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. 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. Home Depot conducted a SWOT analysis, creating a balanced list of its internal advantages and disadvantages and external factors threatening its market position and growth strategy. Since he can only work a maximum of 15 hours a day. 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. Accessibility Statement. We then crafted our business plan to emphasize the advantages of our strongest features while exploiting opportunities based on marketplace weaknesses.. 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. You will no longer need to pay for rent, making your overhead expenses lower than other businesses. In the 90s, an NGO received an unusually large volume of garments as donations that were supposedly for the poor. Now, it's often used by governments, nonprofits, and individuals, including investors and entrepreneurs. For smaller disputes, mediators dont work as a team, only as individuals; Scholefield staff can offer anyone the advantage of a group of neutrals to evaluate a dispute. WebUkay Land Sdn. A case study of Central Chidlom and Siam Paragon. You can download the paper by clicking the button above. Strengths and weaknesses wont typically match listed opportunities and threats verbatim, although they should correlate, since they are tied together. In 2002, the Macapagal-Arroyo banned the entry and sale of ukay-ukay items in the market. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". These goods are actually transported to different stores in Baguio City as well as places in Metro Manila via balikbayan boxes. It also concludes that several motivators to purchase second-hand clothing overlap, attracting and retaining consumers into a repeating fashion cycle, validating previous research on the role of consumers in a circular economy. Warner Media Company. 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.". 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; These include white papers, government data, original reporting, and interviews with industry experts. The cookie is used to store the user consent for the cookies in the category "Performance". Startup Costs: How Much Cash Will You Need? Mostly, ukay-ukay store owners answered Cebu City for the question where did they get their stocks?. We are the FIRST ever Ukay-Ukay Online Seller. To better understand how it competes within the smoothie market and what it can do better, it conducted a SWOT analysis. The respondents will be chosen at random, both male and female. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. Just like any other business, the success of an ukay-ukay business is mostly determined by the owners efforts and traits. Before you start, its better to learn the pros and cons of the business. 1. Be your own boss Cabreza, V. 2001. You can get a custom paper by one of our expert writers. Ukay Ukay COMPETITIVENESS, VIABILITY, ECONOMIC It is one of several business planning techniques to consider and should not be used alone. 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. Aside from the physical strain, managing an ukay-ukay business also needs ample time. You must be prepared for losses and lean months. She now writes for a number of websites and other online media publications. Especially Pinoys who like cheap, trendy goods, ukay items are easy to sell. To determine how much profit does an Ukay-Ukay business earns. Researcher-the one who conducts the research. The Economics of Ukay-Ukay - Bulatlat If you enjoy interacting with people, this business is definitely for you. Interview-a formal consultation usually to evaluate qualifications. engages in property development. This cookie is set by GDPR Cookie Consent plugin. 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. What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis. Ukay The task of initially cleaning or washing your goods is already tiring itself. 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. 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. To inform people also about its disadvantages. Some source interviews were conducted for a previous version of this article. This cookie is set by GDPR Cookie Consent plugin. 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. and then Add to Home Screen. The proposed model comprises four dimensions (opportunity, resources, management, and personality traits) and establishes and revises 37 assessment factors based on expert opinions. Although a useful planning tool, SWOT has limitations. Ukay Serye Swot Analysis.docx - Ukay Serye Swot Bulatlat.com http://bulatlat.com/main/2011/04/18/the-economics-of-ukay-ukay/, 18 April 2011. ukay Wagwag fashion pushed for Pinoys. A company should begin by understanding what information it has access to, what data limitations it faces, and how reliable its external data sources are. Whether these factors are connected directly or indirectly to opportunities (O) or threats (T), it is important to note and document each one. This study is designed primarily to know the nature of Ukay-ukay industry particularly in Tacloban City. ukay Based on the study, many people are drawn into ukay-ukay or others call it as UK. FAQ | However, note that it is one of many techniques, not a prescription. To inform people about the advantages of Ukay-Ukay. This cookie is set by GDPR Cookie Consent plugin. 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. What once started as a charitable act has indeed become a multimillion-peso trade. ", Seeking Alpha. From there, you can discover ways to improve or eliminate your companys weaknesses and capitalize on its strengths. In sourcing your goods, you can either thrift them by yourself or buy them wholesale from suppliers. 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. 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 stores sprouted like mushrooms which later became one of the must-visit places in Baguio. 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). You can also work in reverse witha segment-specific SWOT analysis that feeds into an overall SWOT analysis. Just like any other business, the success of an ukay-ukay business is XXXII No. This guide includes basic information about big data and a list of 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. 2002. The SWOT framework can be constructed in list format, as free text, or, most commonly, as a 4-cell table, with quadrants dedicated to each element. Thank you so much for accepting my assignment the night before it was due. You can still dispose of items through giveaways or discounts. This created discontent among its patrons, who look at ukay-ukay goods as the most affordable in the market. In the top-right square, you record strengths. Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized. 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. Out of 20 Respondents, 8 of the respondents corresponding to 40% said that Wagwag items, which usually originate from Hong Kong and the United States, enter the Philippines in a manner different from that of traditional imports. However, a SWOT analysis is just one tool in your business strategy. You also have to prepare them one by one for display. WebThis study aims to analyze the ukay-ukay market and its structure, as well as itssocial, cultural, and institutional influences. In addition, it also identifies the weaknesses of the organization that will help Bhd. > The result of the survey was tabulated. 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 Temptation of the Shopping Center: How to Avoid Distracted Shopping. The respondents chosen are those who have an ukay-ukay business and those who buy ukay-ukay clothing. The researchers will use descriptive design which is a commonly used research method. With the transformation of secondhand clothing and garments retail and trade into what it is today, the government is now moving to 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. Findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. Ukay-Ukay had been a great help to many people not only the vendors but also the ones who buy it. and so on. 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. 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. We recommend that the ukay-ukay vendors or store owners must be careful because they might be sued. Small (three employees) can change and adapt quickly. PEST Analysis (Political, Economic, Social and Technological) is an analytical method used by companies to determine what major external factors could affect their business. When ukay-ukay stores become a disservice for whom secondhand clothes simply mean cheap and not vintage or an ukay challenge, then thats where the danger actually resides. If the term is employed to the context of ukay-ukay culture, then it possibly is. The ukay shopping phenomena all started in Baguio. The collective knowledge of the team will allow you to adequately analyze your business from all sides. This website uses cookies to improve your experience while you navigate through the website. Others are recorded as pasalubong for Philippines-based relatives. WebEspecially if you're into authentic leather bags & shoes. This could be an opportunity to widen your connections and network. Individuals can also use SWOT analysis to engage in constructive introspection and form personal improvement goals. 07 February 2002:7. thank you for this information I was thinking about helping my GF and her family with a business. The Economics of Secondhand Retail Trade: An Analysis of the Market for Ukay-ukay. The researchers prepared the necessary data measurements from the entire interview in the structured questionnaire. Ukay-ukay stores sell dirt cheap apparel and fashion accessories from various parts of the globe. 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. The fashion retail industry heavily relies on an unsustainable business model of maximizing production, fueling the throwaway culture, regardless of environmental costs. This compensation may impact how and where listings appear. Powered by. 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. 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. 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. 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. 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 Questionnaire- a list of planned, written questions related to a particular topic, with space provided for indicating the response to each questions, intended for submission to a number of persons for reply. Bryan Weaver, an in-house advisor to Scholefield Construction Attorneys, was heavily involved in creating a SWOT analysis for his firm. and was subsequently adapted in other topographic points. Limitation are the statements which alert the reader of the research report to certain constraints which the researcher has no control. 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. One is their low prices when compared to substitute and complementary goods. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. Coca-Cola's shares (traded under ticker symbol KO) have increased in value by over 60% during the five years after the analysis was completed. Although all the points under a particular heading may not be of equal importance, they all should represent key insights into the balance of opportunities and threats, advantages and disadvantages, and so forth. (PDF) The economics of secondhand retail trade: an The DSWD apparently discovered that the NGO was only a face for a smuggler of secondhand clothes, which were then sold in Baguio. Second, how it enters the market is unique. We see them in almost every corner in the Philippines: in wet markets, in dilapidated buildings, in side streets, and in plazas, among many others. It is very lucrative in cities or even provinces anywhere in the country. Ukay-ukay - Wikipedia A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly at an objective. 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. The problems encountered by customers of the ukay-ukay business do not significantly affect the economic benefits they derive. where it has been typically called wagwagan. Threats refer to factors that have the potential to harm an organization. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine which new leads to pursue. 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. May it be a pair of vintage pants or thrift bags, customers often find something they like. The six forces model is a strategic business tool that helps businesses evaluate the competitiveness and attractiveness of a market. Their experience gives a unique advantage. They strongly believe that Philippines will be better if ukay-ukay will be legalized. In general, a SWOT analysis will involve the following steps. There is class A, B and C and their prices differ according to its class. - Buy Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Ukay Bales Wholesale Second Hand Cotton Clothing Mixed Used Clothes Bundlepopular,Rainbow Factory Uka , SWOT analysis is a strategic planning technique that provides assessment tools. 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. What does a real-life SWOT analysis look like? Aside from an engaging social media presence, this business also runs on referrals. 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. Ukay-ukay is so popular since it is a cost-effective option for shopping on a budget. The four steps of SWOT analysis comprise the acronym SWOT: strengths, weaknesses, opportunities, and threats.

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