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Questions and Answers
What does 'SRP' stand for in the context of consumer products?
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'?
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?
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?
What is 'tawad' as mentioned in the text?
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Why do merchandisers look at non-haggling shoppers with contempt according to the text?
Why do merchandisers look at non-haggling shoppers with contempt according to the text?
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What is the misconception about pricing that the text mentions?
What is the misconception about pricing that the text mentions?
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What situation can lead to attracting a lot of buyers but without covering total costs?
What situation can lead to attracting a lot of buyers but without covering total costs?
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When can high markups be sustained according to the text?
When can high markups be sustained according to the text?
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In what scenario can higher prices lead to lower sales in competitive markets?
In what scenario can higher prices lead to lower sales in competitive markets?
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What opportunity does having no substitutes and no competition provide according to the text?
What opportunity does having no substitutes and no competition provide according to the text?
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