swot analysis of ukay ukay
It is impossible to accurately map out a small businesss future without first evaluating it from all angles, which includes an exhaustive look at all internal and external resources and threats, Bonnie Taylor, chief marketing officer at CCS Innovations, told Business News Daily. We conclude the following based on our study: Buying or Selling Ukay-Ukay or UK is ILLEGAL. 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. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. Additional analytic tools to consider include the PEST analysis (political, economic, social and technological), MOST analysis (mission, objective, strategies and tactics) and SCRS analysis (strategy, current state, requirements and solution). What are the characteristics of a SWOT analysis? 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. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. What once started as a charitable act has indeed become a multimillion-peso trade. 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. 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? ", Seeking Alpha. It must then decide how to use those results to attract new investors. 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. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Cabreza, V. 2001. The appeal of low-cost clothing continues to entice visitors into these stores in search of branded clothing for cheap prices. "The Coca-Cola Company: A Short SWOT Analysis. > 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. You can learn more about the standards we follow in producing accurate, unbiased content in our. 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). They strongly believe that Philippines will be better if ukay-ukay will be legalized. A SWOT analysis can be Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. The researchers will use questionnaire and personal interview. Some source interviews were conducted for a previous version of this article. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. However, finding the right supplier is not an easy task. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. And lastly, buying or selling ukay-ukay is an illegal activity. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. "Home Depot SWOT Analysis & Recommendations.". PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. These include white papers, government data, original reporting, and interviews with industry experts. Where did the ukay-ukay owners get their stocks? Aside from an engaging social media presence, this business also runs on referrals. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. 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". Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. Max Freedman and Nicole Fallon contributed to this article. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Type your requirements and Ill connect you to 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. Thank you so much for accepting my assignment the night before it was due. There is class A, B and C and their prices differ according to its class. 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. (Threat) How many competitors exist, and what is their market share? Bhd. 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 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. Class A contains high quality stocks. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. These goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. 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. 1-c 2007 Volume No. It operates in the Industrial Building Construction industry. My Account | 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. 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, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and analyzing internal strengths and weaknesses and external opportunities and threats that shape current and future operations and help develop strategic goals. If you enjoy interacting with people, this business is definitely for you. Therefore, a deeper analysis is needed, using another planning technique. This visual arrangement provides a quick overview of the companys position. These four aspects can be broken into two analytical steps. In the top-left square, you record Just like any other business, the success of an ukay-ukay business is 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. There are various reasons consumers still buy these goods. The lack of knowledge about the Ukay-Ukay. 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. These external factors may create opportunities or threaten existing operations. 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. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. You must be prepared for losses and lean months. Even if the government isnt very active in regards with this law. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, The ukay-ukay stores price their stocks mostly by its quality. Students looking for free, top-notch essay and term paper samples on various topics. > Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. However, studies assessing Filipino consumers perception of ukay-ukay as a CE are limited, making their role and a CEs subsequent potential indeterminate. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. 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. 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-Vice President and Social Welfare Secretary Gloria Arroyo, who has experience in dealing with the textile and garments sector during her time as trade undersecretary, then issued a department order to prohibit the import of used clothing. Ask for input from a variety of team members and openly discuss any contributions made. Meron din sa Sta Lucia Mall, Cainta. 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. According to the interview most of the ukay-ukay store owners price their products based on the quality and the brand of the stocks. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. Accessibility Statement. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. > A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. 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. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). 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. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. You give good ideas. 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. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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). 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. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. Bhd. External forces influence and affect every company, organization and individual. Its crucial to know which suppliers are reliable and trustworthy. Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Wondering how much it costs to start an ukay ukay store business? Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. 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. FAQ | 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. We also reference original research from other reputable publishers where appropriate. 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. This will only become truly problematic when a substantial amount of ukay-ukay stores across the Philippines do focus on selling class A items when there are people whose only option is to buy 50-peso (or less) clothes. 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. 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. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. 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 Most respondents (costumers) corresponding to 31%, believe that the advantage of ukay-ukay is that it is cheap and affordable and the least chosen advantage of ukay-ukay corresponding to 4% is that shopping for it can lessen their expense on clothing and also a least advantage is that shopping for it is fun. Issue No. 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.. Using this information, a company can make smarter decisions to preserve what it does well, capitalize on its strengths, mitigate risk regarding weaknesses, and plan for events that may adversely affect the company in the future. Reports state that ukay businesses generate 1.2 million daily. For smaller disputes, mediators dont work as a team, only as individuals; Scholefield staff can offer anyone the advantage of a group of neutrals to evaluate a dispute. Home Kinonvert nila 'yung lumang cinema into a thrift shop. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. This could be an opportunity to widen your connections and network. Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). Necessary cookies are absolutely essential for the website to function properly. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. It is one of several business planning techniques to consider and should not be used alone. A case study of Central Chidlom and Siam Paragon. The research instrument to be used in gathering primary data is the questionnaire. 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. Use these free downloads to help grow your business. 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, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. 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. We also use third-party cookies that help us analyze and understand how you use this website. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. WebUkay Land Sdn. (Threat) Are there new regulations that potentially could harm our operations or products. It is also a popular trend among sellers to conduct live selling. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. 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. These cookies ensure basic functionalities and security features of the website, anonymously. 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. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. We recommend also that the government should abolish the R.A. 4653 because even if there is law, still many ukay-ukay stocks are imported in our country from Japan, Korea and etc. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Every SWOT analysis will include the following four categories. 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. SWOT analyses are not limited to companies. 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. Interview-a formal consultation usually to evaluate qualifications. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. One is their low prices when compared to substitute and complementary goods. The cookies is used to store the user consent for the cookies in the category "Necessary". 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. The company was established on August 17, 2005. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. Enter the email address you signed up with and we'll email you a reset link. Will Kenton is an expert on the economy and investing laws and regulations. and then Add to Home Screen. Strengths and weaknesses are listed first, followed by opportunities and threats. 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. Techniques and Tools to Help You Make Business Decisions, What Is a Decision Matrix? But many people would love it if the government will abolish the law. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/).
