swot analysis of ukay ukay

Since these are used garments, they are sold at less than half their prices (Cabreza 2001). 2015 Nine Media Corp. CNN name, logo and all associated elements and 2015 Cable News Network. This is actually the area of strategy development where organizations have an opportunity to be most creative and where innovative ideas can emerge, but only if the analysis has been appropriately prepared in the first place, said Pophal. You give good ideas. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. Meron din sa Sta Lucia Mall, Cainta. The researches limit the study in the Ukay-Ukay stores which will focus on the information and the knowledge of the costumers and sellers about Ukay-Ukay. Armed with the ranked list of strengths, weaknesses, opportunities, and threats, it is time to convert the SWOT analysis into a strategic plan. "Home Depot SWOT Analysis & Recommendations.". Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. Weaknesses stop an organization from performing at its optimum level. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. In their viewpoint, the topmost reason why they prefer to buy some clothes in an ukay-ukay store because it has cheap and affordable price. By continuing, you agree to our Terms and Conditions. Albert Humphrey of the Stanford Research Institute created this method in the 1960s during a study conducted to identify why corporate planning consistently failed. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. Once youve identified your risks, you can then decide whether it is most appropriate to eliminate the internal weakness by assigning company resources to fix the problems, or to reduce the external threat by abandoning the threatened area of business and meeting it after strengthening your business, said Bauer. The questions serve as a guide for completing the SWOT analysis and creating a balanced list. I look forward to working with you moving forward . 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. Don't use plagiarized sources. Aside from the physical strain, managing an ukay-ukay business also needs ample time. Type your requirements and Ill connect you to 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). ", Panmore. To install StudyMoose App tap Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. Although a useful planning tool, SWOT has limitations. May it be a pair of vintage pants or thrift bags, customers often find something they like. Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). Ukay Builders Sdn. She now writes for a number of websites and other online media publications. What once started as a charitable act has indeed become a multimillion-peso trade. Reports state that ukay businesses generate 1.2 million daily. Examples of questions to ask or consider for each group are in the table below. Employ a SWOT analysis before you commit to any company action, whether thats exploring new initiatives, revamping internal policies, considering opportunities to pivot or altering a plan midway through its execution. Doon ko nabili 'yung first ever pair ko of Birkenstock for only P600. These four aspects can be broken into two analytical steps. Where did the ukay-ukay owners get their stocks? However, the topmost reason why some of the respondents dont prefer buying in an ukay-ukay store because some of stocks are not in good condition. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. Stitching together rich narratives from Papua New Guinean tribal people, Mozambican cotton growers, Zambian factory workers, American jeans markets, international charities, Nigerian smugglers, Londons vintage clothing scene and Vivienne Westwoods new ethical designer lines, Brooks uncovers the many secret sides of fashion. How much is the weekly income of an ukay-ukay business? You can still dispose of items through giveaways or discounts. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. They strongly believe that Philippines will be better if ukay-ukay will be legalized. 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. SWOT 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. In addition, it also identifies the weaknesses of the organization that will help to be eliminated and manage the threats that would catch the attention of the management. Alleco (http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/). Since this business is quite easy to start, this industry is also crammed. However, it also noted weaknesses and threats such as foreign currency fluctuations, growing public interest in "healthy" beverages, and competition from healthy beverage providers. 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 The researchers gathered their data through primary data (interviews and survey questionnaire) and secondary data (internet). It does not store any personal data. Second, how it enters the market is unique. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. Ukay Ukay The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay PJD 2005 Vol. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Is this gentrification? 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. It originated in Baguio City. 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. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. (Threat) How many competitors exist, and what is their market share? 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. However, increased material costs, strained distribution lines, the need for additional staff, and unpredictable product demand may outweigh the strengths and opportunities. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. The collective knowledge of the team will allow you to adequately analyze your business from all sides. But opting out of some of these cookies may affect your browsing experience. > But many dont mind about the law that prevents from selling ukay-ukay. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) (PDF) Upcycling Fashion "Cool Clothing Ph": Refashioning of The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. But they dont mind if its illegal or not, they just want to buy ukay-ukay because its cheap and affordable. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. This cookie is set by GDPR Cookie Consent plugin. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. 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. Porter's 5 Forces vs. SWOT Analysis: What's the Difference? Skye Schooley is a human resources writer at business.com and Business News Daily, where she has researched and written more than 300 articles on HR-focused topics including human resources operations, management leadership, and HR technology. 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. CONF_SHSRESCON The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Business News Daily. In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. The ukay shopping phenomena all started in Baguio. 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. Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. engages in property development. However, note that it is one of many techniques, not a prescription. 4 Personal Loans With Low Interest Rates In The Philippines To Fund Your Small Business, 5 Leading Financing Companies In The Philippines, 4 Ways To Contact The Customer Service Of Globe Telecom, What Is The Top Accounting Firm In The Philippines? The competitiveness and viability of the ukay-ukay business in the long run is an important concern. Many people are drawn to ukay-ukay the fact that is cheap and affordable, this a great advantage to the shoppers. Students looking for free, top-notch essay and term paper samples on various topics. The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. of ukay

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