A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. 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. 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. Second, how it enters the market is unique. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. 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. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. ", Panmore. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. 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. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. During the Great Depression, Mormons built their chains of thrift shops to create jobs that could help the poor. secondhand clothing and garments goods were entered into the local market. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. 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. It must then decide how to use those results to attract new investors. 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. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. FAQ | is a company based in Malaysia, with its head office in Ampang. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. 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. 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. In order to buy pizzas, he is looking for a job that pays him a wage of $ w per hour for L hours of labor. This entailed some implementation cost on the side of the government. It is very lucrative in cities or even provinces anywhere in the country. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. May it be a pair of vintage pants or thrift bags, customers often find something they like. 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). Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume It originated in Baguio City. SWOT analysis assesses internal and external factors, as well as current and future potential. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. We also use third-party cookies that help us analyze and understand how you use this website. With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to 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. And yet we seldom question where these are coming from, and how they continue to thrive. due to the corruption in the government. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. According to the survey, most of the costumers of ukay-ukay industry ranges from 20-30 years old and the least ranges from 50-60 years old. 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. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and analyzing internal strengths and weaknesses and external opportunities and threats that shape current and future operations and help develop strategic goals. Kinonvert nila 'yung lumang cinema into a thrift shop. 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. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. The cookie is used to store the user consent for the cookies in the category "Other. Warner Media Company. BUS_RESEARCH In the top-left square, you record 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. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Consumer confidence in RP down. (Opportunity) What trends are evident in the marketplace? 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. Home 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. 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. She used to be in the corporate world for a decade but followed her heart and became a writer. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. Thank you so much for accepting my assignment the night before it was due. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? Creating a SWOT analysis involves identifying and analyzing the strengths, weaknesses, opportunities, and threats of a company. The company was established on August 17, 2005. Wagwag fashion pushed for Pinoys. According to hearsay, its origin started way back in the 80s. Research questions are explored through in-depth interviews with local entrepreneurs. First, it has a different marketing and sale process. There is class A, B and C and their prices differ according to its class. 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. 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. 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. , especially that nowadays, the prices are getting higher and higher. Weaknesses stop an organization from performing at its optimum level. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. International Journal of Entrepreneurship and Small Business. 16 September 2001: B1,B3. It is recommended to first create a list of questions to answer for each element. 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. 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 There are various reasons consumers still buy these goods. 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). A SWOT analysis is a great way to guide business-strategy meetings. 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? Data- factual information as measurements or statistics used as a basis for reasoning. ", Seeking Alpha. Cabreza, V. 2001. To inform people also about its disadvantages. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. To perform the SWOT analysis, create a large box divided into four squares. 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 Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. What often comes into the minds of the Filipino people when we hear the term UK? Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. But many people would love it if the government will abolish the law. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. How Does 401(k) Matching Work for Employers? Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. 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. A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. My Account | XXXII No. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. You can still dispose of items through giveaways or discounts. Some staff may be more connected with external forces, while various staff within the manufacturing or sales departments may have a better grasp of what is going on internally. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. 2 talking about this. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. However, a SWOT analysis is just one tool in your business strategy. Is this gentrification? This study, in which catering business has been investigated develops a new assessment model to evaluate key success factors for micro-enterprise creation and operation. Members of the analysis team take the bulleted list of items within each category and create a synthesized plan that provides guidance on the original objective. The ukay shopping phenomena all started in Baguio. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. 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. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. The collective knowledge of the team will allow you to adequately analyze your business from all sides. SWOT does not account for the differences in weight. 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. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. Coffee is only sourced from Brazil and Ethiopia. Its used for strategic 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. Silverio,Ina Alleco.The Economics of Ukay Ukay. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. These include white papers, government data, original reporting, and interviews with industry experts. These goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. 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. Nature of Applied Ethics: https://t.co/ItYbzNgtbB INSTRUCTIONS Based on the outcome of the discussions made about the topic, you are to writeeee a one page well-thought-out reflexive paper. This could be an opportunity to widen your connections and network. This visual arrangement provides a quick overview of the companys position. Ukay-ukay may be considered a special type of good available in the market. Sorry, preview is currently unavailable. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. There is seemingly limitless applications to the SWOT analysis. The ukay shopping phenomena all started in Baguio. In general, a SWOT analysis will involve the following steps. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. This website uses cookies to improve your experience while you navigate through the website. You can download the paper by clicking the button above. 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. 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. 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. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. It does not store any personal data. It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. 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. Ukay Builders Sdn. People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | 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.. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. In this example, the SWOT analysis should help determine whether or not the product should be introduced. Strengths and weaknesses are listed first, followed by opportunities and threats. 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. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. - 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 , 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. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? Exploring Luxury Department Stores Brand Equity in Thailand. 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.. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Aside from an engaging social media presence, this business also runs on referrals. 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 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. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. 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. The tremendous growth of this business phenomenon is observed in Santiago City. 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. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. 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. and was subsequently adapted in other topographic points. Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. 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. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. CONFERENCES 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. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. I look forward to working with you moving forward . control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these What once started as a charitable act has indeed become a multimillion-peso trade. Give us your email address and well send this sample there. You can get a custom paper by one of our expert writers. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. This cookie is set by GDPR Cookie Consent plugin. (Threat) Are there new regulations that potentially could harm our operations or products. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. All rights reserved. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. In addition, it also identifies the weaknesses of the organization that will help The cookie is used to store the user consent for the cookies in the category "Analytics". Type your requirements and Ill connect you to There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos 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..
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