Large businesses have big budgets for marketing and promotion and as result, people gravitate towards buying their products. What problems does this cause?

Big corporations and international
brands
spend a large sum of money on marketing and advertising.
Consequently
,
people
tend to buy their
products
while small local
businesses
fail to reach potential customers.
This
can lead to some serious problems;
such
as the closure of local
businesses
, unemployment and the monopoly in the market. There are a few steps that can be adopted to address
this
issue and motivate
people
to buy local
products
. Naturally, consumers prefer to buy
products
that were consciously and unconsciously promulgated to their minds by large
brands
. Due to
this
, many local
businesses
, even with their quality
products
, cannot attract customers. The dominance of international
brands
thus
ruins local business entities. As a consequence, many small local companies run out of business, and it can make thousands of
people
unemployed.
Moreover
, creative and deceptive advertisements and marketing policies of big players create a monopoly in the market which traps many consumers in believing that bigger
brands
mean prestige and quality.
For instance
, the dominance of international clothing and fashion
brands
had swept away many local
businesses
in many Asian countries, including mine, and money spent on advertisement played a big role here. To encourage
people
to purchase local
products
, some measures should be taken into account. The government should strictly monitor and ban any deceptive and illusory advertisements from the mass media.
Besides
,
people
should compare product quality before purchasing from shops, and the shop owners should be encouraged to shelf local
products
along with the branded
products
.
Furthermore
, authorities should rate and review any product and disclose it to the public.
Finally
, local product manufacturers should be financially supported by the banks and the government as they are helpful for the economic progress of a country. To conclude, the absolute dominance of large
businesses
can have many negative effects that can damage the market and economy of a country. A solution to
this
problem is systematising local markets and creating a closely integrated system that can have an effective outcome.
Submitted by ahmad.alkhaldi 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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