Nowadays, large companies which are mostly multinationals, have dedicated large budgets for their marketing expenditures. As a result, the marketing activities conducted by such firms eventually attract the potential buyers leaving local business mostly empty handed. In this essay, I will not only illustrate the perils of this scenario to the society, but also the possible solutions and strategies to inspire folks to buy their homeland products.
To begin with, whenever citizens of any country start buying imported products from large multinational companies, it will result in an outflow of foreign exchange and depletion of foreign reserves, which eventually causes a deficit in the balance of trade to elevate and national currency to devalue. Furthermore, extensive marketing and promotions usually exaggerated the value of any commodity and people are somewhat compelled to buy them unnecessarily. According to a study, 80% of the people who default on their credit cards mentioned that they have developed a habit of buying expensive items from large companies which consumes all of their lifelong savings.
On the other hand, in order to boost up local business sale, campaigns should be launched to encourage people to buy locally produced goods. People should be made aware of the fact that they are actually helping their country and society at large. To exemplify, if people start buying local products, it will help local business to grow, which will create multiple job opportunities in the society. In addition to that, government should promote local business by providing them subsidies financing options and also restrict large companies to influence the consumer behaviour by establishing SOP’s.
To recapitulate, it is essential to buy maximum possible products from local vendors so that not only they become stronger but also our country becomes stronger economically in the world.
Nowadays,
large
companies
which are
mostly
multinationals, have dedicated
large
budgets for their marketing expenditures.
As a result
, the marketing activities conducted by such firms
eventually
attract the potential buyers leaving
local
business
mostly
empty handed
. In this essay, I will not
only
illustrate the perils of this scenario to the society,
but
also
the possible solutions and strategies to inspire folks to
buy
their homeland products.
To
begin
with, whenever citizens of any country
start
buying imported products from
large
multinational
companies
, it will result in an outflow of foreign exchange and depletion of foreign reserves, which
eventually
causes a deficit in the balance of trade to elevate and national currency to devalue.
Furthermore
, extensive marketing and promotions
usually
exaggerated the value of any commodity and
people
are somewhat compelled to
buy
them
unnecessarily
. According to a study, 80% of the
people
who default on their credit cards mentioned that they have developed a habit of buying expensive items from
large
companies
which consumes all of their lifelong savings.
On the other hand
, in order to boost up
local
business
sale, campaigns should
be launched
to encourage
people
to
buy
locally
produced
goods
.
People
should
be made
aware of the fact that they are actually helping their country and society at
large
. To exemplify, if
people
start
buying
local
products, it will
help
local
business
to grow, which will create multiple job opportunities in the society.
In addition
to that,
government
should promote
local
business
by providing them subsidies financing options and
also
restrict
large
companies
to influence the consumer
behaviour
by establishing SOP’s.
To recapitulate, it is essential to
buy
maximum possible products from
local
vendors
so
that not
only
they become stronger
but
also
our country becomes stronger
economically
in the world.