10 Questions
What does 'SRP' stand for in the context of consumer products?
Suggested Retail Price
What was the pricing mindset before the introduction of 'Suggested Retail Price'?
Always subject to negotiation
Where are consumers expected to haggle with vendors according to the text?
Tiangge (market stalls)
What is 'tawad' as mentioned in the text?
Consumer discount
Why do merchandisers look at non-haggling shoppers with contempt according to the text?
Because non-haggling shoppers don't understand the 'dance'
What is the misconception about pricing that the text mentions?
Having high markups always leads to higher sales in competitive markets
What situation can lead to attracting a lot of buyers but without covering total costs?
Offering low prices without considering total costs
When can high markups be sustained according to the text?
When the product has no substitutes and no competition
In what scenario can higher prices lead to lower sales in competitive markets?
When the business has priced itself out of the market
What opportunity does having no substitutes and no competition provide according to the text?
An opportunity to generate extraordinary profits with high markups
Explore the history and evolution of the suggested retail price (SRP) and its impact on consumer product pricing. Learn about the transition from negotiation-based pricing to the introduction of SRP in stores and market stalls.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
