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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Large businesses and international brands spend an enormous amount of money for marketing and advertising. Consequently, people tend to watch those advertisements all the time while small local businesses fail to reach the customers. This can lead to some serious problems, such as the closure of local businesses and the monopoly in business. Other than that, people could be easily trapped by large businesses. There are few steps that can be adopted to address this issue and motivate people to buy local products.
Naturally, people prefer to buy products that were consciously or unconsciously publicised to their mind and thus many local businesses, even with their quality products, cannot attract consumers. The dominance of international brands and large businesses will destroy the market for locally made products and thus would make thousands of people unemployed. Moreover, large markets do their very best to attract the public attention to their products and advertising is one of the best tools they have. Sensitive, creative and deceptive advertisements and marketing policies often make the people believe that they need these products. This would create a monopoly in the market and people would often be deceived. Thus consumers would be trapped by the large businesses and would have no alternatives for them but to buy products of some particular brands.
In order to encourage people to buy local products, some solutions should be taken into account. The government should strictly monitor and ban any deceptive and illusory advertisement from the mass media. People should compare a product’s quality before purchasing from shops and the shop owners must shelf local products along with the branded products. Furthermore, a government authority 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.
Absolute dominance of large businesses can have unimaginable effects that can damage a city’s or even a country’s financial situation. A solution to this problem is systematising local markets and creating a closely integrated system that can have an effective outcome.
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