Why Do People Buy Counterfeit Products - 3730 Words

Why do people buy counterfeit products? 1 Running head: Why do people buy counterfeit products? Why people by counterfeit products? Monica Rodriguez American Intercontinental University Dr. Yamil Guevara Why do people buy counterfeit products? 2 ABSTRACT The elaboration and commercialization of counterfeit products is an issue that has been growing prominently within the last 20 years. There is no place in the world free with this type of products. The modernization and the globalization make the counterfeiting process more difficult to control, affecting not only the countries economy, but also its safety and the citizens’ general integrity. Knowing the†¦show more content†¦They can also be found in almost every type of legitimate retail or wholesale location, including large chain department stores, malls, gift shops, pharmacies, supermarkets and flee markets (Lewis, 2009). According to the studies of the Counterfeit Intelligence Bureau of the International Chamber of Commerce, counterfeit goods make up 5% to 7% of world trade. China is the leader for intellectual property rights (IPR) Why do people buy counterfeit products? 5 seizures, with an alarming 80% of the total valued sized; it makes China the greatest counterfeiting country in the world. India is the second source for IPR seizure, with its main trading product, the imitation of pharmaceutical goods (Maxwell, 2009) (Lewis, 2011). There are many adverse effects that counterfeit trade involves. From the business perspective, the most common effect are the loss of credibility of the company’s name, the loss of money and time invested in research and development and of course the profits that companies lose due to counterfeit product (Lewis, 2011). To the country economic area represents an annual loss of millions of dollars (250 billions per year in USA) and loss of jobs (750,000 in the last year)(Lewis, 2011). To the countries safety, counterfeit trade is the perfect scenario for laundering money, funding terrorists and organized crime groups and to creating methods of terrorist attacks.Show MoreRelatedFashion Counterfeiting1462 Words   |  6 Pagesquality. Nowadays, it appears that more and more of the regular consumers are uninterested in the quality of the product they buy, but rather how much they will acquire from it. This leads to consumer purchasing fashion counterfeit products which is becoming a rising issue in the United States and Europe. Counterfeiting is an illegal act of producing and selling a replica of an authentic product without the permission of the designer. 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The exclusivity of these types of services relies on a simple principle: terms and conditions to respect to be able to be offered privileges. Those types of privileges can be accessible to those who will pay the price but also to people who would take part of a certain type of organizationRead MoreCounterfeiting : A Controversial Issue For The Country s Apparel Industry921 Words   |  4 Pages controversial issue for the country’s apparel industry. Since the fashion industry began, counterfeiting has been an issue for the apparel industry worldwide. France is the strictest country against counterfeiting, â€Å"where half the 8.9 million counterfeit articles seized in 2011, were luxury goods† (Zanuso, 2012). Since France’s fashion industry is the most profitable business in the country, counterfeiting is problematic because it reduces profits, harms their economy, and it cost France thousands