It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. and was subsequently adapted in other topographic points. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. 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. The SWOT table is often laid out with the internal factors on the top row and the external factors on the bottom row. It must then decide how to use those results to attract new investors. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. And yet we seldom question where these are coming from, and how they continue to thrive. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. and then Add to Home Screen. - Buy Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Uka , the disadvantages of ukay-ukay. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Tabulation and analysis of data gathered was done after collecting all questionnaires. 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. First, a company assesses its internal capabilities and determines its strengths and weaknesses. WebThe Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay Author & abstract Download Related works & more Corrections Author Listed: Abueg, Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. 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. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. 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. 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. The ukay shopping phenomena all started in Baguio. SWOT analysis is a strategic planning technique that provides assessment tools. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. According to hearsay, its origin started way back in the 80s. 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. 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. is a company based in Malaysia, with its head office in Ampang. If the term is employed to the context of ukay-ukay culture, then it possibly is. 2 talking about this. Most of the costumers are females. 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. But opting out of some of these cookies may affect your browsing experience. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume This cookie is set by GDPR Cookie Consent plugin. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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". Will Kenton is an expert on the economy and investing laws and regulations. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? International Journal of Entrepreneurship and Small Business. Meron din sa Sta Lucia Mall, Cainta. It is ukay-ukay right? My Account | A SWOT analysis focuses on the four elements of the acronym, allowing companies to identify the forces influencing a strategy, action or initiative. In a thesis titled Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay by Luisito Abueg, the history of the ukay-ukay, the policies SWOT does not account for the differences in weight. 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). Ever wonder what your behavior says about your leadership style? A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. 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 run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. If you can afford it, you can employ extra hands to help you. Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. The collective knowledge of the team will allow you to adequately analyze your business from all sides. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. When drafting a SWOT analysis, individuals typically create a table split into four columns to list each impacting element side by side for comparison. This could be an opportunity to widen your connections and network. 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. Small (three employees) can change and adapt quickly. For example, if a country cutstariffs, a car manufacturer canexport its cars into a new market, increasing sales and market share. 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. One staff member has been a part of mediations, but not as a neutral party. Investopedia requires writers to use primary sources to support their work. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. The ukay-ukay stores price their stocks mostly by its quality. Although R.A. 4653 was ratified on 1966 to prohibit the importation and selling of cheaper second-hand clothes in the Philippines, the impact of the said law has diminished over the years until Filipinos have finally learned to patronize the business as if its something legal. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. The task of initially cleaning or washing your goods is already tiring itself. External influences, such as monetary policies, market changes, and access to suppliers, are categories to pull from to create a list of opportunities and weaknesses. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. For the costumers viewpoint, what are their different perspective about the advantages and disadvantages of ukay-ukay? The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. 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. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. 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. There are different classes of Ukay-Ukay. WebUkay Land Sdn. To determine some facts about Ukay-Ukay and the industry itself. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Aside from the physical strain, managing an ukay-ukay business also needs ample time. According to the survey, most of the costumers of ukay-ukay industry ranges from 20-30 years old and the least ranges from 50-60 years old. "Home Depot SWOT Analysis & Recommendations.". Opportunities and threats pertain to conditions outside your organization, such as market trends and regulations. Although Republic Act number 4653 (ratified July 1966) has been enacted, there is no clear implementation of this law (e.g., confiscation and/or burning of such imported commodities). A SWOT analysis is a framework used in a businesss strategic planning to evaluate its competitive positioning in the marketplace. 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 Bhd. Reports state that ukay businesses generate 1.2 million daily. 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). Issue No. due to the corruption in the government. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. 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. 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. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. His SWOT matrix included the following: Construction law firm with staff members who are trained in both law and professional engineering/general contracting. 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. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Its used for strategic 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 quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. 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. It originated in Baguio City. 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. 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. The researchers will use descriptive design which is a commonly used research method. The result of the survey was tabulated. Managing an ukay-ukay store business often involves a lot more physical effort than other types of businesses. 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. In the top-right square, you record strengths. Research-the collection of information about a particular subject. 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. A case study of Central Chidlom and Siam Paragon. Ask for input from a variety of team members and openly discuss any contributions made. The advantage of an ukay-ukay store business is that it has a basic business plan that is easy to learn. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | Examples of internal factors include financial and human resources, tangible and intangible (brand name) assets, and operational efficiencies. You will have to be very hands-on in entertaining your customers as you assist them. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. Either way, you must be prepared that not all your items will be purchased. WebEspecially if you're into authentic leather bags & shoes. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). 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. 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. 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. Researcher-the one who conducts the research. Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. engages in property development. Before you start, its better to learn the pros and cons of the business. 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. 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. 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. 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? In the top-left square, you record WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. Ukay-ukay is most commonly used to refer to the industry that caters to the sale of secondhand imported garments. 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. In which the product will be sold online, since
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