Academia.edu no longer supports Internet Explorer. Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023, Small Business Trends and Predictions for 2023, 8 Big Data Solutions for Small Businesses. 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. The ukay shopping phenomena all started in Baguio. Students looking for free, top-notch essay and term paper samples on various topics. She used to be in the corporate world for a decade but followed her heart and became a writer. There is a lot of information available to you on the internet (Facebook groups, Youtube videos, etc). Since he can only work a maximum of 15 hours a day (Mark, In Cambridge, there are individuals from three different citizenships: Ethiopians, Brazilians, and Americans. Based on the study, many people are drawn into ukay-ukay or others call it as UK. Billy Bauer, owner of ROYCE New York, noted that pairing external threats with internal weaknesses can highlight the most serious issues a company faces. (PDF) Upcycling Fashion "Cool Clothing Ph": Refashioning of It is recommended to first create a list of questions to answer for each element. 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. You are the one who makes practically all of the decisions when beginning an ukay-ukay retail business. Meron ding 3 ukay stores sa Cainta Junction, sa tabi ng Puregold! Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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. This study aims to let people understand all about the ukay-ukay industry specifically about its nature. Is this gentrification? 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. Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. Second, how it enters the market is unique. Those from the United States came from neighborhood home garage sales (de Castro 2001). Peering within its operations, it identified a few areas of weakness: little product diversification, high turnover rates, and outdated equipment. External forces influence and affect every company, organization and individual. The majority of your days will be spent walking, running errands for your business, and completing a variety of chores. There is class A, B and C and their prices differ according to its class. Through this analysis, it identified that its strengths were good sourcing of ingredients, personalized customer service, and a strong relationship with suppliers. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. 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. The company is undertaking a mixed development project called Ukay Perdana which is located at 7th mile off Jalan This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. 14, Filipino Gen Z Consumer Behavior Towards Ukay-Ukay and their Role in a Circular Fashion Economy, Jodi Aedrienne L. Bengzon, De La Salle University Integrated School (Manila) Survey-to examine as to condition, situation, or value. Dont know where to start? Ukay-ukay is not only fashion-forward but also an ideal shopping option for college students on a tight budget. If the term is employed to the context of ukay-ukay culture, then it possibly is. 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. But opting out of some of these cookies may affect your browsing experience. Home 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. WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. And yet we seldom question where these are coming from, and how they continue to thrive. High-quality customer service, strong brand recognition, and positive relationships with suppliers were some of its notable strengths; whereas, a constricted supply chain, interdependence on the U.S. market, and a replicable business model were listed as its weaknesses. 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 visual arrangement provides a quick overview of the companys position. Out of 20 respondents (costumers), 13 are female corresponding to 65% and 7 are male corresponding to 35%. The researchers will use questionnaire and personal interview. Silverio,Ina Alleco.The Economics of Ukay Ukay. These cookies ensure basic functionalities and security features of the website, anonymously. We also reference original research from other reputable publishers where appropriate. Some staff may be more connected with external forces, while various staff within the manufacturing or sales departments may have a better grasp of what is going on internally. The analysis can show you key areas where your organization is performing optimally and areas where operations need adjustment. According to hearsay, its origin started way back in the 80s. Its Applications and Uses in Business, Risk Analysis: Definition, Types, Limitations, and Examples, What Is Brand Management? Ukay stores sprouted like mushrooms which later became one of the must-visit places in Baguio. She feared that since these NGOs are licensed by the DSWD, the department would be dragged into cases once they engaged in illegal activities, Pille told Newsbreak. 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. May it be a pair of vintage pants or thrift bags, customers often find something they like. SWOT analysis is a technique for assessing the performance, competition, risk, and potential of a business, as well as part of a business such as a product line or division, an industry, or other entity. For example, the objective of a SWOT analysis may focused only on whether or not to perform a new product rollout. engages in property development. Checking whether your current methods and plans remain the best way forward can help you keep up in an ever-changing business climate. 2 talking about this. Examining how the external environment affects its business, it identified opportunities in emerging technology, untapped demographics, and a culture shift towards healthy living. She now writes for a number of websites and other online media publications. Ukay Ukay Case Study Solution & Analysis - CaseQuiz.com The questions serve as a guide for completing the SWOT analysis and creating a balanced list. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Weaknesses stop an organization from performing at its optimum level. An excess beer that is not paired with 3 pieces of fried, Mark likes to eat pizzas and watch TV. 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. These frameworks are essential to fundamentally analyzing companies. Potential questions to list internal factors are: What happens outside of the company is equally as important to the success of a company as internal factors. 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. If you can afford it, you can employ extra hands to help you. It is one of several business planning techniques to consider and should not be used alone. This compensation may impact how and where listings appear. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. Physical resources (location, facilities and equipment), Human resources (employees, volunteers and target audiences), Current processes (employee programs, department hierarchies and software systems), Economic trends (local, national and international financial trends), Funding (donations, legislature and other sources), Relationships with suppliers and partners, Political, environmental and economic regulations. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. That the costumers or ukay-ukay fanatics wont prefer buying ukay-ukay underwear because you might get reproductive diseases. Analytical cookies are used to understand how visitors interact with the website. It also found threats, such as a winter freeze damaging crops, a global pandemic, and kinks in the supply chain. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. Despite of the law, the Republic Act 4653, this law prohibits the selling of ukay-ukay. 2013. 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. This cookie is set by GDPR Cookie Consent plugin. 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. Both values were based on the prevailing exchange rate at that time (Philippine Star 2000). Every SWOT analysis will include the following four categories. 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. WebEspecially if you're into authentic leather bags & shoes. 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. 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. All rights reserved. Don't use plagiarized sources. If you enjoy interacting with people, this business is definitely for you. 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. 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). secondhand clothing and garments goods were entered into the local market. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. 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 You can download the paper by clicking the button above. Brazilians and Ethiopians only like to, Mark likes to eat pizzas and watch TV. Silverio,Ina However, a SWOT analysis is just one tool in your business strategy. is a company based in Malaysia, with its head office in Ampang. How SWOT Analysis Can Help Grow Your Business - Business By continuing, you agree to our Terms and Conditions. Here in Tacloban, mostly, the ukay-ukay stores get their stocks from Cebu City. In a SWOT analysis, strengths and weaknesses cover your own resources and processes. Ukay Land Sdn Bhd Company Profile, Financial and Strategic
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