Large businesses have big budgets for marketing and promotion and as a result, people gravitate towards buying their products. What problem does this cause? What could be done to encourage people to buy local products?

Large corporations and international brands have the power and resources to attract masses towards their products. They can spend

enormous amount

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an enormous amount

enormous amounts

of money on marketing and advertising campaigns to lure consumers into buying their products.

This

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may cause various problems and there are

few steps

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a few steps

that can be taken to convince consumers that buying local product would be more beneficial. The dominance of large businesses will create monopoly and discourage competition.

For instance

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, the presence of

mammoth size corporation

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the mammoth size corporation

a mammoth size corporation

or

few large corporations

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a few large corporations

would not let a new entrant enter the market.

This

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would be a win-lose situation as the big conglomerates would be the only winner. Had there been more players in the market, there would have been

competition

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competing

in terms of quality and price of the product and

consumer

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would have more choice and freedom.

Consequently

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, it would be a win-win situation for the businesses as well the

consumer

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.

Moreover

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, big businesses are regarded as “

to

to a degree exceeding normal or proper limits

too

big to fail” which is true to quite

extent

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extensively

. But when they fail, they wreak havoc and cause

widespread economic crisis

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a widespread economic crisis

the widespread economic crisis

.

For instance

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, when Lehman Brothers declared bankruptcy, its effect was so pervasive that it triggered an international financial crisis and the global economy has not yet fully recovered from that crisis.

On the other hand

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, different measures can be taken to pursue people to consume local products.

First

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and the foremost is that awareness must be given to

consumer

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that buying local product would not only be beneficial for the

consumer

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but

also

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for the entire nation.

Moreover

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,

government

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the government

governments

must encourage entrepreneurship and small medium enterprises by granting easy access to loans and funds.

Therefore

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, the crux of the matter is that large corporations are indeed vital for economic progress.

However

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, if they fail, it can cause an economic turmoil. So, there is a need to maintain a balance between large businesses and small medium local enterprises.