Discuss worldwide organizations that assist companies in developing and abiding by global standards for marketing, consumer protection, and regulatory compliance.

Fake products make up 5 to 7 percent of world trade and include everything from counterfeit electronics, medications, pirated DVDs, and computer software to toys, cosmetics, and household products. Counterfeit name-brand apparel and sportswear, shoes, and accessories are exceptionally common. According to the Global Brand Counterfeiting Report, 2018, the total amount of global counterfeiting has reached $1.2 trillion U.S. annually. Luxury brands such as Louis Vuitton, Chanel, Manolo Blahnik, and Christian Louboutin have seen an upsurge in trademark violations and fraudulent products hitting the market.

Counterfeit products are big business globally. They are so big, in fact, that Chinese industry regulators are hesitant to shut the practice down; the counterfeit goods market comprises millions of desperately needed jobs within China’s economy. But companies lose an estimated $20 billion in revenue annually because of fake goods. Moreover, many worldwide consumers are not getting what they pay for—consumers may get the brand name or label they want but the product itself is inferior.