Ukay Ukay However, note that it is one of many techniques, not a prescription. The questions serve as a guide for completing the SWOT analysis and creating a balanced list. Research-the collection of information about a particular subject. In order to buy pizzas, he is looking for a job that pays him a wage of $ w per hour for L hours of labor. Small (three employees) can change and adapt quickly. Most potential clients have a negative impression of mediation, because they feel mediators dont understand or care to understand the problem, and rush to resolve it. What once started as a charitable act has indeed become a multimillion-peso trade. of Pages In recent years, the market for secondhand garments has flourished from its considered capital, Baguio City, province of Benguet. This visual arrangement provides a quick overview of the companys position. She used to be in the corporate world for a decade but followed her heart and became a writer. 8 Top IT Companies In The Philippines. Academia.edu no longer supports Internet Explorer. Once in the Philippines, these are then sold at prices lower than those of traditionally imported goods. engages in property development. Managing an ukay-ukay store business often involves a lot more physical effort than other types of businesses. First, a company assesses its internal capabilities and determines its strengths and weaknesses. What does a real-life SWOT analysis look like? This entailed some implementation cost on the side of the government. Powered by. It is recommended to first create a list of questions to answer for each element. Every SWOT analysis will include the following four categories. With the spread of ukay-ukay stores, the practice of buying thrift items has become popular among Filipinos. Poblacion in Makati is a perfect example of gentrification, and yet does this stop people from going there? Secondary Data- are the data collected for some other purpose before the study, such data are also called historical data. A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. Silverio,Ina Alleco.The Economics of Ukay Ukay. Necessary cookies are absolutely essential for the website to function properly. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. After the finalizing the questionnaires, the researchers decided to go to the place where they will conduct their interview and survey. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Andrew Brooks shows how new and second-hand clothes are traded across continents and traces the human and environmental impacts of production and consumption. If you take the time to put together a formal SWOT analysis, youll be able to see the whole picture of your business. Definition and Examples, How to Start a Business: A Step-by-Step Guide, How to Write a Self-Assessment: 5 Tips to Improve Your Evaluation, The Best Employee Monitoring Software for 2023. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Will Kenton is an expert on the economy and investing laws and regulations. With ukay-ukay, there will always be something for someone. is a company based in Malaysia, with its head office in Ampang. Researcher-the one who conducts the research. Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. All beggars in the country would have been clothed already like fashion models at that, DWSDs Elma Pille said to Newsbreak. This cookie is set by GDPR Cookie Consent plugin. Anyone can become a mediator, so other construction law firms could open up their own mediation service as well. This could be an opportunity to widen your connections and network. Altogether, this research has verified past empirical findings and contrasted these against the context of Filipino Gen Z consumers. GUIDE, Dana cannot taste any difference between Coke (c) and Pepsi (p) and so she views one bottle of each as perfect substitutes. Most people said that the most common disadvantage of ukay-ukay is that sometimes it is not good condition, because of the holes, scratches, dirt and etc. The main argument of the paper is that perceptions of urban diversity differ depending on the individual profile of the interviewees and the aspects of diversity being discussed. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. The analysis team develops the strategy to revisit the decision in six months in hopes of costs declining and market demand becoming more transparent. Save my name, email, and website in this browser for the next time I comment. Gap analysis is the process that companies use to examine their current performance vs. their desired, expected performance. The minimum startup costs for an ukay ukay store business: $2,254 The maximum startup costs for an ukay ukay store business: $37,876 The average startup costs for an ukay ukay Linda Pophal, strategic marketing communication consultant and content marketer at Strategic Communications, said these strategies should focus on leveraging strengths and opportunities to overcome weaknesses and threats. 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. The cookie is used to store the user consent for the cookies in the category "Analytics". the disadvantages of ukay-ukay. Ask for input from a variety of team members and openly discuss any contributions made. Little we Filipinos know about it. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. One staff member has been a part of mediations, but not as a neutral party. For example, if a country cutstariffs, a car manufacturer canexport its cars into a new market, increasing sales and market share. 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. 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. Others are recorded as pasalubong for Philippines-based relatives. Marion Calvin H. Mijares, De La Salle University Integrated School (Manila) 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. 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). XXXII No. control and vindicate the market activities of ukay-ukay. The first and foremost point to note is the controversial manner these 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. Philippine Journal of DevelopmentNumber 59, First Semester 2005, Volume Then, a correlational and causal research design consisting of descriptive statistics, simple linear regression, multiple regression analysis, mediation analysis, and moderation analysis was used. 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. Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an element of SWOT. Strictly speaking, gentrification is a term used by urban planners to refer to poor neighborhoods that have been renovated to cater to a more affluent market. Make sure you are honest and efficient in dealing with your customers, so they can tell their friends about your store. From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. 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. Consistent business analysis and strategic planning is the best way to keep track of growth, strengths and weaknesses. It can require a lot of time, energy and trial/error. 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. The researchers will use descriptive design which is a commonly used research method. There are various reasons consumers still buy these goods. This ukay-ukay place can be reached easily since it is accessible through the MRT or LRT 1 lines. To inform people also about its disadvantages. It does not store any personal data. The researchers gathered their data through primary data (interviews and survey questionnaire) and secondary data (internet). Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are also offered here. The lack of knowledge about the Ukay-Ukay. Thank you so much for accepting my assignment the night before it was due. EST. You can download the paper by clicking the button above. The ukay trade, however, is not without its own issues of legality. While there are numerous ways to assess your company, one of the most effective is to conduct a SWOT analysis.