Definition, Meaning & Synonyms
mrp
noun
ˌɛmˌɑrˈpi
Definition
Maximum Retail Price.
Examples
- The MRP of this smartphone is $699, but it’s currently on sale for $599.
- Always check the MRP before making a purchase to ensure you’re getting a good deal.
- Retailers often display the MRP on products to give customers a reference point for value.
Meaning
MRP refers to the highest price at which a product can be sold to consumers. It is set by manufacturers and includes all taxes and costs but does not mandate that retailers must sell at this price. Consumers should expect that prices may be lower than the MRP in some cases.
Synonyms
- Retail Price
- List Price
- Suggested Retail Price (SRP)
