In this day and age, people are more inclined to purchase brand names’ products due to their glamour advertising invested by a substantial amount of money. In this essay, I will delve into the repercussions behind this phenomenon before proposing several viable strategies.
Granted, this tendency confers negative consequences upon both national economic developments and products diversity. Regarding the former, today large corporations leverage their reputation and budget to run numerous marketing campaigns via social media, giving people worldwide the leeway to access information of these goods. In other words, they take the lead in nowadays hypercompetitive markets at the expense of small and medium enterprises, who have little financial prowess to deal with challenges and bringing in potential customers, yet they are at high risk of bankruptcy. As a result, only the products of these manufacturers can survive, which not only hinders the national economic development but also leads to the severe deficiency in goods diversity from various brands.
Therefore, it is my firm conviction that potential approaches are essential to address these matters and prompt local consumerism, encompassing government interventions and workable marketing strategies. Primarily, authorities should offer a lifeline for local businesses to enhance their manufacturing process and marketing campaigns, supporting them by financial grants and tax reduction. Therefore, these companies have more opportunities to enhance their reputation among residents and gain more revenues, tackling the aforementioned problems. In addition, small corporations should gain popularity via social platforms and celebrations to access more customers. Cashew nut festival, for example, encourages dwellings to taste various cuisines made from these nuts, showing the uniqueness and deliciousness of such dishes as a form of advertisement.
To conclude, the trend of consuming big brands’ products does more harm than good, bringing about far-reaching repercussions related to economic growth and goods diversity. Therefore, I firmly believe that government integrations and marketing campaigns are essential to address these issues.