Rapid advancement in technology and liberalization of the Indian economy have created an ideal market for people misusing existing brand values that have been cultivated and nurtured over a period of time. The mushrooming growth has also given rise to despicable marauding activity, which is nothing but piracy. But the question arises here is that is it the popularity factor which promotes counterfeiting among people or the need factor? I guess it is both.
Counterfeiting also referred as piracy in a common trade parlance mean the unlawful acquisition by a person of the property of another person without his consent. Ever since the evolution of brands, the business has marked a trend in the society where everyone wants to associate himself/herself with the latest quality fashion trends in different forms like branded clothes, institutes, branded products etc. After all, what matters at the end is to show off the branded You!!
The word ounterfeit describes the forgeries of currency and documents but these days the imitations of clothing, software, pharmaceuticals, jeans, watches, electronics, and company logos and brands have become common in the market. In the case of goods, it results in patent infringement or trademark infringement.Certain consumer goods, especially very expensive or desirable brands or those which are easy to reproduce at low rates have become quite frequent and common targets of counterfeiting. The counterfeiters either attempt to deceive the consumer into thinking they are purchasing a legitimate item, or convince the consumer that they could deceive others with the imitation. Some counterfeits are produced in the same factory that produces the original, authentic product, using the same materials.