To perform the SWOT analysis, create a large box divided into four squares. The aim of this paper is to explore the role that the increasing urban diversity plays in the establishment, development and competitiveness of entrepreneurship. 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. Clothing Poverty uncovers how fast fashion retailers and charity shops are embroiled in commodity chains which perpetuate poverty. Webconcepts to evaluate the sustainability of Philippine ukay-ukay culture. It operates in the Industrial Building Construction industry. It is impossible to accurately map out a small businesss future without first evaluating it from all angles, which includes an exhaustive look at all internal and external resources and threats, Bonnie Taylor, chief marketing officer at CCS Innovations, told Business News Daily. To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. No one has been a mediator before or been through any formal mediation training programs. There have also been a surge of online shops that sell vintage clothes, style the pieces to make the pieces more attractive to middle-class taste, and sell them in a much higher price. Sorry, preview is currently unavailable. (PDF) Upcycling Fashion "Cool Clothing Ph": Refashioning of ukay Ukay Following the journey of a pair of jeans Clothing Poverty takes the reader on a vivid around-the-world tour from cotton fields to retail stores. Exploring Luxury Department Stores Brand Equity in Thailand. Powered by. Accessibility Statement. It found from this study and other analysis that expanding its supply chain and global footprint would be key to its growth. Many entrepreneurs enjoy running a business just within the comforts of their homes. In the meantime, Filipinos everywhere protested against the ban, saying that it is anti-poor on so many levels. Using research from around the globe, colourful stories and hard data demonstrate how the clothing, textile and recycling sectors have played a major part in making different regions of the world rich and poor. Ukay Dont know where to start? Necessary cookies are absolutely essential for the website to function properly. This will only become truly problematic when a substantial amount of ukay-ukay stores across the Philippines do focus on selling class A items when there are people whose only option is to buy 50-peso (or less) clothes. 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. The research instrument to be used in gathering primary data is the questionnaire. 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. If you want a steady stream of income with a fast turnover, ukay-ukay business is perfect for you. Ever wonder what your behavior says about your leadership style? The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. The gross margins for your ukay ukay store business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability. In the ukay ukay store business, employee turnover is often high, which can be quite costly and time consuming for your business. If we do see a change in landscape, meaning ukay-ukay stores having refined racks, closets, and displays and its surrounding areas having new parks, new security systems, or even new coffee shops, only then can it be safe to say that the area is becoming gentrified. SWOT analysis assesses internal and external factors, as well as current and future potential. The entrepreneurs leading problems are unsteady sale and the customers difficulty in rummaging while their needs include increasing their capitalization and making their stalls more spacious and comfortable. Researcher-the one who conducts the research. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. See if your business is eligible for a tax credit of up to $26K per employee! Diversity and entrepreneurship in the city of Athens: Different views and ambiguous perceptions of local entrepreneurs. ukay-ukay; circular fashion economy; second hand clothing; consumer behavior; Gen Z, Home | In addition, the items on the left side of the table are more positive/favorable aspects, while the items on the right are more concerning/negative elements. We also use third-party cookies that help us analyze and understand how you use this website. The Economics of Secondhand Retail Trade: An In the Philippines, this addiction first started in Baguio or the Ukay-Ukay Capital of the Philippines. How Does 401(k) Matching Work for Employers? Its used for strategic 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. To the respondents, they will be able to realize how useful and beneficial of an ukay-ukay products particularly on their needs on clothings and etc. These four aspects can be broken into two analytical steps. In addition to data, a company should understand the right combination of personnel to have involved in the analysis. Before you start, its better to learn the pros and cons of the business. To keep client loyalty, a discount of Php10-20 is acceptable, if it would still end in a profit. Ukay-Ukay Wagwagan in Pasay takes up an entire street of thrift shops. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which Ask for input from a variety of team members and openly discuss any contributions made. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. Ukay-Ukay secondhand clothes, bags, hats, shoes and etc. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The most popular destinations for ukay-ukay is in Baguio, Cebu, Cubao, Anonas, Bluementrit Espana, Mandaluyong, Sta.Mesa and Pasig. Ukay-ukay shopping is like treasure hunting, but instead of looking for a treasure, you are literally digging from the piles of clothes which are mostly vintage and of high value. PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. You are the one who makes practically all of the decisions when beginning an ukay-ukay retail business. You can learn more about the standards we follow in producing accurate, unbiased content in our. 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. The tremendous growth of this business phenomenon is observed in Santiago City. WebThus, 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. Every questions was answered by the said respondents honestly. CONF_SHSRESCON After that, you still have to organize and pack them. 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). 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.. Academia.edu no longer supports Internet Explorer. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. In addition, it also identifies the weaknesses of the organization that will help According to Abueg, the market for secondhand garments flourished from its considered capital, Baguio City, province of Benguet despite a law that prohibits the wholesale of second hand clothes. Home Its crucial to know which suppliers are reliable and trustworthy. 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. What are the characteristics of a SWOT analysis? Analytical cookies are used to understand how visitors interact with the website. This study is designed primarily to know why people are really drawn to ukay-ukay and how it can be a great advantage for the people and what are External factors are typically things you or your company do not control, such as the following: After you create your SWOT framework and fill out your SWOT analysis, you will need to come up with some recommendations and strategies based on the results. Even if ukay-ukay is washed and disinfected before it is sold, we should wash it again thoroughly because we are not sure if its safe or not. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. 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. WebThe Ukay-ukay (a Filipino version of the flaw market) has successfully carved its own niche in the countrys local clothing industry these second-hand clothes stores, shoppers are Learn all about this approach below. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. 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. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. The task of initially cleaning or washing your goods is already tiring itself. The specific objectives are: to describe the consumers' market behavior toward the presence ofukay-ukay and to identify the factors that influence individuals whopatronize these goods; 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". Sometimes its wise to perform a general SWOT analysis to check on the current landscape of your business and improve operations as needed. A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four components. Most business owners now prefer finding a supplier instead of thrifting goods by themselves. For the poor, thrift shops have been the most practical place to shop for clothes because of its low prices. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. imported from other country. 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. 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. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis. WebUkay-ukay is most normally used to mention to the industry that caters to the sale of secondhand imported garments. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. 2 talking about this. The result of the survey was tabulated. The ukay shopping phenomena all started in Baguio. Silverio,Ina Hannah Moriah L. Tayzon, De La Salle University Integrated School (Manila). Some would resort to buying ukay- ukay items because these are 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. 2002. We recommend also that the government should abolish the R.A. 4653 because even if there is law, still many ukay-ukay stocks are imported in our country from Japan, Korea and etc. Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. Second, how it enters the market is unique. Stores like Goodwill Industries in the U.S. and Salvation Army in the U.K., both distributed by Methodist churches, have begun to be a viable place for buying cheap clothes. We are the FIRST ever Ukay-Ukay Online Seller. Mary Darlene S. Concepcion, De La Salle University Integrated School (Manila) 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 Consumer confidence in RP down. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. 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. Those who buy clothes from ukay-ukay cried out against the threat of losing a much cheaper, alternative provider of their wardrobe needs. Ukay-Ukay Online Shoppe One staff member has been a part of mediations, but not as a neutral party. WebUkay Land Sdn. Weaknesses stop an organization from performing at its optimum level. thank you for this information I was thinking about helping my GF and her family with a business. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. 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. 2013. 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. This quantitative study collected data from (100) Filipino Gen Z consumers using an online questionnaire for each value. In addition to analyzing thing that a company does well, SWOT analysis takes a look at more detrimental, negative elements of a business. (Opportunity) What trends are evident in the marketplace? 07 February 2002:7. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. 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.". Ariel Courage is an experienced editor, researcher, and former fact-checker. The lack of knowledge about the Ukay-Ukay. In a study by Rina Locsin, where she zoomed into the culture of ukay-ukay in Baguio, she states that it is difficult to determine the exact date of when the ukay-ukay started in the country. Max Freedman and Nicole Fallon contributed to this article. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. It is very lucrative in cities or even provinces anywhere in the country. 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. It is recommended to first create a list of questions to answer for each element. The ukay-ukay stores price their stocks mostly by its quality. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). Ukay Ukay Class A contains high quality stocks. Retrieved from http://studymoose.com/ukay-ukay-shopping-buiseness-essay. It is ukay-ukay right? With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. However, increased material costs, strained distribution lines, the need for additional staff, and unpredictable product demand may outweigh the strengths and opportunities. We conclude the following based on our study: Buying or Selling Ukay-Ukay or UK is ILLEGAL. Warner Media Company. To inform people also about its disadvantages. 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