Today, big
companies
have been raising their
market
share by investing more in advertising their
products
in the
market
.
As a result
, they get easy and fast attention of the public and the small local
businesses
fail to get the potential customers which can lead to various economic problems.
Therefore
, the government should make some effective laws that tend to support small
scale
businesses
so that they can improve their
product
quality and
market
.
The big ventures have their stores all around the country which makes the customer have easy access to the
products
of their need. They give good discounts and other offers which attract the middle man too.
Hence
, they strategize to cover all kinds of consumers and hold most of the
market
cap. These promotional activities and advertising on social networks give them huge profits without any compromise in the quality of their
product
. While
on the other hand
,
this
globalization of the
market
has resulted in the collapse of small
scale
businesses
owned by local
vendors
.
For instance
, many local
vendors
have lost their livelihood because their
product
lost its
market
value.
Instead
of buying a handcrafted
product
, people now prefer to buy from big outlets like big bazaars and many more.
In order to sustain among the giant
companies
, the local businessmen should start manufacturing their customized
products
. They should try to change their sale methods and target the specific needs of the daily customers.
This
may help them to gain public response. Looking to these problems which were greatly affecting the country’s economy, even the government has started promoting small
businesses
and started campaigns like made in India which emphasizes converting small business into large
scale
.
Similarly
, online selling sites like Amazon and Flipkart should
also
give the chance to local
vendors
to publicize their
products
on the online platform so that they can compete in the
market
.
To conclude, large
companies
should collaborate with the small
scale
companies
and support them so that people start buying the local
products
also
and local
vendors
should focus on their personalized services as
this
is the only way to sustain and bring back the buyers.