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Encyclopedia > Suggested retail price

The (manufacturer's) suggested retail price (MSRP or SRP), list price or recommended retail price (RRP) (originally, Monroney suggested retail price) of a product is the price the manufacturer recommends that the retailer sell it for. The intention was to help to standardize prices among locations. While some stores always sell at, or below, the suggested retail price, others do so only when items are on sale or closeout. In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ... A drawing of a self-service store Retailing consists of the sale of goods/merchandise for personal or household consumption either from a fixed location such as a department store or kiosk, or away from a fixed location and related subordinated services (Definition of the WTO (last page). ... Sell can mean: A verb relating to Sales Sell (professional wrestling) In Investing to give up control of an asset in exchange for a valuable consideration. ... Drawing of a self-service store. ... Sale is the name of several places: Sale, Victoria, Australia Sale, Greater Manchester, England Sale, Italy (pronunciation: SAH-leh) - in the province of Alessandria Salè, Morocco Sale Marasino (first pronunciation: SAH-leh), an Italian commune in the province of Brescia Sale is also a type of contract for the exchange... Closeout as in closeout sale is the final sale in the case of the final closure of a retailer because of a relocation, a fire (fire sale) or, especially, because of a bankruptcy. ...



Suggested pricing methods may conflict with competition theory, as it allows prices to be set higher than would otherwise be the case, potentially negatively impacting consumers. However, resale price maintenance goes further than this and is illegal in many regions. Resale price maintenance is the practice whereby a manufacturer requires distributors of their product to sell at certain prices, or set a minimum price. ...


Much of the time, stores charge less than the suggested retail price, depending upon the actual wholesale cost of each item, usually purchased in bulk from the manufacturer, or in smaller quantities through a distributor. Wholesaling consists of the sale of goods/merchandise to retailers, to industrial, commercial, institutional, or other professional business users or to other wholesalers and related subordinated services. ... Bulk can refer to: Bulk mail Bulk Purchasing Bulk liquids Bulk material handling Bulk and Skull, a pair of characters in the Power Rangers universe. ... Distributor cap. ...


Suggested prices can also be manipulated to be unreasonably high, allowing retailers to use deceptive advertising by showing the excessive price and then their actual selling price, implying to customers that they are somehow getting a "discount" or a "great deal". Anatomy In the context of joints, manipulation is the forceful, passive movement of a joint beyond its active range of motion. ... This article or section does not cite its references or sources. ... Implication can refer to: Logic: Material implications as a binary operator: see logical conditional Semantic and logical implications between two sets of statements: see entailment Linguistics: Implication (pragmatics) In addition, in medical diagnosis, forensics or scientific investigation, a hypothetical cause is implicated when a reason for the condition can be... Customers are waiting in front of a famous fashion shop for its grand opening in Hong Kong. ... In finance, discounting is the process of finding the current value of an amount of cash at some future date, and along with compounding cash from the basis of time value of money calculations. ... Deal can refer to: an agreement reached after negotiation, for example a contract to sell as a dealer or dealership a bargain a situation, as in whats the deal with the Johnson account ?. a problem, as in whats your deal ?. Deal$, a U.S. dollar store a Deal...

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MSRP in the United States

Under earlier U.S. state Fair Trade statutes, the manufacturer was able to impose a fixed price for items. These fixed prices could offer some price protection to small merchants in competition against larger retail organizations. These were determined to be in restraint of free trade. However, some manufacturers have adopted MSRP — a price at which the item is expected to sell. This may be unrealistically high, opening the market to "deep discounters" who are able to sell products substantially below the MSRP while still making a profit. Recent trends have been for manufactures to set the MSRP closer to the "street price" — the price at which items actually sell in a free market. Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Certified Fair trade quinoa producers in Ecuador. ... The Statute of Grand Duchy of Lithuania A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ... Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ... Merchants function as professionals who deal with trade, dealing in commodities that they do not produce themselves, in order to produce profit. ... At present, the law will not enforce certain types of contracts on the ground of illegality. ... A discount store is a retail store offering a wide range of products, many branded, at discounted prices. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...


Automobiles

A common use for MSRP can be seen in automobile sales in the United States. Prior to the spread of manufacturer's suggested retail pricing, there were no defined prices on vehicles and car dealers were able to impose arbitrary markups, often with prices adjusted to what the salesperson thought the prospective purchaser would be willing to pay for a particular vehicle. Karl Benzs Velo (vélo means bicycle in French) model (1894) - entered into the first automobile race 2005 MINI Cooper S. An automobile (also motor car or simply car) is a wheeled passenger vehicle that carries its own motor. ... A car dealership is a franchise that sells new cars, used cars or both, provides maintenance service for cars, stocks and sells parts, and processes warranty claims. ... This article or section needs to be wikified. ...


Currently, "sticker price" — the price of a vehicle as advertised by a particular dealer — often includes a substantial markup over the MSRP. The actual price paid to the manufacturer by the dealer (and all rebates/incentives the manufacturer provides to the dealer) are not common knowledge. In many cases sticker prices are inflated in order to give customers the feeling of getting the car for well below the sticker price after negotiations, while ensuring good profit to the dealer. It is the buyers' responsibility to be familiar with the dynamics of car sales, and to negotiate with several dealers in order to secure the deal available.


Minimum advertised price

Minimum advertised price (also known as Resale price maintenance) is the practice of restricting pricing at the consumer level. Price fixing agreements are illegal in many countries when members and terms in the agreement match predefined legal criteria. Fixed pricing established between a distributor and seller or between two or more sellers violates antitrust laws in the United States. A minimum advertised price policy between a distributor and seller is acceptable as long as it is referring to the advertised price and not the selling price.[citation needed] This does not affect a single manufacturer setting the price on a "take it or leave it" basis.[citation needed] Resale price maintenance is the practice whereby a manufacturer requires distributors of their product to sell at certain prices, or set a minimum price. ... The examples and perspective in this article do not represent a worldwide view. ... This article is about anti-competitive business behavior. ... Look up policy in Wiktionary, the free dictionary. ...


Rack rate

Rack Rate is the travel industry term for the published full price of a hotel room, which the customer would pay if they walked into the hotel off the street and asked for a room. While lower than the maximum rate that the hotel may be allowed to charge under local laws, it is higher than the rate most travel agents can book for their customers. A tourist boat travels the River Seine in Paris, France Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ... Dariush Grand Hotel,Kish island, Iran The 4-star Manor House Hotel at Castle Combe, Wiltshire, England. ...


External links


  Results from FactBites:
 
Suggested retail price - Wikipedia, the free encyclopedia (425 words)
Suggested prices fly in the face of Competition Theory, as it allows prices to be set higher than would otherwise be the case, negatively impacting consumers.
Much of the time, stores charge less than the suggested retail price, depending upon the actual wholesale cost of each item, usually purchased in bulk from the manufacturer, or in smaller quantities through a distributor.
Prior to the spread of manufacturer's suggested retail pricing, there were no defined prices on vehicles and dealers were able to impose arbitrary markups, often with prices adjusted to what the salesperson thought the prospective purchaser would be willing to pay for a particular vehicle.
  More results at FactBites »

 
 

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