“Globalisation and greater competition among producers has been advantageous consumers.” Support the statement with examples.
Globalisation and greater competition have been advantageous to consumers:
1. The well-off sections of the society have access to highest international brands. For example, a person in India can buy the products of Nike, Louis Vitton etc.
2. There is a greater choice for the consumers in the market. For example, a person has local, national and international companies to choose from like in food products.
3. The competition encourages the producers to improve the quality to attract consumers. For example, Colgate explaining the nutrients present in the toothpaste to attract consumers.
4. The competition also lowers the prices of the products because consumers buy cheaper goods and companies would try to attract people by lowering prices.
5. Globalisation has improved the standards of living in a society. For example, a person using regular clothes can get specialized like sports gear easily because of companies like Reebok.
Example: Globalisation enables international trade and spreading of business. A huge variety of goods, prices, and qualities gets available to the consumers then.
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