The Big 4 Firms, 5 Top E-Commerce Sites In The Philippines You Can Build Your Online Store, What Is An IT Company? Academia.edu no longer supports Internet Explorer. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. Questionnaire- a list of planned, written questions related to a particular topic, with space provided for indicating the response to each questions, intended for submission to a number of persons for reply. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? By clicking Check Writers Offers, you agree to our terms of service and privacy policy. Before you start, its better to learn the pros and cons of the business. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. 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. Opportunities and threats pertain to conditions outside your organization, such as market trends and regulations. The appeal of low-cost clothing continues to entice visitors into these stores in search of branded clothing for cheap prices. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. 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. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). You can learn more about the standards we follow in producing accurate, unbiased content in our. Research-the collection of information about a particular subject. In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. (Threat) Are there new regulations that potentially could harm our operations or products. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. My Account | Its total assets decreased by 8.68% over the same period. However, note that it is one of many techniques, not a prescription. 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. Type your requirements and Ill connect you to Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. WebSWOT 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. There is never a dull moment when it comes to managing your ukay-ukay store. Strengths and weaknesses are listed first, followed by opportunities and threats. Consumer confidence in RP down. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. Every questions was answered by the said respondents honestly. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. In general, a SWOT analysis will involve the following steps. Investopedia does not include all offers available in the marketplace. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. First, it has a different marketing and sale process. 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. Business News Philippines 2023. FAQ | However, finding the right supplier is not an easy task. 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". Course Hero is not sponsored or endorsed by any college or university. 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. It does not store any personal data. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. 2002. We see them in almost every corner in the Philippines: in wet markets, in dilapidated buildings, in side streets, and in plazas, among many others. The time in conducting this research may be limited for each member has a different time schedule and priorities. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. 24 Pros & Cons Of Starting An Ukay Ukay Store Business (2023) 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 most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos The Economics of Ukay-Ukay - Bulatlat WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. 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. Weaknesses stop an organization from performing at its optimum level. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. Employ a SWOT analysis before you commit to any company action, whether thats exploring new initiatives, revamping internal policies, considering opportunities to pivot or altering a plan midway through its execution. WebThus, 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. This guide includes basic information about big data and a list of 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. 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. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. The result of the survey was tabulated. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. Analysis 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. The Economics of Secondhand Retail Trade: An 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. 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. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) The cookie is used to store the user consent for the cookies in the category "Other. 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. Primary data are data that are collected to help solve a problem or take advantage of an opportunity on which a decision making is pending. WebUkay-ukay is most normally used to mention 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. By continuing, you agree to our Terms and Conditions. 8 Top IT Companies In The Philippines. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. You must be prepared for losses and lean months. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. "Home Depot SWOT Analysis & Recommendations.". 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. Many entrepreneurs enjoy running a business just within the comforts of their homes. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. During the Great Depression, Mormons built their chains of thrift shops to create jobs that could help the poor. where it has been typically called wagwagan. His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | SERP-P 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. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. These ideas can later be discarded; in the meantime, the goal should be to come up with as many items as possible to invoke creativity and inspiration in others. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. The cookies is used to store the user consent for the cookies in the category "Necessary". The researchers will use descriptive design which is a commonly used research method. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. The company's main field of business will be in Quezon City, with a target market of thrift clothing lovers in their 20s. This visual arrangement provides a quick overview of the companys position. secondhand clothing and garments goods were entered into the local market. Their experience gives a unique advantage. 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. Exploring Luxury Department Stores Brand Equity in Thailand. Class A contains high quality stocks. Dont make the mistake of thinking about your business operations informally, in hopes that they will all come together on their own. 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. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). In addition to data, a company should understand the right combination of personnel to have involved in the analysis. Max Freedman and Nicole Fallon contributed to this article. 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; Techniques and Tools to Help You Make Business Decisions, What Is a Decision Matrix? (2016, Apr 21). The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. 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. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. The tremendous growth of this business phenomenon is observed in Santiago City. 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. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. It's powerful to have everyone in the room discuss the company's core strengths and weaknesses, define the opportunities and threats, and brainstorm ideas. A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four components.

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