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

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It is obvious nowadays that multi-million organizations are splurging on advertising campaigns and purchasers seem to lean towards the products of giants rather than local ones. Not only does
this
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phenomenon lead to unfairness in the
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market but
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market, but
the survival of regional companies is
also
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threatened. Supports from the
government
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and changes in consumer behaviour might be a solution to
this
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issue.
To begin
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with, it is believed that large companies are creating a state of disorder due to their monopoly of products on the
market
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.
This
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consequently
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creates a downward spiral in which the manipulation of these giants leads to the collapse of local businesses and
then
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to unemployment.
For example
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, the domination of smartphones manufactured by Apple and Samsung in Vietnam recently have resulted in the survival of no indigenous smartphone brands, which means a large amount of money has to be splashed out in order to import these products to fulfil the need of customers.
Thus
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, unfairness is obviously a setback of
this
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trend. Measures to tackle
this
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issue include the intervention from both
government
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and consumers. In order to avoid any monopoly from giants, the authorities should protect small business by providing them subsidies.
In addition
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, barriers can be put up and special tariffs have to be taken into account to limit the amount of imported products that may corner the
market
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.
However
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, it must be acknowledged that backing from the
government
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is only part of the equation. It is advisable that customers
also
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have to take action. By changing their preferences towards products made by local companies and abiding by the anti-trust laws, purchasers are exercising their social responsibility and to a certain extent, they are playing a part in developing the local economy. In conclusion, by establishing a marketing and promotion schemes, large organizations are having a tendency to monopolize the
market
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and adversely affect the development of local companies. In order to counteract
this
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trend, not only should laws and taxes be implemented by the
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government but
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government, but
consumers
also
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have to change their shopping habits in a way that favour homegrown products.

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Topic Vocabulary:
  • over-reliance
  • disrupts
  • entrepreneurship
  • economic diversity
  • monopolistic
  • financial power
  • homogenization
  • awareness campaigns
  • tax incentives
  • sustainability
  • artisan
  • eco-friendly
  • dominate
  • innovation
  • stifle
  • richness
  • cultures
  • traditions
  • highlighting
  • distinguish
  • superior
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