A case study of Central Chidlom and Siam Paragon. (PDF) The economics of secondhand retail trade: an The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. Others are recorded as pasalubong for Philippines-based relatives. 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. Dont know where to start? How much is the weekly income of an ukay-ukay business? The cookies is used to store the user consent for the cookies in the category "Necessary". CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which The ukay shopping phenomena all started in Baguio. Potential questions to list internal factors are: What happens outside of the company is equally as important to the success of a company as internal factors. Investopedia does not include all offers available in the marketplace. Powered by. These four aspects can be broken into two analytical steps. Ukay We also reference original research from other reputable publishers where appropriate. Data- factual information as measurements or statistics used as a basis for reasoning. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. 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. 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. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. With ukay-ukay, there will always be something for someone. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. 2002. Either way, you must be prepared that not all your items will be purchased. Having the ability to make decisions may be both empowering and liberating. A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. This visual arrangement provides a quick overview of the companys position. Ariel Courage is an experienced editor, researcher, and former fact-checker. BUS_RESEARCH This could be an opportunity to widen your connections and network. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. 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". 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. engages in property development. Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. SWOT Analysis Guide (With Steps To Perform and Examples) We see them in almost every corner in the Philippines: in wet markets, in dilapidated buildings, in side streets, and in plazas, among many others. Ukay-Ukay business a very profitable business because it can earn 2,000-6,000 per week and within a month you can have a profit up to 30,000. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. The Filipinos dont care how dirty or unsafe ukay-ukay is, they will just wash it properly with soap and disinfectant, and after that you can wear you branded shoes, clothes, bag and other ukay-ukay products. During the Great Depression, Mormons built their chains of thrift shops to create jobs that could help the poor. How SWOT Analysis Can Help Grow Your Business - Business There have also been a surge of online shops that sell vintage clothes, style the pieces to make the pieces more attractive to middle-class taste, and sell them in a much higher price. However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. She now writes for a number of websites and other online media publications. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. 2 talking about this. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. 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. To the respondents, they will be able to realize how useful and beneficial of an ukay-ukay products particularly on their needs on clothings and etc. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. 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. See if your business is eligible for a tax credit of up to $26K per employee! In recent years, however, participation in street entrepreneurship has been re-read either as a rational economic choice (neo-liberal theory) or as conducted for cultural reasons (post-modern theory). Second, how it enters the market is unique. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. The Economics of Secondhand Retail Trade: An 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. However, a SWOT analysis is just one tool in your business strategy. Silverio,Ina There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. It does not store any personal data. 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. 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 Ukay Ukay Case Study Solution & Analysis - CaseQuiz.com The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. 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. People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. 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. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. Creating a SWOT analysis involves identifying and analyzing the strengths, weaknesses, opportunities, and threats of a company. imported from other country. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay. SERP-P It aims to describe the nature of the situation as it exists at the time of the study. 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. Philippine Star. 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. By clicking Check Writers Offers, you agree to our terms of service and privacy policy. > Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. ukay 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. Reports state that ukay businesses generate 1.2 million daily. Companies should use it as a guide and not necessarily as a prescription. Its crucial to know which suppliers are reliable and trustworthy. When ukay-ukay stores become a disservice for whom secondhand clothes simply mean cheap and not vintage or an ukay challenge, then thats where the danger actually resides. "The Coca-Cola Company: A Short SWOT Analysis. WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. 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. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. , especially that nowadays, the prices are getting higher and higher. The findings of this study will be beneficial to the following: Theres more to ukay-ukay than the democratization of fashion. Opportunities refer to favorable external factors that could give an organization a competitive advantage. 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? 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. Issue No. What often comes into the minds of the Filipino people when we hear the term UK? First, a company assesses its internal capabilities and determines its strengths and weaknesses. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. Ukay PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. 4 Personal Loans With Low Interest Rates In The Philippines To Fund Your Small Business, 5 Leading Financing Companies In The Philippines, 4 Ways To Contact The Customer Service Of Globe Telecom, What Is The Top Accounting Firm In The Philippines? EST. According to hearsay, its origin started way back in the 80s. 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. But opting out of some of these cookies may affect your browsing experience. Ukay-Ukay Online Shoppe However, the topmost reason why some of the respondents dont prefer buying in an ukay-ukay store because some of stocks are not in good condition. Necessary cookies are absolutely essential for the website to function properly. 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. The researchers will use questionnaire and personal interview. Magaganda rin 'yung collection nila ng shoes, bags & clothes. 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. All rights reserved. Students looking for free, top-notch essay and term paper samples on various topics. Startup Costs: How Much Cash Will You Need? By clicking Accept, you consent to the use of ALL the cookies. 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. The cookie is used to store the user consent for the cookies in the category "Analytics". In this example, the SWOT analysis should help determine whether or not the product should be introduced. We also use third-party cookies that help us analyze and understand how you use this website. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. CONFERENCES 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. There is class A, B and C and their prices differ according to its class. Coca-Cola's shares (traded under ticker symbol KO) have increased in value by over 60% during the five years after the analysis was completed. 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. Ukay Builders Sdn. If you can afford it, you can employ extra hands to help you. WebUkay Land Sdn. Before you start, its better to learn the pros and cons of the business. Publisher Editor No. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. 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. The collective knowledge of the team will allow you to adequately analyze your business from all sides. 3 Award-Winning Chocolatiers Sweet Journey To Success, Store Owner Doesnt Mind Losing Profit To Treat Students. 2015 Nine Media Corp. CNN name, logo and all associated elements and 2015 Cable News Network. 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). Silverio,Ina Alleco.The Economics of Ukay Ukay. Business News Daily. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. 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.. 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. This will assist you with getting your business up and running. 16 September 2001: B1,B3. 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. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, SWOT analysis: What it is and how to use it (with 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. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. "SWOT Analysis: What It Is and When to Use It. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Give us your email address and well send this sample there. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? If anything, the issue brought to light an often understudied culture of shopping in an ukay-ukay. Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. > The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. You also have the option to opt-out of these cookies. From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. Max Freedman and Nicole Fallon contributed to this article. Ever wonder what your behavior says about your leadership style? The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". WebEspecially if you're into authentic leather bags & shoes. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. Type your requirements and Ill connect you to It is ukay-ukay right? Most business owners now prefer finding a supplier instead of thrifting goods by themselves. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. 2013. There is seemingly limitless applications to the SWOT analysis. In order to buy pizzas, he is looking for a job that pays him a wage of $wper hour forLhours of labor. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. The company was established on August 17, 2005. 2022 Cabreza, V. 2001. It is also a popular trend among sellers to conduct live selling. It effected changes on the shopping practices, lifestyle of the masses, and supplemented the existence of the textile clothing industry. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these Most of the costumers are females. Having a broad set of perspectives is also more likely to yield diverse, value-adding contributions. 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. 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. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. Academia.edu no longer supports Internet Explorer. Also, each point listed within the categories is not prioritized the same. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. 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; We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Then-Vice President and Social Welfare Secretary Gloria Arroyo, who has experience in dealing with the textile and garments sector during her time as trade undersecretary, then issued a department order to prohibit the import of used clothing. SWOT analysis is a strategic planning technique that provides assessment tools. Every SWOT analysis will include the following four categories. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | These cookies will be stored in your browser only with your consent. 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. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. Wherein that place, we interviewed 20 costumers and 20 ukay-ukay store owners. Ukay 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. Meron din sa Sta Lucia Mall, Cainta. It operates in the Industrial Building Construction industry. Even if the government isnt very active in regards with this law. Research-the collection of information about a particular subject. But many people would love it if the government will abolish the law. 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. Since these are used garments, they are sold at less than half their prices (Cabreza 2001). This study aims to let people understand all about the ukay-ukay industry specifically about its nature. Enter the email address you signed up with and we'll email you a reset link. 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. 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. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. ", Seeking Alpha. ukay Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. This study, in which catering business has been investigated develops a new assessment model to evaluate key success factors for micro-enterprise creation and operation. 1-c 2007 Volume No. Accessibility Statement. Get your custom essay on, Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. These cookies track visitors across websites and collect information to provide customized ads. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Perform a SWOT analysis before you commit to any sort of company action, whether you are exploring new initiatives, revamping internal policies, considering opportunities to pivot or altering a plan midway through its execution. Some would resort to buying ukay- ukay items because these are 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.".
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