swot analysis of ukay ukay

Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. Dont know where to start? The economics of secondhand retail trade: an analysis of the market for ukay-ukay Authors: Luisito Cagandahan Abueg University of the Philippines Los Baos However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. Its total assets decreased by 8.68% over the same period. To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. 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. EST. 07 February 2002:7. Though the thesis was written in 2005, what he wrote remains valid: The textile and garments industry still needs adequate provisions for the training of as well as incentives for workers, technological efficiency, development in market production, and creation of regulating bodies, he said. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. Threats refer to factors that have the potential to harm an organization. As a compromise, the secondhand fashion industry (ukay-ukay), is an interesting sustainable alternative since it reduces waste and recirculates clothingtwo integral grounds for a circular economy (CE). 2022 This visual arrangement provides a quick overview of the companys position. 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. To inform people also about its disadvantages. But opting out of some of these cookies may affect your browsing experience. And yet we seldom question where these are coming from, and how they continue to thrive. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. 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. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). The ukay-ukay stores price their stocks mostly by its quality. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Magaganda rin 'yung collection nila ng shoes, bags & clothes. SWOT analysis was first used to analyze businesses. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. 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). We also use third-party cookies that help us analyze and understand how you use this website. Philippine Daily Inquirer. Analytical cookies are used to understand how visitors interact with the website. is a company based in Malaysia, with its head office in Ampang. 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. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. This entailed some implementation cost on the side of the government. You give good ideas. Having a broad set of perspectives is also more likely to yield diverse, value-adding contributions. Accessibility Statement. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. 2013. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? 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. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. 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 A SWOT analysis pulls information internal sources (strengths of weaknesses of the specific company) as well as external forces that may have uncontrollable impacts to decisions (opportunities and threats). In which the product will be sold online, since This could be an opportunity to widen your connections and network. 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. FAQ | The Federation of Philippine Textile Industries was also worried that the ukay-ukay trade would affect the businesses of legal garment manufacturers. Generally, this study found that Filipino Gen Z consumers perceived values of second-hand clothing significantly influence their attitudes towards participating in a circular economy, and illustrated in specific categories how and to what degree. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. Some would resort to buying ukay- ukay items because these are WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. 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. 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. 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. We conclude the following based on our study: Buying or Selling Ukay-Ukay or UK is ILLEGAL. in it and least respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 1% is that some are not branded. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. 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. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. 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. Its used for strategic Academia.edu no longer supports Internet Explorer. These cookies will be stored in your browser only with your consent. Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you. 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 term ukay-ukay was derived from the Visayan term halukay which means the act of digging. SWOT analysis is a strategic planning technique that provides assessment tools. This is how youll keep your business fresh in customers minds and edge out your competition. We are the FIRST ever Ukay-Ukay Online Seller. Having the ability to make decisions may be both empowering and liberating. Business News Daily. 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. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Coffee is only sourced from Brazil and Ethiopia. It must then decide how to use those results to attract new investors. The researchers will use questionnaire and personal interview. 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. Before you start, its better to learn the pros and cons of the business. 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 Some source interviews were conducted for a previous version of this article. ", Seeking Alpha. 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. Thank you so much for accepting my assignment the night before it was due. Most business owners now prefer finding a supplier instead of thrifting goods by themselves. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to (Opportunity) What trends are evident in the marketplace? In order to buy pizzas, he is looking for a job that pays him a wage of $ w per hour for L hours of labor. It is ukay-ukay right? Second, how it enters the market is unique. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. After that, you still have to organize and pack them. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. No one has been a mediator before or been through any formal mediation training programs. However, a SWOT analysis is just one tool in your business strategy. The time in conducting this research may be limited for each member has a different time schedule and priorities. 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. For those who are in a position to choose not to shop in an ukay but do so, as well as for those who have the time, money, and energy to ruminate about these non-issues, there could be merit in attempting to understand what the ukay-ukays place is in our culture, history, and economy. 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. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. 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. And lastly, buying or selling ukay-ukay is an illegal activity. 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. 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. Little we Filipinos know about it. It can require a lot of time, energy and trial/error. These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. Learn all about this approach below. Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. 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. Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals. One staff member has been a part of mediations, but not as a neutral party. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Resulting strategy: Take mediation courses to eliminate weaknesses and launch Scholefield Mediation, which uses name recognition with the law firm, and highlights that the firms construction and construction law experience makes it different. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. 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 the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. 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. What once started as a charitable act has indeed become a multimillion-peso trade. In the top-left square, you record The research instrument to be used in gathering primary data is the questionnaire. The Big 4 Firms, 5 Top E-Commerce Sites In The Philippines You Can Build Your Online Store, What Is An IT Company? His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. 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. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. According to hearsay, its origin started way back in the 80s. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. Mostly, women are the ones who like to shop for ukay-ukay over men. Ariel Courage is an experienced editor, researcher, and former fact-checker. Dont make the mistake of thinking about your business operations informally, in hopes that they will all come together on their own. This cookie is set by GDPR Cookie Consent plugin. Startup Costs: How Much Cash Will You Need? Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. However, the practice of having video blogs about ukay like that of Guison is more a mainstreaming of the ukay-ukay culture, rather than gentrification. Also part of this mainstreaming are fashion and lifestyle magazines and websites such as Preview, Cosmopolitan, and Inquirer, which have featured the ukay-ukay culture on their platforms from a list of ukay shopping tips to ukay-ukay commandments every thrifty fashion girl must know.. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. 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. 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. (Threat) How many competitors exist, and what is their market share? Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume However, increased material costs, strained distribution lines, the need for additional staff, and unpredictable product demand may outweigh the strengths and opportunities. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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. 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". Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until 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 respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing.

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