This compensation may impact how and where listings appear. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. 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. We are the FIRST ever Ukay-Ukay Online Seller. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. Philippine Daily Inquirer. Save my name, email, and website in this browser for the next time I comment. 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. The time in conducting this research may be limited for each member has a different time schedule and priorities. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. 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. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. 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). Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. 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. To determine how much profit does an Ukay-Ukay business earns. This will assist you with getting your business up and running. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. Business News Daily. Is this gentrification? The profit comes quickly because it is computed on a per-sale basis. Students looking for free, top-notch essay and term paper samples on various topics. Mostly, women are the ones who like to shop for ukay-ukay over men. Since he can only work a maximum of 15 hours a day. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. In general, a SWOT analysis will involve the following steps. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan Ariel Courage is an experienced editor, researcher, and former fact-checker. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. The cookie is used to store the user consent for the cookies in the category "Performance". 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. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. 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) 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. In this example, the SWOT analysis should help determine whether or not the product should be introduced. According to hearsay, its origin started way back in the 80s. 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 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. How Does 401(k) Matching Work for Employers? However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. This study is designed primarily to know why people are really drawn to ukay-ukay and how it can be a great advantage for the people and what are Most of them had a weekly income that ranges from 2000-6000 pesos. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. What are the characteristics of a SWOT analysis? engages in property development. 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 had been a great help to many people not only the vendors but also the ones who buy it. Use a series of analysis strategies, like SWOT, in your decision-making process to examine and execute strategies in a more balanced, in-depth way. International Journal of Entrepreneurship and Small Business. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? It does not store any personal data. Course Hero is not sponsored or endorsed by any college or university. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. The result of the survey was tabulated. There is seemingly limitless applications to the SWOT analysis. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. 16. It also concludes that several motivators to purchase second-hand clothing overlap, attracting and retaining consumers into a repeating fashion cycle, validating previous research on the role of consumers in a circular economy. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these We also use third-party cookies that help us analyze and understand how you use this website. According to the survey, most of the costumers of ukay-ukay industry ranges from 20-30 years old and the least ranges from 50-60 years old. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. Issue No. 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. 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. Also, each point listed within the categories is not prioritized the same. Consumer confidence in RP down. Warner Media Company. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. Contrary to authorities notion that these commodities are donations from foreign countries, wagwag items are actually purchased from Hong Kong-based Salvation Armys rummage sale sites. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. Cabreza, V. 2001. 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. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. (Threat) How many competitors exist, and what is their market share? The appeal of low-cost clothing continues to entice visitors into these stores in search of branded clothing for cheap prices. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). Investopedia does not include all offers available in the marketplace. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. 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. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. See if your business is eligible for a tax credit of up to $26K per employee! 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 research instrument to be used in gathering primary data is the questionnaire. This visual arrangement provides a quick overview of the companys position. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. These include white papers, government data, original reporting, and interviews with industry experts. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Second, how it enters the market is unique. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. 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. The cookie is used to store the user consent for the cookies in the category "Other. The cookie is used to store the user consent for the cookies in the category "Analytics". 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. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. 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. You are the one who makes practically all of the decisions when beginning an ukay-ukay retail business. One is their low prices when compared to substitute and complementary goods. Silverio,Ina Alleco.The Economics of Ukay Ukay. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly In addition to data, a company should understand the right combination of personnel to have involved in the analysis. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. "The Coca-Cola Company: A Short SWOT Analysis. To determine some facts about Ukay-Ukay and the industry itself. 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. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. 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. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. How much is the weekly income of an ukay-ukay business? This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. Nowadays it is a term use for place that sell old clothes, bag, shoes, and other pre-owned goods a very low prices (de Jong 2011) 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. 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. > In addition, the items on the left side of the table are more positive/favorable aspects, while the items on the right are more concerning/negative elements. Since these are used garments, they are sold at less than half their prices (Cabreza 2001). It aims to describe the nature of the situation as it exists at the time of the study. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. 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? Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. Ukay Serye Clothing line is made from renewable fabrics that are transformed into, fashionable, eco-friendly pieces that any costumer would love to have. Based on the study, many people are drawn into ukay-ukay or others call it as UK. 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. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. 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. (Opportunity) What trends are evident in the marketplace? Just like any other business, the success of an ukay-ukay business is This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. There are various reasons consumers still buy these goods. This cookie is set by GDPR Cookie Consent plugin. 07 February 2002:7. Stitching together rich narratives from Papua New Guinean tribal people, Mozambican cotton growers, Zambian factory workers, American jeans markets, international charities, Nigerian smugglers, Londons vintage clothing scene and Vivienne Westwoods new ethical designer lines, Brooks uncovers the many secret sides of fashion. The lack of knowledge about the Ukay-Ukay. The researchers will conduct a research among the Ukay-Ukay stores in Tacloban City, Leyte. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. 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. In the meantime, Filipinos everywhere protested against the ban, saying that it is anti-poor on so many levels. All outfits will be, locally developed hand crafted, and solely manufactured from reworked linen and cotton, One of the companys goal is to produce high quality items at a reasonable cost and with. Publisher Editor No. Most commercial construction contracts require mediation. Either way, you must be prepared that not all your items will be purchased. 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). 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. 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. 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 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. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. Having the ability to make decisions may be both empowering and liberating. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision. 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, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. due to the corruption in the government. 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.
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