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?
While large businesses with substantial marketing budgets may attract consumers to their products, this situation can pose several problems:
- Market Dominance and Monopoly:
- Large businesses may dominate the market, leading to reduced competition and limited choices for consumers.
- Monopolies can result in higher prices, as there are fewer alternatives for consumers to consider.
- Erosion of Local Businesses:
- Small local businesses may struggle to compete with the marketing power and scale of large corporations.
- The dominance of big brands can lead to the closure of local businesses, affecting the diversity and character of communities.
- Economic Inequality:
- Wealth tends to concentrate in large corporations, contributing to economic inequality.
- Local businesses often play a vital role in supporting the economic well-being of communities and fostering a more equitable distribution of wealth.
- Environmental Impact:
- Large-scale production and distribution by big corporations may have a higher environmental footprint compared to local, smaller-scale operations.
- Local products often involve less transportation and packaging, reducing the overall environmental impact.
Քնարիկ Հակոբյան 