Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. Examples of questions to ask or consider for each group are in the table below. 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. There are different classes of Ukay-Ukay. 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. 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. Since he can only work a maximum of 15 hours a day. By continuing, you agree to our Terms and Conditions. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. 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). "The Coca-Cola Company: A Short SWOT Analysis. and was subsequently adapted in other topographic points. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. The time in conducting this research may be limited for each member has a different time schedule and priorities. This website uses cookies to improve your experience while you navigate through the website. Either way, you must be prepared that not all your items will be purchased. You also have the option to opt-out of these cookies. 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. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. It is recommended to first create a list of questions to answer for each element. This study aims to let people understand all about the ukay-ukay industry specifically about its nature. Contrary to authorities notion that these commodities are donations from foreign countries, wagwag items are actually purchased from Hong Kong-based Salvation Armys rummage sale sites. The cookies is used to store the user consent for the cookies in the category "Necessary". What once started as a charitable act has indeed become a multimillion-peso trade. 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 that govern the underground industry, and what it all implies for the Philippines as s struggling economy are painstakingly discussed and dissected. 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 company can use aSWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales. Second, how it enters the market is unique. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. Well occasionally send you promo and account related email. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these It does not store any personal data. The idea is there is no right or wrong answer; all participants should be encouraged to share whatever thoughts they have. There is class A, B and C and their prices differ according to its class. Business News Daily. But many people would love it if the government will abolish the law. The ukay shopping phenomena all started in Baguio. Class A contains high quality stocks. 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-ukay stores price their stocks mostly by its quality. thank you for this information I was thinking about helping my GF and her family with a business. 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. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street. Its total assets decreased by 8.68% over the same period. If you can afford it, you can employ extra hands to help you. Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. Only few, Filipinos know that ukay-ukay is illegal. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. WebUkay Land Sdn. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. Every SWOT analysis will include the following four categories. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. These external factors may create opportunities or threaten existing operations. The respondents will be chosen at random, both male and female. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. 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. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats for a specific project or your overall business plan. 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. 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.". Reports state that ukay businesses generate 1.2 million daily. Since its creation, the SWOT analysis has become one of the most useful tools for business owners to start and grow their companies. 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. This cookie is set by GDPR Cookie Consent plugin. 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. Ukay Builders Sdn. "SWOT Analysis: What It Is and When to Use It. > 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. Academia.edu no longer supports Internet Explorer. With the list of ideas within each category, it is now time to clean-up the ideas. It operates in the Industrial Building Construction industry. (Opportunity) What demographics are we not targeting? We are the FIRST ever Ukay-Ukay Online Seller. Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. 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. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! 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. The latest financial highlights indicate a net sales revenue drop of 17.12% in 2021. Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers. 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. 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). 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. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. Most of them had a weekly income that ranges from 2000-6000 pesos. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Learn all about this approach below. Researcher-the one who conducts the research. Little we Filipinos know about it. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging. EST. Ukay-ukay, the art of rummaging second-hand stuffs, is widespread in the Philippines: a very trending act of shopping that made a strong impact on the textile and clothing industry. When such goods are brought into the country, records would show that some were not really intended for sale: The government would maintain that these are either donations or aid from foreign countries. A SWOT analysis won't solve every major question a company has. As the goods piled up, business-minded people decided to buy them at a very low cost and sell them to the public. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. SWOT does not account for the differences in weight. About | Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Using internal and external data, the technique can guide businesses toward strategies more likely to be successful, and away from those in which they have been, or are likely to be, less successful. Is this gentrification? 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. CONFERENCES Also, each point listed within the categories is not prioritized the same. WebUkay-ukay is a very affordable source of fashionable yet durable clothes for those with fairly small incomes. The researchers will use descriptive design which is a commonly used research method. A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.. 16. Porter's 5 Forces vs. SWOT Analysis: What's the Difference?
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