Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. 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. 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. Opportunities and threats pertain to conditions outside your organization, such as market trends and regulations. This cookie is set by GDPR Cookie Consent plugin. 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. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. 16 September 2001: B1,B3. 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. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. is a company based in Malaysia, with its head office in Ampang. 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. This entailed some implementation cost on the side of the government. The market for secondhand goods grew vigorously across the world. There are different classes of Ukay-Ukay. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. Most potential clients have a negative impression of mediation, because they feel mediators dont understand or care to understand the problem, and rush to resolve it. "The Coca-Cola Company: A Short SWOT Analysis. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. External forces influence and affect every company, organization and individual. "Home Depot SWOT Analysis & Recommendations.". Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. Dont know where to start? Companies should use it as a guide and not necessarily as a prescription. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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 Survey-to examine as to condition, situation, or value. It is also a popular trend among sellers to conduct live selling. 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. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). These include white papers, government data, original reporting, and interviews with industry experts. The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos 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. Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. Issue No. (Threat) Are there new regulations that potentially could harm our operations or products. Its SWOT analysis prompted Value Line to pose some tough questions about Coca-Cola's strategy, but also to note that the company "will probably remain a top-tier beverage provider" that offered conservative investors "a reliable source of income and a bit of capital gains exposure.". A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. Its used for strategic Bhd. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. These cookies track visitors across websites and collect information to provide customized ads. In general, a SWOT analysis will involve the following steps. Aside from an engaging social media presence, this business also runs on referrals. 16. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. 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.. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. 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. This cookie is set by GDPR Cookie Consent plugin. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. engages in property development. It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. The researchers will use descriptive design which is a commonly used research method. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Ukay ukay (in short UK) is actually gouging in a pile of run down clothes,the word is derived from the word phrase 'halukay' which literary means "digging" or "make a mess". External influences, such as monetary policies, market changes, and access to suppliers, are categories to pull from to create a list of opportunities and weaknesses. What does a real-life SWOT analysis look like? Managing an ukay-ukay store business often involves a lot more physical effort than other types of businesses. By clicking Accept, you consent to the use of ALL the cookies. Ariel Courage is an experienced editor, researcher, and former fact-checker. To the government, they will realize that even though ukay-ukay imports and sells cheaper second-hand clothes, still it has a great help especially to the citizens who are in the poverty line. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. Save my name, email, and website in this browser for the next time I comment. Their experience gives a unique advantage. 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 proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. 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. First, it has a different marketing and sale process. Is this gentrification? The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. Before you start, its better to learn the pros and cons of the business. 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. Threats refer to factors that have the potential to harm an organization. Even if the government isnt very active in regards with this law. Powered by. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. Examples of questions to ask or consider for each group are in the table below. Weaknesses stop an organization from performing at its optimum level. Though the elements and discoveries within these categories will vary from company to company, a SWOT analysis is not complete without each of these elements: Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. What are the characteristics of a SWOT analysis? 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. Some source interviews were conducted for a previous version of this article. WebUkay-ukay, the art of rummaging second-hand stuffs, is widespread in the Philippines: a very trending act of shopping that made a strong impact on the textile and clothing This website uses cookies to improve your experience while you navigate through the website. Therefore, a deeper analysis is needed, using another planning technique. CONF_SHSRESCON Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. Analytical cookies are used to understand how visitors interact with the website. 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. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. The research instrument to be used in gathering primary data is the questionnaire. Second, how it enters the market is unique. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. FAQ | Bibliography can be find at the last page of a book and can be used as references of a researcher. 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. , especially that nowadays, the prices are getting higher and higher. Even if ukay-ukay is washed and disinfected before it is sold, we should wash it again thoroughly because we are not sure if its safe or not. After that, you still have to organize and pack them. The Big 4 Firms, 5 Top E-Commerce Sites In The Philippines You Can Build Your Online Store, What Is An IT Company? 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.. Coffee is only sourced from Brazil and Ethiopia. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). thank you for this information I was thinking about helping my GF and her family with a business. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. 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. 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. First, it has a different marketing and sale process. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. 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. In the 90s, an NGO received an unusually large volume of garments as donations that were supposedly for the poor. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. 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. With the list of ideas within each category, it is now time to clean-up the ideas. 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. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. These cookies will be stored in your browser only with your consent. 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 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. 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 respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. 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 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. 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. 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. What once started as a charitable act has indeed become a multimillion-peso trade. Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. A case study of Central Chidlom and Siam Paragon. One is their low prices when compared to substitute and complementary goods. Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you. See if your business is eligible for a tax credit of up to $26K per employee! Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. You also have the option to opt-out of these cookies. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. This cookie is set by GDPR Cookie Consent plugin. With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. 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. About | 2022 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. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. (Threat) How many competitors exist, and what is their market share? They strongly believe that Philippines will be better if ukay-ukay will be legalized. SWOT analysis assesses internal and external factors, as well as current and future potential. 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. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. Publisher Editor No. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. 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. Students looking for free, top-notch essay and term paper samples on various topics. 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. 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. 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. 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. The ukay-ukay stores price their stocks mostly by its quality. 2015 Nine Media Corp. CNN name, logo and all associated elements and 2015 Cable News Network. 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. 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. SWOT analyses are not limited to companies. Its total assets decreased by 8.68% over the same period. The respondents will be chosen at random, both male and female. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. WebUkay Land Sdn. To determine how much profit does an Ukay-Ukay business earns. And lastly, buying or selling ukay-ukay is an illegal activity. Most of the costumers are females. (2016, Apr 21). Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. Exploring Luxury Department Stores Brand Equity in Thailand. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. My Account | In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. Silverio,Ina 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. In the meantime, Filipinos everywhere protested against the ban, saying that it is anti-poor on so many levels. 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. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. This will assist you with getting your business up and running. 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 SWOT does not account for the differences in weight. And yet we seldom question where these are coming from, and how they continue to thrive. You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. Reports state that ukay businesses generate 1.2 million daily. The presence of such business activity in the city gained attention from the different sectors ukay-ukay entrepreneurs, consumers, franchised clothing traders and government. 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. Definition and Examples, How to Start a Business: A Step-by-Step Guide, How to Write a Self-Assessment: 5 Tips to Improve Your Evaluation, The Best Employee Monitoring Software for 2023. Aside from the physical strain, managing an ukay-ukay business also needs ample time. This makes it ideal for stay-at-home mothers or students who need a side hustle. > GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. 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. SWOT analysis is a strategic planning technique that provides assessment tools. We also reference original research from other reputable publishers where appropriate. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. - 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 , But opting out of some of these cookies may affect your browsing experience. These goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. Kinonvert nila 'yung lumang cinema into a thrift shop. ", Panmore. Consumer confidence in RP down. 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. 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). Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. 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 latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. We are the FIRST ever Ukay-Ukay Online Seller. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. due to the corruption in the government. 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. Where did the ukay-ukay owners get their stocks? It can require a lot of time, energy and trial/error. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Every questions was answered by the said respondents honestly. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. Type your requirements and Ill connect you to One staff member has been a part of mediations, but not as a neutral party. I look forward to working with you moving forward . You must be prepared for losses and lean months. and was subsequently adapted in other topographic points. Reports state that ukay businesses generate 1.2 million daily. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. 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. 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). 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) Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. 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. Philippine Star. Course Hero is not sponsored or endorsed by any college or university.
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