As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. Investopedia does not include all offers available in the marketplace. 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.. Academia.edu no longer supports Internet Explorer. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. Every questions was answered by the said respondents honestly. Philippine Star. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. CONFERENCES Don't use plagiarized sources. 24 Pros & Cons Of Starting An Ukay Ukay Store Business (2023) Researcher-the one who conducts the research. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. 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 an engaging social media presence, this business also runs on referrals. 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 Thank you so much for accepting my assignment the night before it was due. According to hearsay, its origin started way back in the 80s. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. 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. Every SWOT analysis will include the following four categories. The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. It is recommended to first create a list of questions to answer for each element. Unbelievable Ukay-Ukay Stores Where Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. The cookie is used to store the user consent for the cookies in the category "Analytics". Since he can only work a maximum of 15 hours a day. Opportunities refer to favorable external factors that could give an organization a competitive advantage. (Weakness) What are our lowest-performing product lines? Tabulation and analysis of data gathered was done after collecting all questionnaires. Startup Costs: How Much Cash Will You Need? and then Add to Home Screen. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. 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.. 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 In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. 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. It aims to describe the nature of the situation as it exists at the time of the study. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. This will assist you with getting your business up and running. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). There is seemingly limitless applications to the SWOT analysis. 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. 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. 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 This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. With the list of ideas within each category, it is now time to clean-up the ideas. What once started as a charitable act has indeed become a multimillion-peso trade. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. Many entrepreneurs enjoy running a business just within the comforts of their homes. In this example, the SWOT analysis should help determine whether or not the product should be introduced. Weaknesses stop an organization from performing at its optimum level. 8 Top IT Companies In The Philippines. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. First, it has a different marketing and sale process. 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. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. What are the characteristics of a SWOT analysis? 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. 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; 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. A SWOT analysis won't solve every major question a company has. 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. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Is this gentrification? 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. 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. Well occasionally send you promo and account related email. 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? The Economics of Secondhand Retail Trade: An Analysis of the WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. Using a survey questionnaire to gather data from 30 purposive and 100 random samples of entrepreneurs and customers, respectively, this descriptive study aimed to deter-mine the competitiveness, viability, economic benefits and difficulties faced by the business as basis for formulating interventions to uplift the business. (Threat) Are there new regulations that potentially could harm our operations or products. Ukay Ukay By clicking Accept, you consent to the use of ALL the cookies. It is very lucrative in cities or even provinces anywhere in the country. Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. Ukay Land Sdn Bhd Company Profile, Financial and Strategic SWOT Analysis Guide (With Steps To Perform and Examples) She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. 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. The Big 4 Firms, 5 Top E-Commerce Sites In The Philippines You Can Build Your Online Store, What Is An IT Company? The research instrument to be used in gathering primary data is the questionnaire. Ukay Five years later, the Value Line SWOT analysis proved effective as Coca-Cola remains the 6th strongest brand in the world (as it was then). This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. It can require a lot of time, energy and trial/error. Brand new clothes and ukay ukay a comparative analysis whole By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. It is suggested that the issue of urban diversity should be opened up to public debate, the aim being to understand and adequately address all its multiple aspects and effects on entrepreneurship and everyday life in general. Primary Data- are the data that are collected to help solve a problem or take advantage of an opportunity on which a decision is pending. Based on the study, many people are drawn into ukay-ukay or others call it as UK. 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. ukay How Does 401(k) Matching Work for Employers? 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. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. SWOT analysis was first used to analyze businesses. engages in property development. The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos 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. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. Interview-a formal consultation usually to evaluate qualifications. In the top-right square, you record strengths. 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 Powered by. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). For each of the four components of the SWOT analysis, the group of people assigned to performing the analysis should begin listing ideas within each category. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Its total assets decreased by 8.68% over the same period. The ukay shopping phenomena all started in Baguio. The researchers decided to conduct a research which concerns about the nature of ukay-ukay industry. Little we Filipinos know about it. A case study of Central Chidlom and Siam Paragon. You can get a custom paper by one of our expert writers. The Economics of Ukay-Ukay - Bulatlat With ukay-ukay, there will always be something for someone. Bhd. (Opportunity) What demographics are we not targeting? Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) Its crucial to know which suppliers are reliable and trustworthy. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. Ukay The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. Even if the government isnt very active in regards with this law. Learn all about this approach below. Where did the ukay-ukay owners get their stocks? By continuing, you agree to our Terms and Conditions. Will Kenton is an expert on the economy and investing laws and regulations. You also have to prepare them one by one for display. 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. "The Coca-Cola Company: A Short SWOT Analysis. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. It is one of several business planning techniques to consider and should not be used alone. In 2015, a Value Line SWOT analysis of The Coca-Cola Company noted strengths such as its globally famous brand name, vast distribution network, and opportunities in emerging markets. Silverio,Ina To determine some facts about Ukay-Ukay and the industry itself. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? Ukay Ukay After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. The respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. Magaganda rin 'yung collection nila ng shoes, bags & clothes. The task of initially cleaning or washing your goods is already tiring itself. 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. 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. You can still dispose of items through giveaways or discounts. Before you start, its better to learn the pros and cons of the business. CONF_SHSRESCON ukay The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. 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. 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. If you can afford it, you can employ extra hands to help you. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. Course Hero is not sponsored or endorsed by any college or university. Bhd. ", Panmore. 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. A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. Examples of questions to ask or consider for each group are in the table below. You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. Only few, Filipinos know that ukay-ukay is illegal. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. 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. > Use these free downloads to help grow your business. These cookies ensure basic functionalities and security features of the website, anonymously. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. Investopedia requires writers to use primary sources to support their work. However, finding the right supplier is not an easy task. Then, a company looks outward and evaluates external factors that impact its business. 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 goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. "SWOT Analysis: What It Is and When to Use It. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. SWOT for Ukay Ukay is a powerful tool of analysis as it provide a thought to uncover and exploit the opportunities that can be used to increase and enhance companys operations. In addition, it also identifies the weaknesses of the organization that will help to be eliminated and manage the threats that would catch the attention of the management. Give us your email address and well send this sample there. (PDF) The economics of secondhand retail trade: an Ever wonder what your behavior says about your leadership style? SWOT analysis is a technique for assessing the performance, competition, risk, and potential of a business, as well as part of a business such as a product line or division, an industry, or other entity. The time in conducting this research may be limited for each member has a different time schedule and priorities. 2002. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. the disadvantages of ukay-ukay. Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. 16 September 2001: B1,B3. 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. Companies should use it as a guide and not necessarily as a prescription. How SWOT Analysis Can Help Grow Your Business - Business This compensation may impact how and where listings appear. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. However, increased material costs, strained distribution lines, the need for additional staff, and unpredictable product demand may outweigh the strengths and opportunities. "Home Depot SWOT Analysis & Recommendations.". While the business owner should certainly be involved in creating a SWOT analysis, it is often helpful to include other team members in the process. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. 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. Home Also, each point listed within the categories is not prioritized the same. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. You can download the paper by clicking the button above. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. They strongly believe that Philippines will be better if ukay-ukay will be legalized. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. The study focuses on a central neighbourhood of Athens (Akadimia Platonos) and takes into account the condition of a long and continuous economic crisis. The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. 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.". FAQ | Analytical cookies are used to understand how visitors interact with the website. > A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. Business News Philippines 2023. 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. Type your requirements and Ill connect you to In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. Kinonvert nila 'yung lumang cinema into a thrift shop. of ukay There are various reasons consumers still buy these goods. 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.. These external factors may create opportunities or threaten existing operations. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. The study found out that ukay-ukay is not as preferred as department stores and other stores, but could be competitive based on the (a) consumers evaluation of the stuffs as passing the criteria on durability, prestige, originality and uniqueness, low pricing, and desiring to continue patronizing the ukay-ukay stores, (b) entrepreneurs perceptions on its profitability and long-term viability, high prospects of continuing their business in the next 5 years and becoming more knowledgeable while engaging in the business. is a company based in Malaysia, with its head office in Ampang. Ukay-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 industry. 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. 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. Although Republic Act number 4653 (ratified July 1966) has been enacted, there is no clear implementation of this law (e.g., confiscation and/or burning of such imported commodities).
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