Final Review

          This marketing class offered many new perspectives in the international world of business. One of the most useful practices over the period of this course was the marketing simulation in which we had to design a backpack that we would sell to a designated target market. Our team was in charge of the running the company in the financial respect as well, analyzing net profit, market share, return on sales, among all statistical measures. We also were in charge of managing the advertising budget and deciding which distributors would be most effective given the target market. PowerPack Designs ended up in 1st place, largely because of our commitment to our target market. While many other companies would drastically manipulate their price or change to a target market, our team stuck to our original plan and it fueled our success. Another outcome from the course was improving our ability to speech publicly and present in an efficient manner. Given exactly three minutes to present a Ted talk, the class was forced a develop sense of punctuality, economic expression, and effective communication.
           A third outcome of this class was the comprehensive strengthening of interpersonal skills. Working with multiple people from different backgrounds enabled us to utilize one another for the betterment of the group. While there are often disagreements in the best course of action, everyone in my group contributed their share of the work and we collaborated to accomplish what needed to be done. A fourth outcome was the development of understanding concerning how marketing strategies are implemented by companies into the marketplace. One such way we learned this was through discussing marketing news everyday with Professor Nelson. By discussing the marketing strategies and issues raised in the economy, we cultivated an understanding of how companies handle problems and release strategies to maintain or further their brand identity. For example, when Volkswagen lied about the emissions released into the environment by their models, we discussed possible courses of action for the company and what had to be done. The company followed suit as predicted and forced the CEO to resign, and they looked to start a new chapter following an identity disaster and a company-wide fallout. The fifth and final outcome achieved through this course was the diligence and aptitude achieved through the process of following marketing themes and addressing them on a blog. Researching the advertisement of certain products, such as the Star Wars movie, has shown both the author and the readers how successful companies such as Disney can achieve brand extension flawlessly. Making a $4 billion purchase for the franchise would only prove fruitful for a few select companies, and Disney has managed to get everyone talking about the upcoming film, and possible twists and plots that go along with it. Life-time Star Wars fans are buying the action figures and other merchandise leading up the movie, and as are the subsequent generations. Overall, this course provided many outcomes and completed objectives that led to an improved comprehensive understanding and application of marketing in the business world.

Fight Against Counterfeits

            Counterfeits account for anywhere from $300 billion to $600 billion in sales globally, with the majority of them being manufactured in China. In fact, about 88% of counterfeits seized originate from either Hong Kong or China. This presents a massive problem for thousands of companies, as they try to establish their brand identities across the world. One particular Italian company, Gucci, has decided to pursue legal action after learning that there were more than 2,000 counterfeit Gucci eyeglasses found in the factory of a Chinese company. Earlier this year, Gucci filed a lawsuit against this company, arguing that they are producing counterfeit products under the company name. Gucci is just one example of many companies how rely on these raids and seizures to ground the industry of counterfeiting, but and their reliance and trust may be misplaced. Numerous intellectual-property experts with over 10,000 different raid and seizure experiences theorize that a significant amount of these raids are compromised. Documents and numbers can be faked and many times investigators can be bought off. Brands such as Columbia Sportswear, have decided to pursue legal action in lieu of ineffective raids and seizures. Hiring third parties to raid counterfeit companies doesn't come cheap, and with the integrity of the raids being compromised, the money might be better spent elsewhere.

            Of course, this affects marketing a product from the company's perspective, particularly those in the business of watches, jewelry, apparel, etc. Consumers have to have the security of knowing they are buying from you when they see the company name pressed on a product. Once counterfeits begin to become a problem in any region of the world, customers will be more cautious buying that brand due to the possibility that it is not the prestigious product that the logo implies. This happens particularly often for companies with a prestige pricing strategy. Because much of their price comes from the brand name, the production costs aren't as high as one would think and could easily be mimicked by fraudulent companies for cheaper production costs, and for the customer, cheaper prices. This is one problem that companies with low prices don't typically encounter. If the production costs of a product are low, there wouldn't be much money in mimicking it. Of course, people have become more privy to watches and jewelry on the streets of metropolitan areas, recognizing them as fakes more often than not. It is more likely that someone fall for apparel, shoes, consumer electronics, and pharmaceuticals. If companies are to solve this problem, they will have to find a more effective way than either seizures or legal action, as both are expensive and often become dead ends.

http://www.wsj.com/articles/in-the-fight-against-counterfeits-even-the-raids-can-be-fake-1449171005