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?

Multinational companies who have a big budget to invest in promoting their
product
and getting it aired on the tv ads attract a lot of people towards buying their
product
. Some of the problem and solution will be discussed in the following paragraphs.
To begin
with, global business giants have started capturing the market in the small towns and villages as well. Since they offer huge discounts on the products, they attract a lot of buyers. At
first
, it seems to be beneficial but,
actually
Add a comma
,actually
show examples
it is not as it is directly affecting the local businesses and local economy. To quote an instance, many local vendors have lost their livelihood because they have no buyers for their
product
and they don’t have big budgets to get their
product
advertised on radio or television or a newspaper. Getting a
product
advertising plays a vital role in the market for its consumption.
Secondly
, the local businesses ,
however
, can not compete with big giant companies by giving huge discounts and deals on their
product
but by understanding the exact demand and needs of the customer they can get to the roots of the market and get a good deal out of it.
Moreover
, if the small trading owners maintain a high quality of the
product
they can gain a lot of consumers and it will get them into a better position in comparison with big giant companies. To conclude, the aggressive marketing strategies employed by the MNCs lead to the downfall of the products sold by the local traders. The government should take necessary actions to promote businesses and products sold locally.
Submitted by ratan.chhabra89 on

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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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