Diversification of Philippine silk products for greater marketability and profitability
Paper Details
Diversification of Philippine silk products for greater marketability and profitability
Abstract
The production, saleability, profitability, and product preferences must be evaluated in order to serve as benchmark references in developing enhanced and diverse silk products that are tailored to their demands in order to increase profitability. There was a significant volume of production and sales on silk items, notably silk fabric, which remained the top sales earner, followed by sablay rentals and novelty products, earning the highest net revenue of P 306,858.14, P 98,000.00, and P 52,514.00, respectively. Sericulture product profitability demonstrated ROIs of 57.82%, 45.45%, and 30.52% for novelty goods, sablay rentals, and silk fabric, respectively. Silk fabric was loved and purchased by the majority of respondents (77.5%), followed by novelty products (18.33%). These were purchased due to the design and craftsmanship (27.4 5), color (24.17%), and general attractiveness (21.67%) of the products. These sericulture products have the potential to greatly contribute to the industry’s growth and development. Factors affecting the customers’ product preference and saleability were age, educational attainment, gender and income which indicate that customers’ purchasing decisions are influenced by their age and educational level, with mature and educated individuals appreciating craftsmanship, color, and product acceptability. Furthermore, gender significantly impacts the saleability of products hence, marketers should understand gender differences in decision-making styles, as females tend to buy more sericulture products, valuing silk as the “Queen of all Textiles”. The respondents’ higher income indicates their ability to purchase high-quality silk products, particularly silk fabrics, which are often considered more expensive than other fabrics. The study proposes that sericulture is a profitable and productive industry that can be further developed by SRDI and other small businesses through continuous improvement and product innovation
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