This cookie is set by GDPR Cookie Consent plugin. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. Exploring Luxury Department Stores Brand Equity in Thailand. Since he can only work a maximum of 15 hours a day. Its total assets decreased by 8.68% over the same period. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Course Hero is not sponsored or endorsed by any college or university. 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. Give us your email address and well send this sample there. Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. To the respondents, they will be able to realize how useful and beneficial of an ukay-ukay products particularly on their needs on clothings and etc. 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 disadvantages of ukay-ukay. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. 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. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. What often comes into the minds of the Filipino people when we hear the term UK? 2013. Little we Filipinos know about it. To determine how much profit does an Ukay-Ukay business earns. 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. Silverio,Ina Alleco.The Economics of Ukay Ukay. According to hearsay, its origin started way back in the 80s. You also have the option to opt-out of these cookies. There is seemingly limitless applications to the SWOT analysis. 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.. 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. Cabreza, V. 2001. Out of 20 respondents (costumers), 3 respondents corresponding to 15% were 15-20 years old, 9 respondents corresponding to 45% were 20-30 years old, 3 respondents corresponding to 15% were 30-40 years old, 2 respondents corresponding to 10% were 50-60 years old and 2 respondents corresponding to 10% were 60-70 years old. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume The researches limit the study in the Ukay-Ukay stores which will focus on the information and the knowledge of the costumers and sellers about Ukay-Ukay. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. (Opportunity) What demographics are we not targeting? Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. It is one of several business planning techniques to consider and should not be used alone. To install StudyMoose App tap However, a SWOT analysis is just one tool in your business strategy. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. due to the corruption in the government. To get a better picture of a SWOT analysis, consider the example of a fictitious organic smoothie company. Survey-to examine as to condition, situation, or value. Every questions was answered by the said respondents honestly. 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". Every SWOT analysis will include the following four categories. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. In which the product will be sold online, since This cookie is set by GDPR Cookie Consent plugin. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). SWOT does not account for the differences in weight. 07 February 2002:7. - 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 , These include white papers, government data, original reporting, and interviews with industry experts. If you enjoy interacting with people, this business is definitely for you. 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. Necessary cookies are absolutely essential for the website to function properly. Most of the costumers are females. It originated in Baguio City. 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. It must then decide how to use those results to attract new investors. is a company based in Malaysia, with its head office in Ampang. For example, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. The presence of such business activity in the city gained attention from the different sectors ukay-ukay entrepreneurs, consumers, franchised clothing traders and government. WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. Enter the email address you signed up with and we'll email you a reset link. To determine some facts about Ukay-Ukay and the industry itself. 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. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. The specific objectives are: to describe the consumers' market behavior toward the presence ofukay-ukay and to identify the factors that influence individuals whopatronize these goods; It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly (Opportunity) What trends are evident in the marketplace? 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. (Threat) How many competitors exist, and what is their market share? The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. Since these are used garments, they are sold at less than half their prices (Cabreza 2001). There is class A, B and C and their prices differ according to its class. 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. 16 September 2001: B1,B3. 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. Philippine Daily Inquirer. In the top-right square, you record strengths. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. 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. It is ukay-ukay right? By clicking Accept, you consent to the use of ALL the cookies. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. 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. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. Every SWOT analysis will vary, and a company may need different data sets to support pulling together different SWOT analysis tables. Academia.edu no longer supports Internet Explorer. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. According to the interview most of the ukay-ukay store owners price their products based on the quality and the brand of the stocks. However, finding the right supplier is not an easy task. The ukay shopping phenomena all started in Baguio. These external factors may create opportunities or threaten existing operations. 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. In this example, the SWOT analysis should help determine whether or not the product should be introduced. imported from other country. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. Dont know where to start? It can require a lot of time, energy and trial/error. 2022 Although R.A. 4653 was ratified on 1966 to prohibit the importation and selling of cheaper second-hand clothes in the Philippines, the impact of the said law has diminished over the years until Filipinos have finally learned to patronize the business as if its something legal. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). The ukay trade, however, is not without its own issues of legality. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. 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. Most commercial construction contracts require mediation. ", Panmore. However, note that it is one of many techniques, not a prescription. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. Research questions are explored through in-depth interviews with local entrepreneurs. 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. Where did the ukay-ukay owners get their stocks? The cookie is used to store the user consent for the cookies in the category "Other. Data- factual information as measurements or statistics used as a basis for reasoning. First, it has a different marketing and sale process. Kinonvert nila 'yung lumang cinema into a thrift shop. 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. Also, each point listed within the categories is not prioritized the same. Threats refer to factors that have the potential to harm an organization. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. 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.
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