Start An Ukay Ukay Store Business Summary Startup Costs Pros & Cons Marketing Ideas Trying to understand the pros and cons of starting an ukay ukay store 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 Tabulation and analysis of data gathered was done after collecting all questionnaires. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. 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. These four aspects can be broken into two analytical steps. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. We also reference original research from other reputable publishers where appropriate. It is also a popular trend among sellers to conduct live selling. The collective knowledge of the team will allow you to adequately analyze your business from all sides. The entrepreneurs leading problems are unsteady sale and the customers difficulty in rummaging while their needs include increasing their capitalization and making their stalls more spacious and comfortable. What once started as a charitable act has indeed become a multimillion-peso trade. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. The ukay shopping phenomena all started in Baguio. You also have the option to opt-out of these cookies. thank you for this information I was thinking about helping my GF and her family with a business. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. You can download the paper by clicking the button above. In this example, the SWOT analysis should help determine whether or not the product should be introduced. After that, you still have to organize and pack them. 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. Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals. 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. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. These include white papers, government data, original reporting, and interviews with industry experts. 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. Just like any other business, the success of an ukay-ukay business is Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. 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. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. Second, how it enters the market is unique. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. The cookies is used to store the user consent for the cookies in the category "Necessary". 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) Threats refer to factors that have the potential to harm an organization. "The Coca-Cola Company: A Short SWOT Analysis. 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. 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. WebUkay Land Sdn. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. 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. You give good ideas. 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. The researchers will use descriptive design which is a commonly used research method. Interview-a formal consultation usually to evaluate qualifications. Sorry, preview is currently unavailable. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. To inform people also about its disadvantages. Is this gentrification? Course Hero is not sponsored or endorsed by any college or university. 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.. Research questions are explored through in-depth interviews with local entrepreneurs. The information in the research may only be limited to the extent of information being reviewed and cited by the researchers. It is recommended to first create a list of questions to answer for each element. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. The study found out that ukay-ukay is not as preferred as department stores and other stores, but could be competitive based on the (a) consumers evaluation of the stuffs as passing the criteria on durability, prestige, originality and uniqueness, low pricing, and desiring to continue patronizing the ukay-ukay stores, (b) entrepreneurs perceptions on its profitability and long-term viability, high prospects of continuing their business in the next 5 years and becoming more knowledgeable while engaging in the business. These cookies ensure basic functionalities and security features of the website, anonymously. It can require a lot of time, energy and trial/error. May it be a pair of vintage pants or thrift bags, customers often find something they like. This cookie is set by GDPR Cookie Consent plugin. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. 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. This entailed some implementation cost on the side of the government. SWOT analysis was first used to analyze businesses. However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. There is class A, B and C and their prices differ according to its class. 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.. Second, how it enters the market is unique. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Ukay-ukay may be considered a special type of good available in the market. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. The respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. Although the values already show a significant amount, they do not yet include other foreign commodities illegally entered into the country. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. The industry first began with stalls at the sidewalks, and in a span of two years, reports account that the ukay-ukay business already generates a gross income of PhP1.2 million daily. Dont make the mistake of thinking about your business operations informally, in hopes that they will all come together on their own. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. To the students, they will have an option on buying some of their needs especially if they want to save and budget their money. According to the interview most of the ukay-ukay store owners price their products based on the quality and the brand of the stocks. 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. People ages 20-30 years old mostly likes to shop in the Ukay-Ukay stores and stalls. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. 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. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. 8 Top IT Companies In The Philippines. Reports state that ukay businesses generate 1.2 million daily. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Having the ability to make decisions may be both empowering and liberating. Research-the collection of information about a particular subject. By continuing, you agree to our Terms and Conditions. Don't use plagiarized sources. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. > WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. SWOT does not account for the differences in weight. 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. 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. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. This will assist you with getting your business up and running. 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. (Opportunity) What trends are evident in the marketplace? First, it has a different marketing and sale process. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. In general, a SWOT analysis will involve the following steps. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. Strictly speaking, gentrification is a term used by urban planners to refer to poor neighborhoods that have been renovated to cater to a more affluent market. It is ukay-ukay right? Silverio,Ina Alleco.The Economics of Ukay Ukay. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. In the top-left square, you record 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. Some thrift shops have even already marketed themselves as a seller of class A secondhand clothing. External factors are typically things you or your company do not control, such as the following: After you create your SWOT framework and fill out your SWOT analysis, you will need to come up with some recommendations and strategies based on the results. She used to be in the corporate world for a decade but followed her heart and became a writer. The competitiveness and viability of the ukay-ukay business in the long run is an important concern. She feared that since these NGOs are licensed by the DSWD, the department would be dragged into cases once they engaged in illegal activities, Pille told Newsbreak. Class A contains high quality stocks. 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. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? To inform people about the advantages of Ukay-Ukay. Clothing Poverty The Hidden World of Fast Fashion and Second-hand Clothes, Evaluating competing theories of street entrepreneurship: some lessons from a study of street vendors in Bangalore, India, Trade Analysis of Retail and Service Industries in North Dakota for Planning Local Economic Development, Master international franchising in China: the case of The Athlete's Foot, Key Success Factors in Female Micro Entrepreneurship-A Study of the Catering Business, Indigenous Australians and competition and consumer issues: A review of the literature and an annotated bibliography. You can learn more about the standards we follow in producing accurate, unbiased content in our. Ukay-ukay is a term used both for the act of shopping by digging up piles of used or pre-loved clothes until Warner Media Company. The company was established on August 17, 2005. 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. BUS_RESEARCH 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. The ukay shopping phenomena all started in Baguio. 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. I look forward to working with you moving forward . They strongly believe that Philippines will be better if ukay-ukay will be legalized. We also use third-party cookies that help us analyze and understand how you use this website. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. 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. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan In a SWOT analysis, strengths and weaknesses cover your own resources and processes. due to the corruption in the government. Accessibility Statement. 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. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. 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. Reports state that ukay businesses generate 1.2 million daily. Customers who haggle are common in ukay-ukay stores, so entrepreneurs must be prepared to negotiate wisely with them. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. In addition, it also identifies the weaknesses of the organization that will help Ukay Builders Sdn. All rights reserved. XXXII No. 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. To get a better picture of a SWOT analysis, consider the example of a fictitious organic smoothie company. Then, a company looks outward and evaluates external factors that impact its business. Bhd. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. 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). Consumer confidence in RP down. From the preparation, organizing, selling, and packing of goods, you must have enough time for all the required tasks. In the 90s, an NGO received an unusually large volume of garments as donations that were supposedly for the poor. To perform the SWOT analysis, create a large box divided into four squares. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. 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". 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. For example, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. Investopedia does not include all offers available in the marketplace. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Use these free downloads to help grow your business. (2016, Apr 21). These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. The research instrument to be used in gathering primary data is the questionnaire. 2022 16 September 2001: B1,B3. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. Following the journey of a pair of jeans Clothing Poverty takes the reader on a vivid around-the-world tour from cotton fields to retail stores. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. About | However, note that it is one of many techniques, not a prescription. Some source interviews were conducted for a previous version of this article. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. CONFERENCES 16. Physical resources (location, facilities and equipment), Human resources (employees, volunteers and target audiences), Current processes (employee programs, department hierarchies and software systems), Economic trends (local, national and international financial trends), Funding (donations, legislature and other sources), Relationships with suppliers and partners, Political, environmental and economic regulations. 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. WebEspecially if you're into authentic leather bags & shoes. There is seemingly limitless applications to the SWOT analysis. 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 This visual arrangement provides a quick overview of the companys position. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. 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. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. This cookie is set by GDPR Cookie Consent plugin. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. Human resource planning (HRP) is the continuous process of systematic planning to achieve optimum use of an organization's employees. 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). Strengths and weaknesses are listed first, followed by opportunities and threats. Well occasionally send you promo and account related email. These cookies will be stored in your browser only with your consent. 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. To install StudyMoose App tap (Threat) How many competitors exist, and what is their market share? When drafting a SWOT analysis, individuals typically create a table split into four columns to list each impacting element side by side for comparison. The researchers gathered their data through primary data (interviews and survey questionnaire) and secondary data (internet). "Home Depot SWOT Analysis & Recommendations.". 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. Thank you so much for accepting my assignment the night before it was due. 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. His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. (Opportunity) What demographics are we not targeting? Since this business is quite easy to start, this industry is also crammed. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. The cookie is used to store the user consent for the cookies in the category "Other. 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. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Every questions was answered by the said respondents honestly. The lack of knowledge about the Ukay-Ukay. Techniques and Tools to Help You Make Business Decisions, What Is a Decision Matrix? Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023, Small Business Trends and Predictions for 2023, 8 Big Data Solutions for Small Businesses. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. Enter the email address you signed up with and we'll email you a reset link. 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. According to Luisito Abueg, who studied the economics of secondhand retail trade in the country, ukay items have largely been purchased in warehouses in Hong Kong that store Salvation Armys clothes.

Craig Piligian Daughter, Ohio State Route 13 Closing, Articles S