swot analysis of ukay ukay swot analysis of ukay ukay

The profit comes quickly because it is computed on a per-sale basis. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. 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. This will assist you with getting your business up and running. Either way, you must be prepared that not all your items will be purchased. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. A SWOT analysis won't solve every major question a company has. The offers that appear in this table are from partnerships from which Investopedia receives compensation. First, a company assesses its internal capabilities and determines its strengths and weaknesses. Coffee is only sourced from Brazil and Ethiopia. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. 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. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. During the Great Depression, Mormons built their chains of thrift shops to create jobs that could help the poor. and was subsequently adapted in other topographic points. 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. SWOT analysis is a strategic planning technique that provides assessment tools. The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. Some source interviews were conducted for a previous version of this article. Investopedia does not include all offers available in the marketplace. 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. Then, a company looks outward and evaluates external factors that impact its business. Learn all about this approach below. Every questions was answered by the said respondents honestly. 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. However, note that it is one of many techniques, not a prescription. As soon as he promoted his video on Twitter, some users started calling him out for gentrifying ukay-ukay, for being burgis, for not acknowledging that shopping in an ukay-ukay is more than a challenge, especially since [proletariats] treat it as a lifestyle. Other users also came to his defense, saying that it is a non-issue when he certainly is not the only person of privilege who shops in ukay (for example, photographer Shaira Luna has talked about her love for ukay countless times) or that hes not influential enough to actually gentrify ukay-ukays. The task of initially cleaning or washing your goods is already tiring itself. All rights reserved. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan Some would resort to buying ukay- ukay items because these are External forces influence and affect every company, organization and individual. 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". There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). 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. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. The Filipinos dont care how dirty or unsafe ukay-ukay is, they will just wash it properly with soap and disinfectant, and after that you can wear you branded shoes, clothes, bag and other ukay-ukay products. Well occasionally send you promo and account related email. 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 You also have to prepare them one by one for display. How Does 401(k) Matching Work for Employers? ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | 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. and then Add to Home Screen. Cabreza, V. 2001. Type your requirements and Ill connect you to Ever wonder what your behavior says about your leadership style? Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? XXXII No. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. It is very lucrative in cities or even provinces anywhere in the country. 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 cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. 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. Reports state that ukay businesses generate 1.2 million daily. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. Using research from around the globe, colourful stories and hard data demonstrate how the clothing, textile and recycling sectors have played a major part in making different regions of the world rich and poor. Out of 20 respondents (sellers), 6 of the respondents corresponding to 30% said that they price their stock based on the brand of an ukay-ukay, 2 of the respondent corresponding to 10% said that they price their stocks based on the type garment, 11 of the respondents corresponding to 55% said that they price the ukay-ukay based on the quality and 1 of the respondent corresponding to 5% said that they price their stocks by piece. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. 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. 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. 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. 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. These positive experiences, perceived values, and purchase behaviors were found to translate to purchase intention while spreading throughout the community due to word-of-mouth intention. The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. The cookie is used to store the user consent for the cookies in the category "Other. 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. Researcher-the one who conducts the research. 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. Ukay-ukay may be considered a special type of good available in the market. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. The ukay-ukay stores price their stocks mostly by its quality. 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. 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. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. (2016, Apr 21). Creating a SWOT analysis involves identifying and analyzing the strengths, weaknesses, opportunities, and threats of a company. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. The gross margins for your ukay ukay store business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability. In the ukay ukay store business, employee turnover is often high, which can be quite costly and time consuming for your business. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. Our SWOT analysis forced us to methodically and objectively look at what we had to work with and what the marketplace was offering, Weaver said. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. With ukay-ukay, there will always be something for someone. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. It originated in Baguio City. And yet we seldom question where these are coming from, and how they continue to thrive. (Opportunity) What demographics are we not targeting? 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. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. Value Chain Analysis: What It Is and How to Use It, Six Forces Model: Definition, What It Is, and How It Works, What Is PEST Analysis? Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. 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. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. The SWOT analysis is a simple but comprehensive strategy for identifying not only the weaknesses and threats of an action plan, but also the strengths and opportunities it makes possible. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. Independent SWOT analysts, investors, or competitors can also guide them on whether a company, product line, or industry might be strong or weak and why. These include white papers, government data, original reporting, and interviews with industry experts. ", Seeking Alpha. It aims to describe the nature of the situation as it exists at the time of the study. Exploring Luxury Department Stores Brand Equity in Thailand. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) 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.". > This could be an opportunity to widen your connections and network. 8 Top IT Companies In The Philippines. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. To determine some facts about Ukay-Ukay and the industry itself. Though the thesis was written in 2005, what he wrote remains valid: The textile and garments industry still needs adequate provisions for the training of as well as incentives for workers, technological efficiency, development in market production, and creation of regulating bodies, he said. Stores like Goodwill Industries in the U.S. and Salvation Army in the U.K., both distributed by Methodist churches, have begun to be a viable place for buying cheap clothes. 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. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. the disadvantages of ukay-ukay. Even if the government isnt very active in regards with this law. To perform the SWOT analysis, create a large box divided into four squares. 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) Most people said that the most common disadvantage of ukay-ukay is that sometimes it is not good condition, because of the holes, scratches, dirt and etc. The company's main field of business will be in Quezon City, with a target market of thrift clothing lovers in their 20s. 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. secondhand clothing and garments goods were entered into the local market. In the top-left square, you record This study aims to let people understand all about the ukay-ukay industry specifically about its nature. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until 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). For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. Managing an ukay-ukay store business often involves a lot more physical effort than other types of businesses. With the list of ideas within each category, it is now time to clean-up the ideas. 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. 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 was established on August 17, 2005. Its crucial to know which suppliers are reliable and trustworthy. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. 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. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. Max Freedman and Nicole Fallon contributed to this article. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. 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.. These cookies track visitors across websites and collect information to provide customized ads. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly This cookie is set by GDPR Cookie Consent plugin. These cookies ensure basic functionalities and security features of the website, anonymously. Physical resources (location, facilities and equipment), Human resources (employees, volunteers and target audiences), Current processes (employee programs, department hierarchies and software systems), Economic trends (local, national and international financial trends), Funding (donations, legislature and other sources), Relationships with suppliers and partners, Political, environmental and economic regulations. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. 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. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. 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. It must then decide how to use those results to attract new investors. There is never a dull moment when it comes to managing your ukay-ukay store.