In which the product will be sold online, since The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. FAQ | Learn all about this approach below. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. 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. And yet we seldom question where these are coming from, and how they continue to thrive. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. Aside from the physical strain, managing an ukay-ukay business also needs ample time. 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). If you can afford it, you can employ extra hands to help you. 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. Reports state that ukay businesses generate 1.2 million daily. an academic expert within 3 minutes. The presence of such business activity in the city gained attention from the different sectors ukay-ukay entrepreneurs, consumers, franchised clothing traders and government. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. It aims to describe the nature of the situation as it exists at the time of the study. Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. It is recommended to first create a list of questions to answer for each element. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. 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. The Economics of Ukay-Ukay - Bulatlat In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. 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. 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) This study is designed primarily to know why people are really drawn to ukay-ukay and how it can be a great advantage for the people and what are Second, how it enters the market is unique. 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 result of the survey was tabulated. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that In general, a SWOT analysis will involve the following steps. 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. If the term is employed to the context of ukay-ukay culture, then it possibly is. Get your custom essay on, Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". Dont waste Your Time Searching For a Sample, The Science of Shopping versus "The Signs of Shopping", Compare/Contrast Online Shopping vs Traditional Shopping, Compare and contrast shopping online with shopping in actual shops. 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. A SWOT analysis won't solve every major question a company has. This will only become truly problematic when a substantial amount of ukay-ukay stores across the Philippines do focus on selling class A items when there are people whose only option is to buy 50-peso (or less) clothes. 16 September 2001: B1,B3. - 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 , 4 Personal Loans With Low Interest Rates In The Philippines To Fund Your Small Business, 5 Leading Financing Companies In The Philippines, 4 Ways To Contact The Customer Service Of Globe Telecom, What Is The Top Accounting Firm In The Philippines? ", Seeking Alpha. Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers. 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. Ukay-ukay - Wikipedia Ukay Serye Swot Analysis.docx - Ukay Serye Swot 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. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. By continuing, you agree to our Terms and Conditions. Wagwag fashion pushed for Pinoys. These external factors may create opportunities or threaten existing operations. > , especially that nowadays, the prices are getting higher and higher. When ukay-ukay stores become a disservice for whom secondhand clothes simply mean cheap and not vintage or an ukay challenge, then thats where the danger actually resides. secondhand clothing and garments goods were entered into the local market. 2022 There is never a dull moment when it comes to managing your ukay-ukay store. The main argument of the paper is that perceptions of urban diversity differ depending on the individual profile of the interviewees and the aspects of diversity being discussed. The lack of knowledge about the Ukay-Ukay. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. What does a real-life SWOT analysis look like? About | 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. You also have to prepare them one by one for display. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. By clicking Accept, you consent to the use of ALL the cookies. However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. 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). Porter's 5 Forces vs. SWOT Analysis: What's the Difference? Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. Necessary cookies are absolutely essential for the website to function properly. 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. We also use third-party cookies that help us analyze and understand how you use this website. 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. Most of them had a weekly income that ranges from 2000-6000 pesos. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. Issue No. Most commercial construction contracts require mediation. Ukay 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). To inform people about the advantages of Ukay-Ukay. 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 majority of your days will be spent walking, running errands for your business, and completing a variety of chores. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. ", Panmore. Most of the costumers are females. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. 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 Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. But opting out of some of these cookies may affect your browsing experience. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. 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. 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.. The ukay shopping phenomena all started in Baguio. 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. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. Silverio,Ina The collective knowledge of the team will allow you to adequately analyze your business from all sides. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. A SWOT analysis can be > Sorry, preview is currently unavailable. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. 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. International Journal of Entrepreneurship and Small Business. 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. Since this business is quite easy to start, this industry is also crammed. Analytical cookies are used to understand how visitors interact with the website. First, a company assesses its internal capabilities and determines its strengths and weaknesses. There are different classes of Ukay-Ukay. Where did the ukay-ukay owners get their stocks? The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. The author completed his Master of Arts in Economics from the University of the Philippines School of Economics (UPSE), Diliman, and a preview of his thesis was published in the Philippine Journal of Development. Every SWOT analysis will vary, and a company may need different data sets to support pulling together different SWOT analysis tables. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. 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. The task of initially cleaning or washing your goods is already tiring itself. Bhd. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. SWOT Analysis Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. 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. 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.. 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). 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. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. Ukay In addition, it also identifies the weaknesses of the organization that will help However, a SWOT analysis is just one tool in your business strategy. You can still dispose of items through giveaways or discounts. Home The researchers decided to conduct a research which concerns about the nature of ukay-ukay industry. This is how youll keep your business fresh in customers minds and edge out your competition. 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. 24 Pros & Cons Of Starting An Ukay Ukay Store Business (2023) Business News Daily. Save my name, email, and website in this browser for the next time I comment. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Thank you so much for accepting my assignment the night before it was due. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. Just like any other business, the success of an ukay-ukay business is Bibliography can be find at the last page of a book and can be used as references of a researcher. 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. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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. Every questions was answered by the said respondents honestly. Companies should use it as a guide and not necessarily as a prescription. You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. The ukay shopping phenomena all started in Baguio. There is seemingly limitless applications to the SWOT analysis. The cookie is used to store the user consent for the cookies in the category "Analytics". 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. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. (PDF) The economics of secondhand retail trade: an 2 talking about this. 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. Give us your email address and well send this sample there. SWOT does not account for the differences in weight. Some source interviews were conducted for a previous version of this article. These cookies track visitors across websites and collect information to provide customized ads. Weaknesses stop an organization from performing at its optimum level. Enter the email address you signed up with and we'll email you a reset link. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. All rights reserved. Also, each point listed within the categories is not prioritized the same. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. 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. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? See if your business is eligible for a tax credit of up to $26K per employee! 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. 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. You can get a custom paper by one of our expert writers. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. The industry that sprouted out of second hand clothes generates millions in income for sellers, and saves millions more for the people who buy from them. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. These goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. According to Luisito Abueg, who studied the economics of secondhand retail trade in the country, ukay items have largely been purchased in warehouses in Hong Kong that store Salvation Armys clothes. Mostly, women are the ones who like to shop for ukay-ukay over men. For PhP100, you can score three to four items from the selections, but things can go for even lower prices (some even for PhP10) every week because all items must go. ukay Ukay-Ukay Online Shoppe WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. 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. Anonymous. The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. 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. A SWOT analysis is a great way to guide business-strategy meetings. ukay Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-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. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. Perform a SWOT analysis before you commit to any sort of company action, whether you are exploring new initiatives, revamping internal policies, considering opportunities to pivot or altering a plan midway through its execution. 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. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | 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. Although a useful planning tool, SWOT has limitations. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. XXXII No. Analysis 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.