Every questions was answered by the said respondents honestly. Though the elements and discoveries within these categories will vary from company to company, a SWOT analysis is not complete without each of these elements: Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. It is recommended to first create a list of questions to answer for each element. where it has been typically called wagwagan. and then Add to Home Screen. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. It is also a popular trend among sellers to conduct live selling. Strengths and weaknesses are listed first, followed by opportunities and threats. These external factors may create opportunities or threaten existing operations. SWOT analysis assesses internal and external factors, as well as current and future potential. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. 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. Opportunities refer to favorable external factors that could give an organization a competitive advantage. What does a real-life SWOT analysis look like? 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). 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. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. Ask for input from a variety of team members and openly discuss any contributions made. 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. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. > You will have to be very hands-on in entertaining your customers as you assist them. 2013. Those from the United States came from neighborhood home garage sales (de Castro 2001). SWOT does not account for the differences in weight. 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. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. This website uses cookies to improve your experience while you navigate through the website. Since he can only work a maximum of 15 hours a day (Mark, In Cambridge, there are individuals from three different citizenships: Ethiopians, Brazilians, and Americans. If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. ukay Oftentimes, the SWOT analysis you envision before the session changes throughout to reflect factors you were unaware of and would never have captured if not for the groups input. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. 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. We conclude the following based on our study: Buying or Selling Ukay-Ukay or UK is ILLEGAL. Ukay You will no longer need to pay for rent, making your overhead expenses lower than other businesses. A company should begin by understanding what information it has access to, what data limitations it faces, and how reliable its external data sources are. Its crucial to know which suppliers are reliable and trustworthy. Therefore, a deeper analysis is needed, using another planning technique. 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. In this example, the SWOT analysis should help determine whether or not the product should be introduced. Due to the frequency of calamities happening in our country, a certain humanitarian group called the Salvation Army used to ship second-hand garments and other goods as forms of help to the filipino victims. It can require a lot of time, energy and trial/error. of ukay Dont waste Your Time Searching For a Sample, The Science of Shopping versus "The Signs of Shopping", Compare/Contrast Online Shopping vs Traditional Shopping, Compare and contrast shopping online with shopping in actual shops. In a thesis titled Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay by Luisito Abueg, the history of the ukay-ukay, the policies that govern the underground industry, and what it all implies for the Philippines as s struggling economy are painstakingly discussed and dissected. 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. 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. This study aims to let people understand all about the ukay-ukay industry specifically about its nature. Manila (CNN Philippines Life) Wearing a pair of Ray-Ban sunglasses with a leather fanny pack slung across his shoulder, David Guison introduces a new segment for his video blog, called 500-Peso Ukay-Ukay Challenge. He talks in front of a camera with the four-storey ukay in Anonas as the backdrop, and shares how when he was in college, he would go to an ukay-ukay every week and hunt for one-of-a-kind pieces. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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? 16. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. Small (three employees) can change and adapt quickly. And lastly, buying or selling ukay-ukay is an illegal activity. The Economics of Secondhand Retail Trade: An They strongly believe that Philippines will be better if ukay-ukay will be legalized. Ukay Ukay To install StudyMoose App tap Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers. Ukay The ukay-ukay stores price their stocks mostly by its quality. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. 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) Publisher Editor No. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, 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.. Based on the study, many people are drawn into ukay-ukay or others call it as UK. It originated in Baguio City, where it has been typically called wagwagan, and was later adapted in other places. It aims to describe the nature of the situation as it exists at the time of the study. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. 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. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. Silverio,Ina Alleco.The Economics of Ukay Ukay. Having a broad set of perspectives is also more likely to yield diverse, value-adding contributions. ", Seeking Alpha. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. 07 February 2002:7. (2016, Apr 21). 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". 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. Bambang in Manila have also become a used clothing district and Locsin says that thrift shops in the area became profitable businesses because a young generation looked into the ukay culture as a source of vintage clothing.. Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until The ukay shopping phenomena all started in Baguio. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which The Temptation of the Shopping Center: How to Avoid Distracted Shopping. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. 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. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. 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. 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. 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. 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. 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. To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. 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. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Once youve identified your risks, you can then decide whether it is most appropriate to eliminate the internal weakness by assigning company resources to fix the problems, or to reduce the external threat by abandoning the threatened area of business and meeting it after strengthening your business, said Bauer. There are different classes of Ukay-Ukay. due to the corruption in the government. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Before you start, its better to learn the pros and cons of the business. 1. Be your own boss What often comes into the minds of the Filipino people when we hear the term UK? Many entrepreneurs enjoy running a business just within the comforts of their homes. Out of 20 respondents (sellers), 17 of the respondents corresponding to 85% said that they get their stock in Cebu City, and other respondents corresponding each at 1% said that they get their stocks in Manila, Korea and Samar. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. "Home Depot SWOT Analysis & Recommendations.". How much is the weekly income of an ukay-ukay business? 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. 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. The Economics of Ukay-Ukay - Bulatlat A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. The aim of this paper is to explore the role that the increasing urban diversity plays in the establishment, development and competitiveness of entrepreneurship. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. She now writes for a number of websites and other online media publications. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. The researchers will use questionnaire and personal interview. Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. Most business owners now prefer finding a supplier instead of thrifting goods by themselves. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. For each of the four components of the SWOT analysis, the group of people assigned to performing the analysis should begin listing ideas within each category. To perform the SWOT analysis, create a large box divided into four squares. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. 8 Top IT Companies In The Philippines. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. This is actually the area of strategy development where organizations have an opportunity to be most creative and where innovative ideas can emerge, but only if the analysis has been appropriately prepared in the first place, said Pophal. How Does 401(k) Matching Work for Employers? Weaknesses stop an organization from performing at its optimum level. CONF_SHSRESCON imported from other country. It is one of several business planning techniques to consider and should not be used alone. Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you. 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) > But many dont mind about the law that prevents from selling ukay-ukay. My Account | Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. She used to be in the corporate world for a decade but followed her heart and became a writer. All rights reserved. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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. Interview-a formal consultation usually to evaluate qualifications. 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. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. Bibliography can be find at the last page of a book and can be used as references of a researcher. A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four components. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? A SWOT analysis is a great way to guide business-strategy meetings. SWOT Analysis Coffee is only sourced from Brazil and Ethiopia. People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. SWOT analysis: What it is and how to use it (with Reports state that ukay businesses generate 1.2 million daily. What are the characteristics of a SWOT analysis? Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | These cookies ensure basic functionalities and security features of the website, anonymously. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. 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. Philippine Star. BUS_RESEARCH Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. 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. 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 four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? 24 Pros & Cons Of Starting An Ukay Ukay Store Business (2023)
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