Online Seller. 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 recommended to first create a list of questions to answer for each element. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. You can learn more about the standards we follow in producing accurate, unbiased content in our. Most people said that the most common disadvantage of ukay-ukay is that sometimes it is not good condition, because of the holes, scratches, dirt and etc. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. International Journal of Entrepreneurship and Small Business. Anonymous. This guide includes basic information about big data and a list of 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. 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. 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. 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 task of initially cleaning or washing your goods is already tiring itself. 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. The ukay shopping phenomena all started in Baguio. The company was established on August 17, 2005. where it has been typically called wagwagan. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. See if your business is eligible for a tax credit of up to $26K per employee! 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. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. First, it has a different marketing and sale process. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. 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) This makes it ideal for stay-at-home mothers or students who need a side hustle. Interview-a formal consultation usually to evaluate qualifications. Every questions was answered by the said respondents honestly. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. 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 trade, however, is not without its own issues of legality. Type your requirements and Ill connect you to Since these are used garments, they are sold at less than half their prices (Cabreza 2001). Publisher Editor No. "The Coca-Cola Company: A Short SWOT Analysis. The researchers will use questionnaire and personal interview. thank you for this information I was thinking about helping my GF and her family with a business. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. 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. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. Having the ability to make decisions may be both empowering and liberating. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | Aside from an engaging social media presence, this business also runs on referrals. Every SWOT analysis will vary, and a company may need different data sets to support pulling together different SWOT analysis tables. 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. 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. 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. Reports state that ukay businesses generate 1.2 million daily. This compensation may impact how and where listings appear. > Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until 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. 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 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. You are the one who makes practically all of the decisions when beginning an ukay-ukay retail business. Give us your email address and well send this sample there. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! It aims to describe the nature of the situation as it exists at the time of the study. 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. You can download the paper by clicking the button above. These four aspects can be broken into two analytical steps. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? If we do see a change in landscape, meaning ukay-ukay stores having refined racks, closets, and displays and its surrounding areas having new parks, new security systems, or even new coffee shops, only then can it be safe to say that the area is becoming gentrified. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. She now writes for a number of websites and other online media publications. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. 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. This cookie is set by GDPR Cookie Consent plugin. (Opportunity) What trends are evident in the marketplace? Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. The market for secondhand goods grew vigorously across the world. 8 Top IT Companies In The Philippines. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. We also reference original research from other reputable publishers where appropriate. 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. (2016, Apr 21). The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. To perform the SWOT analysis, create a large box divided into four squares. 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. (Opportunity) What demographics are we not targeting? 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. In which the product will be sold online, since The competitiveness and viability of the ukay-ukay business in the long run is an important concern. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. Enter the email address you signed up with and we'll email you a reset link. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business.
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