A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. And lastly, buying or selling ukay-ukay is an illegal activity. 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. The questions serve as a guide for completing the SWOT analysis and creating a balanced list. Later on, wagwagan became the colloquial wagwag, which has the same meaning as ukay-ukay (Cabreza 2001). SWOT analysis was first used to analyze businesses. These four aspects can be broken into two analytical steps. 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. These cookies will be stored in your browser only with your consent. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. In general, a SWOT analysis will involve the following steps. This website uses cookies to improve your experience while you navigate through the website. 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 Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. The term ukay-ukay was derived from the Visayan term halukay which means the act of digging. (Weakness) What are our lowest-performing product lines? These are then shipped to the Philippines, which are sold at less than half of the prices of the already cheap Salvation Army pieces. The aim of this paper is to explore the role that the increasing urban diversity plays in the establishment, development and competitiveness of entrepreneurship. FAQ | In the 90s, an NGO received an unusually large volume of garments as donations that were supposedly for the poor. Second, how it enters the market is unique. One is their low prices when compared to substitute and complementary goods. The ukay-ukay stores price their stocks mostly by its quality. This visual arrangement provides a quick overview of the companys position. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. First, a company assesses its internal capabilities and determines its strengths and weaknesses. Powered by. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control. Well occasionally send you promo and account related email. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. The cookie is used to store the user consent for the cookies in the category "Performance". Type your requirements and Ill connect you to and was subsequently adapted in other topographic points. You also have the option to opt-out of these cookies. We also reference original research from other reputable publishers where appropriate. The researchers gathered data by using structured questionnaire to be answered by the respondents. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. Business News Philippines 2023. For PhP100, you can score three to four items from the selections, but things can go for even lower prices (some even for PhP10) every week because all items must go. Ukay Builders Sdn. Scope coverage or boundaries of the study in terms of the area or locality and subjects of the population covered during the study. Every SWOT analysis will vary, and a company may need different data sets to support pulling together different SWOT analysis tables. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. The researchers will use questionnaire and personal interview. Either way, you must be prepared that not all your items will be purchased. Warner Media 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. The ukay trade, however, is not without its own issues of legality. The respondents will be chosen at random, both male and female. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. Use a SWOT analysis to identify challenges affecting your business and opportunities that can enhance it. The ukay shopping phenomena all started in Baguio. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. 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. 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). First, it has a different marketing and sale process. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. Its total assets decreased by 8.68% over the same period. Nowadays it is a term use for place that sell old clothes, bag, shoes, and other pre-owned goods a very low prices (de Jong 2011) Academia.edu no longer supports Internet Explorer. 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 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). This study aims to let people understand all about the ukay-ukay industry specifically about its nature. 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. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. We recommend the following based on our research: Ukay-Ukay Shopping Buiseness. These cookies ensure basic functionalities and security features of the website, anonymously. Most commercial construction contracts require mediation. ", Seeking Alpha. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). To inform people about the advantages of Ukay-Ukay. It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. - 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 , Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. These cookies track visitors across websites and collect information to provide customized ads. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. Some would resort to buying ukay- ukay items because these are Most business owners now prefer finding a supplier instead of thrifting goods by themselves. How Does 401(k) Matching Work for Employers? Investopedia does not include all offers available in the marketplace. The cookies is used to store the user consent for the cookies in the category "Necessary". Techniques and Tools to Help You Make Business Decisions, What Is a Decision Matrix? Interview-a formal consultation usually to evaluate qualifications. Primary data are data that are collected to help solve a problem or take advantage of an opportunity on which a decision making is pending. Give us your email address and well send this sample there. Investopedia requires writers to use primary sources to support their work. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. It is very lucrative in cities or even provinces anywhere in the country. Accessibility Statement. Reports state that ukay businesses generate 1.2 million daily. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. 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. 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. (Opportunity) What demographics are we not targeting? The ukay shopping phenomena all started in Baguio. Home Depot conducted a SWOT analysis, creating a balanced list of its internal advantages and disadvantages and external factors threatening its market position and growth strategy. 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). To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. 16. 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. Learn all about this approach below. It must then decide how to use those results to attract new investors. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. and then Add to Home Screen. Then, a company looks outward and evaluates external factors that impact its business. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. where it has been typically called wagwagan. 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. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. (Threat) Are there new regulations that potentially could harm our operations or products. What are the characteristics of a SWOT analysis? Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. 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. Course Hero is not sponsored or endorsed by any college or university. The SWOT analysis is a simple but comprehensive strategy for identifying not only the weaknesses and threats of an action plan, but also the strengths and opportunities it makes possible. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Companies should use it as a guide and not necessarily as a prescription. 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. Most of the costumers are females. Independent SWOT analysts, investors, or competitors can also guide them on whether a company, product line, or industry might be strong or weak and why. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. 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. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. Silverio,Ina She now writes for a number of websites and other online media publications. Max Freedman and Nicole Fallon contributed to this article. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. Business News Daily. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. 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. The researchers decided to conduct a research which concerns about the nature of ukay-ukay industry. Thank you so much for accepting my assignment the night before it was due. Enter the email address you signed up with and we'll email you a reset link. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. 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. 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. Silverio,Ina Alleco.The Economics of Ukay Ukay. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. She is a banking consultant, loan signing agent, and arbitrator with more than 15 years of experience in financial analysis, underwriting, loan documentation, loan review, banking compliance, and credit risk management. 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. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay. 07 February 2002:7. 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). About | The male and female respondents will be chosen at random by the researchers to answer the questionnaire during an interview. This cookie is set by GDPR Cookie Consent plugin. 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. 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.". Bhd. is a company based in Malaysia, with its head office in Ampang. You also have to prepare them one by one for display. 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.