swot analysis of ukay ukay

Since these are used garments, they are sold at less than half their prices (Cabreza 2001). 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. It is one of several business planning techniques to consider and should not be used alone. 07 February 2002:7. 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. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. Opportunities and threats pertain to conditions outside your organization, such as market trends and regulations. 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 A SWOT analysis is a great way to guide business-strategy meetings. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) The ukay shopping phenomena all started in Baguio. Powered by. 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. 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. 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. Ukay-ukay - Wikipedia First, it has a different marketing and sale process. Besides evaluating the key success factors, the proposed model also suggests 10 success factors that represent a strong contribution to the literature by providing a valuable sub-pack for creating and operating a micro-enterprise. 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 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. However, finding the right supplier is not an easy task. Ukay Ukay Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. 2013. ukay International Journal of Entrepreneurship and Small Business. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. Second, how it enters the market is unique. 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. thank you for this information I was thinking about helping my GF and her family with a business. We are the FIRST ever Ukay-Ukay Online Seller. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. The specific objectives are: to describe the consumers' market behavior toward the presence ofukay-ukay and to identify the factors that influence individuals whopatronize these goods; 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. SWOT Analysis is a company based in Malaysia, with its head office in Ampang. Ukay How SWOT Analysis Can Help Grow Your Business - Business Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. SWOT analysis assesses internal and external factors, as well as current and future potential. 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. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. of ukay Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). WebThe Ukay-ukay (a Filipino version of the flaw market) has successfully carved its own niche in the countrys local clothing industry these second-hand clothes stores, shoppers are SWOT Analysis Guide (With Steps To Perform and Examples) The company's main field of business will be in Quezon City, with a target market of thrift clothing lovers in their 20s. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. 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. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. Those from the United States came from neighborhood home garage sales (de Castro 2001). To get a better picture of a SWOT analysis, consider the example of a fictitious organic smoothie company. Consumer confidence in RP down. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. 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). > The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. What does a real-life SWOT analysis look like? Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. Brand new clothes and ukay ukay a comparative analysis whole 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. Based on the study, many people are drawn into ukay-ukay or others call it as UK. 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. 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. 8 Top IT Companies In The Philippines. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). The cookie is used to store the user consent for the cookies in the category "Other. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. Also, each point listed within the categories is not prioritized the same. Ask for input from a variety of team members and openly discuss any contributions made. 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. 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 Temptation of the Shopping Center: How to Avoid Distracted Shopping. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. These external factors may create opportunities or threaten existing operations. How Does 401(k) Matching Work for Employers? Aside from an engaging social media presence, this business also runs on referrals. These cookies will be stored in your browser only with your consent. Analytical cookies are used to understand how visitors interact with the website. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. WebAn ukay-ukay (Tagalog pronunciation: [uka.uka] oo-ky-OO-ky), or wagwagan (Tagalog pronunciation: [wgwagn] wag-WA-gan) in some areas, is a Philippine store Business News Daily. WebEspecially if you're into authentic leather bags & shoes. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. Before you start, its better to learn the pros and cons of the business. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. There is class A, B and C and their prices differ according to its class. According to Abueg, the market for secondhand garments flourished from its considered capital, Baguio City, province of Benguet despite a law that prohibits the wholesale of second hand clothes. The collective knowledge of the team will allow you to adequately analyze your business from all sides. This could be an opportunity to widen your connections and network. With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to If you can afford it, you can employ extra hands to help you. Threats refer to factors that have the potential to harm an organization. In addition, it also identifies the weaknesses of the organization that will help But opting out of some of these cookies may affect your browsing experience. 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. Academia.edu no longer supports Internet Explorer. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which It is very lucrative in cities or even provinces anywhere in the country. In which the product will be sold online, since The researchers gathered data by using structured questionnaire to be answered by the respondents. This study aims to let people understand all about the ukay-ukay industry specifically about its nature. To determine some facts about Ukay-Ukay and the industry itself. Philippine Star. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? Reports state that ukay businesses generate 1.2 million daily. Don't use plagiarized sources. 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. Silverio,Ina Alleco.The Economics of Ukay Ukay. "Home Depot SWOT Analysis & Recommendations.". 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. Interview-a formal consultation usually to evaluate qualifications. The Economics of Secondhand Retail Trade: An Analysis of the In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. Anonymous. 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. This makes it ideal for stay-at-home mothers or students who need a side hustle. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. 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.". The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. 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.. To perform the SWOT analysis, create a large box divided into four squares. This visual arrangement provides a quick overview of the companys position. 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). Unbelievable Ukay-Ukay Stores Where Ukay-ukay shopping is like treasure hunting, but instead of looking for a treasure, you are literally digging from the piles of clothes which are mostly vintage and of high value. These include white papers, government data, original reporting, and interviews with industry experts. If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. It can require a lot of time, energy and trial/error. WebSWOT 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. This compensation may impact how and where listings appear. 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. 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. A SWOT analysis won't solve every major question a company has. 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. Requirements, How It Works, and Example, Human Resource Planning (HRP) Meaning, Process, and Examples, SWOT Analysis: What It Is and When to Use It, The Coca-Cola Company: A Short SWOT Analysis, Home Depot SWOT Analysis & Recommendations. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. According to Abueg, ukay-ukay is a very affordable source of fashionable yet durable clothing material for those with relatively low incomes. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. Business News Philippines 2023. Even if the government isnt very active in regards with this law. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. Ukay Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. Course Hero is not sponsored or endorsed by any college or university. Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. What often comes into the minds of the Filipino people when we hear the term UK? Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. Exploring Luxury Department Stores Brand Equity in Thailand. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. and so on. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. an academic expert within 3 minutes. Ukay Serye Swot Analysis.docx - Ukay Serye Swot By clicking Accept, you consent to the use of ALL the cookies. 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. SWOT analysis was first used to analyze businesses. Ukay-ukay may be considered a special type of good available in the market.

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