What does MRPRS mean in GENERAL
MRPRS stands for Maximum Retail Price – Rupees, and is the maximum price at which a product can be sold in shops across India. It is an important part of the Pricing Strategy associated with any product. MRPRS helps companies ensure that customers get a uniform price and no shopkeeper charges a premium to generate higher profits. The MRPRS mentioned on the package is valid in most local markets, however it may vary online. This article contains detailed information about how MRPRS works in India and its importance
MRPRS meaning in General in Business
MRPRS mostly used in an acronym General in Category Business that means Maximum Retail Price -- Rupees
Shorthand: MRPRS,
Full Form: Maximum Retail Price -- Rupees
For more information of "Maximum Retail Price -- Rupees", see the section below.
Essential Questions and Answers on Maximum Retail Price -- Rupees in "BUSINESS»GENERALBUS"
What is Maximum Retail Price (MRP)?
Maximum Retail Price (MRP) is the highest price at which a product can be sold in the retail market. The MRP must include all taxes applicable to the product.
Is it mandatory for retailers to adhere to MRP?
Yes, it is mandatory for retailers to sell products at their MRP. Any retailer found selling products above the MRP will be subject to legal action.
Are there any exceptions to following the MRP rule?
Yes, there are certain exemptions from adhering to the MRP rule such as discounts given on bulk purchase or a promotional offer by manufacturer/distributor. It is advised that you confirm with relevant authorities before undertaking any such transactions.
Can a retailer charge an amount more than MRP under any circumstances?
No, under no circumstances should a retailer charge more than his designated Maximum Retail Price (MRP). This also includes any additional services provided by the shopkeeper or transportation charges.
How does the manufacturer decide on an MRP?
The manufacturer decides on an MRP based on several parameters like manufacturing costs, pricing of similar products in market and taxes applicable etc.
Does changing geographical location affect product prices?
Yes, different geographical locations often have different tax rates applied thereby resulting in variation of prices of same products in different regions even if they have same MRPs listed by manufacturers/distributors.
Can relabelling of goods lead to change in price?
Yes, in certain instances like when goods are labelled according to region specific labeling regulations, then relabelling of goods can lead to slight variation in original listed price. It is advisable that buyers should check with relevant authorities before making purchase decisions based on differences in labels alone