In this contemporary world, big firms allot huge funds for marketing and promoting their products. The public get influenced by their advertisements and would purchase their goods. This essay would delve into the possible reasons
for this economic issue and put forward some practical solutions to address them.
First and foremost, large companies promote their products by appointing famous personalities, such as movie stars and sportspeople, as brand ambassadors and create commercials with them. As a result, the audience would get captivated by it and buy it based on popularity, instead of following a genuine feedback. However small businesses could not afford such huge donations for promotions which causes economic disparity. For instance, micro-businesses find it hard to advertise their goods as smoothly as big companies therefore causing customer shortage and their collapse. Besides, with modernisation of industries, products can be manufactured by machines. This could lead to loss of local craftsmanship and traditional culture of the country.
Nevertheless, there are some appropriate solutions to address these problems to a great extent. The first solution is government-subsidised loans. These loans could facilitate the local firms avail the funds for marketing so that the populace would be aware of their products. Similarly, the administration should make arrangements for promotion of domestic trade as part of tourism programs, which could enhance the importance of traditional culture of the nation. For example, the opening of handicraft shops in the airports and major hotels would attract the foreigners and purchase from there.
In conclusion, the promotion of products through brand ambassadors and economic disparity between macro and micro-businesses are the problems. Ergo, providing government-subsidised loans and inculcating small enterprises in tourism programs are the ways to deal with this problem.