Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. 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. Second, how it enters the market is unique. Save my name, email, and website in this browser for the next time I comment. Most of them had a weekly income that ranges from 2000-6000 pesos. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. 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). In the Philippines, non-government organizations (NGOs) in the 80s started selling tax-free clothing as a means to fundraise. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. A company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. 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. 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. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. 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. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. What once started as a charitable act has indeed become a multimillion-peso trade. 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 Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. Class A contains high quality stocks. She used to be in the corporate world for a decade but followed her heart and became a writer. However, the practice of having video blogs about ukay like that of Guison is more a mainstreaming of the ukay-ukay culture, rather than gentrification. Also part of this mainstreaming are fashion and lifestyle magazines and websites such as Preview, Cosmopolitan, and Inquirer, which have featured the ukay-ukay culture on their platforms from a list of ukay shopping tips to ukay-ukay commandments every thrifty fashion girl must know.. CNN and the CNN logo are registered marks of Cable News Network, Inc., displayed with permission. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. 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. 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. A SWOT analysis is a compilation of your companys strengths, weaknesses, opportunities and threats. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. Business News Philippines 2023. 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). Some would resort to buying ukay- ukay items because these are Even if the government isnt very active in regards with this law. Create your own SWOT analysis matrix with our SWOT Analysis Template Spreadsheet or check out these free SWOT analysis templates from other companies. You can also conduct a personal SWOT analysis in your own life, whether for professional or other purposes. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. WebUkay Serye Swot Analysis Strengths Environmental Friendly Ukay Serye Clothing line is made from renewable fabrics that are transformed into fashionable, eco-friendly Research questions are explored through in-depth interviews with local entrepreneurs. (Threat) Are there new regulations that potentially could harm our operations or products. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. A SWOT analysis is used to strategically identify areas of improvement or competitive advantages for a company. 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. However, there's a number of benefits to a SWOT analysis that make strategic decision-making easier. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. She now writes for a number of websites and other online media publications. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. 16 September 2001: B1,B3. 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. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. These include white papers, government data, original reporting, and interviews with industry experts. Dont know where to start? A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which 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. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume The respondents of this research study are at least 20 customers and 20 sellers of ukay-ukay clothing. ", Panmore. Will Kenton is an expert on the economy and investing laws and regulations. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. These external factors may create opportunities or threaten existing operations. (Opportunity) What trends are evident in the marketplace? Most respondents (costumers) believe that the disadvantage of ukay-ukay corresponding to 35% is that sometimes when buying ukay-ukay it has holes, broken zippers, dirt and etc. Investopedia requires writers to use primary sources to support their work. Survey-to examine as to condition, situation, or value. 2002. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. Is this gentrification? Thank you so much for accepting my assignment the night before it was due. engages in property development. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. And yet we seldom question where these are coming from, and how they continue to thrive. External forces influence and affect every company, organization and individual. 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. There are different classes of Ukay-Ukay. Strengths (S) and weaknesses (W) refer to internal factors, which are the resources and experience readily available to you. 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. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. 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. Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. This cookie is set by GDPR Cookie Consent plugin. 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. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. 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). Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Before you start, its better to learn the pros and cons of the business. 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.
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