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RRP stands for recommended retail price or suggested retail price, which is the price at which a manufacturer recommends that a retailer sell a product. The term is used in different countries and industries, such as the UK, the US, and the automobile sector, and may have different legal implications.
Invoice price is the actual price that the end-customer retailer pays to the manufacturer or distributor for a product. Learn how to calculate the net purchase cost, the difference between invoice price and trade price, and the accounting methods for recording invoice price.
Retail Price Index (RPI) is a measure of inflation in the UK, published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services, and is used for various purposes such as tax rises and rent increases.
Discounts and allowances are reductions to a basic price of goods or services.. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer ...
A retail pricing strategy where retail price is set at double the wholesale price. For example, if a cost of a product for a retailer is £100, then the sale price would be £200. In a competitive industry, it is often not recommended to use keystone pricing as a pricing strategy due to its relatively high profit margin and the fact that other ...
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. Learn about the ancient origins, evolution and modern forms of retail, as well as the different types of retailers and retail markets.
Psychological pricing is a strategy based on the theory that certain prices have a psychological impact on consumers. It involves expressing prices as just-below numbers, such as $19.99 or £2.98, to create the perception of a lower price.
Price is the quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. Learn about the factors that influence price, the functions of price in a free market economy, and the paradox of value and negative prices.