The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. ukay 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. Ever wonder what your behavior says about your leadership style? Generally, this study found that Filipino Gen Z consumers perceived values of second-hand clothing significantly influence their attitudes towards participating in a circular economy, and illustrated in specific categories how and to what degree. Anonymous. In the top-right square, you record strengths. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. (PDF) The economics of secondhand retail trade: an The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. Skye Schooley is a human resources writer at business.com and Business News Daily, where she has researched and written more than 300 articles on HR-focused topics including human resources operations, management leadership, and HR technology. Reports state that ukay businesses generate 1.2 million daily. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. 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. SWOT Analysis This will assist you with getting your business up and running. Although all the points under a particular heading may not be of equal importance, they all should represent key insights into the balance of opportunities and threats, advantages and disadvantages, and so forth. 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. 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. 16 September 2001: B1,B3. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. It operates in the Industrial Building Construction industry. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. 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 organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Before you start, its better to learn the pros and cons of the business. 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. Their experience gives a unique advantage. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. One is their low prices when compared to substitute and complementary goods. 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. Is this gentrification? To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. You must be prepared for losses and lean months. 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. 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. Ukay 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) 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. Investopedia requires writers to use primary sources to support their work. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. In which the product will be sold online, since Business News Daily. 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. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Ukay Builders Sdn. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. The ukay shopping phenomena all started in Baguio. The profit comes quickly because it is computed on a per-sale basis. 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. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. 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.. Others are recorded as pasalubong for Philippines-based relatives. (Opportunity) What trends are evident in the marketplace? due to the corruption in the government. 8 Top IT Companies In The Philippines. These cookies ensure basic functionalities and security features of the website, anonymously. The ukay shopping phenomena all started in Baguio. The researchers decided to conduct a research which concerns about the nature of ukay-ukay industry. This cookie is set by GDPR Cookie Consent plugin. A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. Also, each point listed within the categories is not prioritized the same. Ukay-Ukay Online Shoppe Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. Philippine Star. Students looking for free, top-notch essay and term paper samples on various topics. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. 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. The cookie is used to store the user consent for the cookies in the category "Analytics". SWOT does not account for the differences in weight. 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. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. Tabulation and analysis of data gathered was done after collecting all questionnaires. 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. 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 Will Kenton is an expert on the economy and investing laws and regulations. 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. Threats refer to factors that have the potential to harm an organization. These cookies track visitors across websites and collect information to provide customized ads. 1-c 2007 Volume No. XXXII No. BUS_RESEARCH With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to Necessary cookies are absolutely essential for the website to function properly. A SWOT analysis can be 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 Exploring Luxury Department Stores Brand Equity in Thailand. Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). 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. Philippine Daily Inquirer. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. 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. an academic expert within 3 minutes. in it and least respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 1% is that some are not branded. Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. 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. You also have the option to opt-out of these cookies. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. of ukay 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. WebEspecially if you're into authentic leather bags & shoes. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. The researchers will use questionnaire and personal interview. Some source interviews were conducted for a previous version of this article. Unbelievable Ukay-Ukay Stores Where The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan 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. 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. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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). Ukay 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. Thank you so much for accepting my assignment the night before it was due. Ukay-ukay may be considered a special type of good available in the market. In addition, it also identifies the weaknesses of the organization that will help 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. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. > Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals. CONFERENCES Warner Media Company. No one has been a mediator before or been through any formal mediation training programs. What once started as a charitable act has indeed become a multimillion-peso trade. Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. 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. See if your business is eligible for a tax credit of up to $26K per employee! Therefore, a deeper analysis is needed, using another planning technique. 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. Aside from the physical strain, managing an ukay-ukay business also needs ample time. The market for secondhand goods grew vigorously across the world. 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. Business PLAN group 8 - Grade: 2 - Studocu 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. 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. COMPETITIVENESS, VIABILITY, ECONOMIC These include white papers, government data, original reporting, and interviews with industry experts. 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. The offers that appear in this table are from partnerships from which Investopedia receives compensation. 2002. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser.