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. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. 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. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay. 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. ", Panmore. You must be prepared for losses and lean months. 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. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? You can get a custom paper by one of our expert writers. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. For example, the company debating whether to release a new product may have identified that it is the market leader for its existing product and there is the opportunity to expand to new markets. And lastly, buying or selling ukay-ukay is an illegal activity. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? Despite hundreds of mediators in the marketplace, only a few have actual construction experience. Small (three employees) can change and adapt quickly. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. We are the FIRST ever Ukay-Ukay Online Seller. Based on the study, many people are drawn into ukay-ukay or others call it as UK. How to Get a Bank Loan for Your Small Business, How to Conduct a Market Analysis for Your Business, Guide to Developing a Training Program for New Employees. Therefore, a deeper analysis is needed, using another planning technique. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. In addition to researching and analyzing products and services that help business owners run a smoother human resources department, such as HR software, PEOs, HROs, employee monitoring software and time and attendance systems, Skye investigates and writes on topics aimed at building better professional culture, like protecting employee privacy, managing human capital, improving communication, and fostering workplace diversity and culture. If you can afford it, you can employ extra hands to help you. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. Warner Media Company. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. The time in conducting this research may be limited for each member has a different time schedule and priorities. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. 2002. 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. These include white papers, government data, original reporting, and interviews with industry experts. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. To determine some facts about Ukay-Ukay and the industry itself. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. She feared that since these NGOs are licensed by the DSWD, the department would be dragged into cases once they engaged in illegal activities, Pille told Newsbreak. In which the product will be sold online, since There is never a dull moment when it comes to managing your ukay-ukay store. 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. 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. Brand new clothes and ukay ukay a comparative analysis whole Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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. Students looking for free, top-notch essay and term paper samples on various topics. By clicking Accept, you consent to the use of ALL the cookies. 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 Then, a company looks outward and evaluates external factors that impact its business. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. Their experience gives a unique advantage. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. Enter the email address you signed up with and we'll email you a reset link. About | 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). Closely related to its weaknesses, Home Depot's threats were the presence of close rivals, available substitutes, and the condition of the U.S. market. This is how youll keep your business fresh in customers minds and edge out your competition. 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. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. 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 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. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. The Philippine Ukay-Ukay Culture as Sustainable Fashion According to the interview most of the ukay-ukay store owners price their products based on the quality and the brand of the stocks. My Account | 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. - Buy Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Uka , SWOT analysis was first used to analyze businesses. In the top-left square, you record Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. Meron din sa Sta Lucia Mall, Cainta. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. Unbelievable Ukay-Ukay Stores Where The research instrument to be used in gathering primary data is the questionnaire. 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. There are different classes of Ukay-Ukay. Silverio,Ina Alleco.The Economics of Ukay Ukay. Philippine Daily Inquirer. The Economics of Ukay-Ukay - Bulatlat After that, you still have to organize and pack them. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. Most respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 35% is that sometimes when buying ukay-ukay it has holes, broken zippers, dirt and etc. You give good ideas. 24 Pros & Cons Of Starting An Ukay Ukay Store Business (2023) 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. These four aspects can be broken into two analytical steps. Thank you so much for accepting my assignment the night before it was due. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. Interview-a formal consultation usually to evaluate qualifications. Anonymous. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. Class A contains high quality stocks. 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. During the Great Depression, Mormons built their chains of thrift shops to create jobs that could help the poor. Ask for input from a variety of team members and openly discuss any contributions made. To inform people about the advantages of Ukay-Ukay. 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. If you enjoy interacting with people, this business is definitely for you. 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. The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. 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. Every questions was answered by the said respondents honestly. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) 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. Wagwag fashion pushed for Pinoys. Bibliography can be find at the last page of a book and can be used as references of a researcher. In 2001, the Philippines imported US$2.29 billion or PhP116.7 billion worth of consumer goods-approximately 6 percent higher than the previous years imports of US$2.25 billion (or PhP104.4 billion). Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. These frameworks are essential to fundamentally analyzing companies. 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. 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) Strengths and weaknesses are listed first, followed by opportunities and threats. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. (Opportunity) What demographics are we not targeting? The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. There are various reasons consumers still buy these goods. 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. Investopedia requires writers to use primary sources to support their work. CONF_SHSRESCON 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. 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. 2013. She is a banking consultant, loan signing agent, and arbitrator with more than 15 years of experience in financial analysis, underwriting, loan documentation, loan review, banking compliance, and credit risk management. The ukay shopping phenomena all started in Baguio. External forces influence and affect every company, organization and individual. 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. Noah Galvez (6 AB DS) notes that brand new Levi 501 jeans would typically range from Php 1,500 to Php 3,000, when you can find the same pairs at an ukay for Php 300 to Php 1,000. A SWOT analysis can be 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. One is their low prices when compared to substitute and complementary goods. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. 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? 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.