A REVIEW OF GRAY MARKETS , IMPLICATIONS FOR BRAND OWNERS, GOVERNMENT, INTERNATIONAL BUSINESS AND MITIGATION STRATEGIES BY INTERNATIONAL MARKETERS AND OTHER RELEVANT AUTHORITIES

Abstract

The review examined Grey markets, their implications on international marketers, brand owners, international business and government, as well as mitigation strategies. Definitions of grey, concepts of grey and marketing, causes and nature of grey markets, as well as popular grey market goods, implications for brand owners, international business and government and also mitigation strategies were highlighted. To achieve the above, the literature on the above was assembled and collated from journals, conference papers, bulletins, books and from the internet; they were then reviewed and discussed. It was concluded that the volume of grey marketing the world over was huge, and that it takes place both physically and online; furthermore, more grey marketing was said to have far-reaching effects on brand owners, international business, government and international relations. It was recommended that a concerted multi-disciplinary and multisectoral approach be engaged in tackling the menace of grey markets, and also that consumer education, stock and goods inventories, realistic employee sales targets, monitoring and evaluation by relevant authorities be stepped up.