This is how youll keep your business fresh in customers minds and edge out your competition. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. 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. This cookie is set by GDPR Cookie Consent plugin. How Does 401(k) Matching Work for Employers? 8 Top IT Companies In The Philippines. 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 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. If you can afford it, you can employ extra hands to help you. Opportunities refer to favorable external factors that could give an organization a competitive advantage. Consumer confidence in RP down. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) There is seemingly limitless applications to the SWOT analysis. Mostly, women are the ones who like to shop for ukay-ukay over men. Powered by. This website uses cookies to improve your experience while you navigate through the website. A SWOT analysis won't solve every major question a company has. In 2015, a Value Line SWOT analysis of The Coca-Cola Company noted strengths such as its globally famous brand name, vast distribution network, and opportunities in emerging markets. Ukay-Ukay 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. May it be a pair of vintage pants or thrift bags, customers often find something they like. 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. Researcher-the one who conducts the research. Enter the email address you signed up with and we'll email you a reset link. What once started as a charitable act has indeed become a multimillion-peso trade. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. Survey-to examine as to condition, situation, or value. SWOT analysis assesses internal and external factors, as well as current and future potential. The lack of knowledge about the Ukay-Ukay. Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. Potential questions to list external factors are: Companies may consider performing this step as a "white-boarding" or "sticky note" session. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. 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. 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. The appeal of low-cost clothing continues to entice visitors into these stores in search of branded clothing for cheap prices. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. Despite hundreds of mediators in the marketplace, only a few have actual construction experience. How much is the weekly income of an ukay-ukay business? It is very lucrative in cities or even provinces anywhere in the country. 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. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume 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. Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. 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. The Temptation of the Shopping Center: How to Avoid Distracted Shopping. Some people would resort to buying ukay-ukay items because the latter are relatively homogenous with the brand new garments and accessories that may be bought in relatively high-class stores and shopping malls. He also explains that Philippine-made textiles and garments are said to be 30 percent more expensive than their counterparts in the market, due partly to the inefficient local production and technology processes as well as their relatively low productivity. You can download the paper by clicking the button above. 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. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. However, in an investigation by Newsbreak, the Department of Social Welfare and Development (DSWD) found it suspicious for this particular NGO to be receiving two container vans of clothes monthly. Business News Philippines 2023. In the top-right square, you record strengths. However, increased material costs, strained distribution lines, the need for additional staff, and unpredictable product demand may outweigh the strengths and opportunities. 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. SWOT analysis was first used to analyze businesses. imported from other country. While the business owner should certainly be involved in creating a SWOT analysis, it is often helpful to include other team members in the process. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which It can require a lot of time, energy and trial/error. (Threat) Are there new regulations that potentially could harm our operations or products. Those from the United States came from neighborhood home garage sales (de Castro 2001). Philippine Star. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. Startup Costs: How Much Cash Will You Need? You will no longer need to pay for rent, making your overhead expenses lower than other businesses. No one has been a mediator before or been through any formal mediation training programs. 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. 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. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. Accessibility Statement. Is this gentrification? WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, (Threat) How many competitors exist, and what is their market share? Stores like Goodwill Industries in the U.S. and Salvation Army in the U.K., both distributed by Methodist churches, have begun to be a viable place for buying cheap clothes. One is their low prices when compared to substitute and complementary goods. 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. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. All rights reserved. The researchers gathered data by using structured questionnaire to be answered by the respondents. The presence of such business activity in the city gained attention from the different sectors ukay-ukay entrepreneurs, consumers, franchised clothing traders and government. This cookie is set by GDPR Cookie Consent plugin. Dealing with suppliers who are already well-known and have a good reputation among ukay-ukay business owners is the ideal option. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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. The ukay shopping phenomena all started in Baguio. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. 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. ukay 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. 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). 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. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. SWOT analyses are not limited to companies. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. Its crucial to know which suppliers are reliable and trustworthy. Kinonvert nila 'yung lumang cinema into a thrift shop. You must be prepared for losses and lean months. His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. However, a SWOT analysis is just one tool in your business strategy. Investopedia does not include all offers available in the marketplace. Ever wonder what your behavior says about your leadership style? Data- factual information as measurements or statistics used as a basis for reasoning. In general, a SWOT analysis will involve the following steps. BUS_RESEARCH the disadvantages of ukay-ukay. Little we Filipinos know about it. A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. The collective knowledge of the team will allow you to adequately analyze your business from all sides. Its total assets decreased by 8.68% over the same period. SWOT Analysis Guide (With Steps To Perform and Examples) Analytical cookies are used to understand how visitors interact with the website. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. Ukay Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. Ukay Ukay Ukay Ukay 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. By clicking Accept, you consent to the use of ALL the cookies. This compensation may impact how and where listings appear. And yet we seldom question where these are coming from, and how they continue to thrive. EST. The researchers decided to conduct a research which concerns about the nature of ukay-ukay industry. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. Exploring Luxury Department Stores Brand Equity in Thailand. 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.
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