A knock off or knockoff is a copy of an original that sells for a considerably lower price. The term sometimes means an imitation or copy of a popular person or thing. A knock off may also refer to a competitive material that is as good as a more expensive material.
As an adjective, we use the term to describe a big discount in price. For example, we can say “He is selling silk shirts at knock off prices.”
As a verb, to knock off can mean to leave work at the end of the day or stop working for a short break. It can also mean to steal something, or severely chastise a person by hurting them or killing them.
Informally, the verb may mean to manage to have sex with someone. If somebody says “Paul knocked off Barbara from marketing,” they mean he hooked up with her or had sex with her.
We also use the term when we want somebody to stop doing something. For example, if somebody is teasing me I might say: “OK John, knock it off!”
Read this phrase: “I want to knock off a few more of these reports before I leave.” The speaker means to complete or produce more reports.
This article focuses on the meanings of the term in the world of business.

Knock off consumer goods
Knock offs are consumer goods that are usually of inferior quality compared to the original. They are also much cheaper.
In most cases, somebody is selling them without the brand owner’s authorization. The seller is infringing on either the patent, trademark, or copyright of the brand. A trademark is a sign or symbol that a company uses to distinguish its goods and services from those of rivals.
Although we often use the terms knockoff and counterfeit interchangeably, their meanings are not the same.
A knockoff describes a product that imitates or copies the original’s physical appearance. However, it does not copy the original’s name or logo.
Under trademark laws, in fact, the sale of some knockoffs may not be illegal.
Counterfeit goods, on the other hand, are illegal copies of the original. The makers of counterfeit products are trying to deceive consumers. Put simply; they want consumers to think they are buying the original.