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

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