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Maximum Retail Price
Maximum retail price (MRP) is a manufacturer calculated price that is the highest price that can be charged for a product sold in India and Bangladesh. About However, the retailers may choose to sell products for less than the MRP. MRP differs from systems using a recommended retail price because in those systems the price calculated by the manufacturer is only a recommendation, not enforceable by law. All retail products in India must be marked with MRP. Shops cannot charge customers over the MRP. Some shops may charge slightly below MRP to draw more customers to their stores. In some remote areas, tourist spots, and in situations where a product is difficult to obtain, consumers are often charged illegally over the MRP. In April 2015, it was reported that milk vendors in Mumbai were threatening a boycott after it was discovered they had been charging above MRP and the Maharashtra state government threatened to intervene. Criticism The concept of MRP has been criticized as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations average to between 73–55 ka.", "Modern human beings—''Homo sapiens''—originated in Africa. Then, int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Market
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Pricing
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provision o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition (economics)
In economics, competition is a scenario where different Economic agent, economic firmsThis article follows the general economic convention of referring to all actors as firms; examples in include individuals and brands or divisions within the same (legal) firm. are in contention to obtain goods that are limited by varying the elements of the Marketing mix for product software, marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, prices are typically lower for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly). The level of competition that exists within the market is dependent on a variety of factors both on the firm/ seller side; the number of firms, barriers to entry, infor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-competitive Practices
Anti-competitive practices are business or government practices that prevent or reduce competition in a market. Antitrust laws differ among state and federal laws to ensure businesses do not engage in competitive practices that harm other, usually smaller, businesses or consumers. These laws are formed to promote healthy competition within a free market by limiting the abuse of monopoly power. Competition allows companies to compete in order for products and services to improve; promote innovation; and provide more choices for consumers. In order to obtain greater profits, some large enterprises take advantage of market power to hinder survival of new entrants. Anti-competitive behavior can undermine the efficiency and fairness of the market, leaving consumers with little choice to obtain a reasonable quality of service. Anti-competitive behaviour is used by business and governments to lessen competition within the markets so that monopolies and dominant firms can generate superno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resale Price Maintenance
Resale price maintenance (RPM) or, occasionally, retail price maintenance is the practice whereby a manufacturer and its distributors agree that the distributors will sell the manufacturer's product at certain prices (resale price maintenance), at or above a price floor (minimum resale price maintenance) or at or below a price ceiling (maximum resale price maintenance). If a reseller refuses to maintain prices, either openly or covertly (see grey market), the manufacturer may stop doing business with it. Resale price maintenance is illegal in many jurisdictions. Resale price maintenance prevents resellers from competing too fiercely on price, especially with regard to fungible goods. Otherwise, resellers worry it could drive down profits for themselves as well as for the manufacturer. Some argue that the manufacturer may do this because it wishes to keep resellers profitable, thus keeping the manufacturer profitable. Others contend that minimum resale price maintenance, for ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recommended Retail Price
The list price, also known as the manufacturer's suggested retail price (MSRP), or the recommended retail price (RRP), or the suggested retail price (SRP) of a product is the price at which its manufacturer notionally recommends that a retailer sell the product. Suggested pricing methods may conflict with competition theory, as they allow prices to be set higher than would be established by supply and demand. Resale price maintenance—fixing prices—goes further than suggesting prices, and is illegal in many countries. Retailers may charge less than the suggested retail price, depending upon the actual wholesale cost of each item, usually purchased in bulk from the manufacturer, or in smaller quantities through a distributor. The suggested price is sometimes unrealistically high, so the seller can appear to be offering a discount. List price often cannot be compared directly internationally as products may differ in detail, sometimes due to different regulations, and list pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hindu
''The Hindu'' is an Indian English-language daily newspaper owned by The Hindu Group, headquartered in Chennai, Tamil Nadu. It began as a weekly in 1878 and became a daily in 1889. It is one of the Indian newspapers of record and the second most circulated English-language newspaper in India, after '' The Times of India''. , ''The Hindu'' is published from 21 locations across 11 states of India. ''The Hindu'' has been a family-owned newspaper since 1905, when it was purchased by S. Kasturi Ranga Iyengar from the original founders. It is now jointly owned by Iyengar's descendants, referred to as the "Kasturi family", who serve as the directors of the holding company. The current chairperson of the group is Malini Parthasarathy, a great-granddaughter of Iyengar. Except for a period of about two years, when S. Varadarajan held the editorship of the newspaper, the editorial positions of the paper were always held by members of the family or held under their direction. Histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Times Of India
''The Times of India'', also known by its abbreviation ''TOI'', is an Indian English language, English-language daily newspaper and digital news media owned and managed by The Times Group. It is the List of newspapers in India by circulation, third-largest newspaper in India by circulation and largest selling English-language daily in the world. It is the oldest English-language newspaper in India, and the second-oldest Indian newspaper still in circulation, with its first edition published in 1838. It is nicknamed as "The Old Lady of Bori Bunder", and is an Indian "newspaper of record". Near the beginning of the 20th century, Lord Curzon, the Viceroy of India, called ''TOI'' "the leading paper in Asia". In 1991, the BBC ranked ''TOI'' among the world's six best newspapers. It is owned and published by Bennett, Coleman & Co. Ltd. (B.C.C.L.), which is owned by the Sahu Jain family. In the Brand Trust Report India study 2019, ''TOI'' was rated as the most trusted English newspap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the most densely populated countries in the world, and shares land borders with India to the west, north, and east, and Myanmar to the southeast; to the south it has a coastline along the Bay of Bengal. It is narrowly separated from Bhutan and Nepal by the Siliguri Corridor; and from China by the Indian state of Sikkim in the north. Dhaka, the capital and largest city, is the nation's political, financial and cultural centre. Chittagong, the second-largest city, is the busiest port on the Bay of Bengal. The official language is Bengali, one of the easternmost branches of the Indo-European language family. Bangladesh forms the sovereign part of the historic and ethnolinguistic region of Bengal, which was divided during the Partition of India in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maharashtra
Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union territories of India by population, second-most populous state in India and the second-most populous country subdivision globally. It was formed on 1 May 1960 by splitting the bilingual Bombay State, which had existed since 1956, into majority Marathi language, Marathi-speaking Maharashtra and Gujarati language, Gujarati-speaking Gujarat. Maharashtra is home to the Marathi people, the predominant ethno-linguistic group, who speak the Marathi language, Marathi language, the official language of the state. The state is divided into 6 Divisions of Maharashtra, divisions and 36 List of districts of Maharashtra, districts, with the state capital being Mumbai, the List of million-plus urban agglomerations in India, most populous urban area in India ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second-most populous city in India after Delhi and the eighth-most populous city in the world with a population of roughly 20 million (2 crore). As per the Indian government population census of 2011, Mumbai was the most populous city in India with an estimated city proper population of 12.5 million (1.25 crore) living under the Brihanmumbai Municipal Corporation. Mumbai is the centre of the Mumbai Metropolitan Region, the sixth most populous metropolitan area in the world with a population of over 23 million (2.3 crore). Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named an alpha world city. It has the highest number of millionaires and billionaires among all cities i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
