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

This

may cause various problems and there are 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

, the presence of the mammoth size corporation or a few large corporations would not let a new entrant enter the market.

This

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

Suggestion

competing

in terms of quality and price of the product and

consumer

would have more choice and freedom.

Consequently

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

consumer

.

Moreover

, big businesses are regarded as “too big to fail” which is true to quite

extent

Suggestion

extensively

. But when they fail, they wreak havoc and cause a widespread economic crisis.

For instance

, 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

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

First

and the foremost is that awareness must be given to

consumer

that buying local product would not only be beneficial for the

consumer

but

also

for the entire nation.

Moreover

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

Therefore

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

However

, 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.