The Origins of Suggested Retail Price
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Questions and Answers

What does 'SRP' stand for in the context of consumer products?

  • Standard Retail Price
  • Special Retail Price
  • Suggested Retail Price (correct)
  • Sale Retail Price
  • What was the pricing mindset before the introduction of 'Suggested Retail Price'?

  • Regulated by government authorities
  • Fixed and non-negotiable
  • Always subject to negotiation (correct)
  • Determined by the sellers only
  • Where are consumers expected to haggle with vendors according to the text?

  • Department stores
  • Shopping malls
  • Online retail platforms
  • Tiangge (market stalls) (correct)
  • What is 'tawad' as mentioned in the text?

    <p>Consumer discount</p> Signup and view all the answers

    Why do merchandisers look at non-haggling shoppers with contempt according to the text?

    <p>Because non-haggling shoppers don't understand the 'dance'</p> Signup and view all the answers

    What is the misconception about pricing that the text mentions?

    <p>Having high markups always leads to higher sales in competitive markets</p> Signup and view all the answers

    What situation can lead to attracting a lot of buyers but without covering total costs?

    <p>Offering low prices without considering total costs</p> Signup and view all the answers

    When can high markups be sustained according to the text?

    <p>When the product has no substitutes and no competition</p> Signup and view all the answers

    In what scenario can higher prices lead to lower sales in competitive markets?

    <p>When the business has priced itself out of the market</p> Signup and view all the answers

    What opportunity does having no substitutes and no competition provide according to the text?

    <p>An opportunity to generate extraordinary profits with high markups</p> Signup and view all the answers

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