Often, whenever we go shopping anywhere, we definitely check the MRP, be it online or offline. The full form of MRP is Maximum Retail Price. It means that no one can charge more than the MRP mentioned on any product. If someone does this, then how can you stop him and take some kind of action? Many times it happens that when you buy something from somewhere, especially a cold drink or something that you consider to be a very essential item, the shopkeeper charges you extra. If you ask, he says that he is charging extra for cooling it. If the MRP of a product is ₹35, then many people charge you even ₹40. Sometimes we remain silent for some reason, or we have to pay for it because we do not have any option, but if you have an option, then you should raise your voice against it. If you argue with that person that the MRP is written as 35, then it will remain that if you want the ₹35 one, then you will definitely get that one. So in the end, you have to buy the same ₹35 product for ₹40. This happens sometimes, even online; you must have seen that the prices of the products are very high, and you feel that during the sale, that thing is sold for a very low price.
The price of any product is determined based on the raw materials used, labour charges, and marketing expenses. Only then is the MRP determined. Many major brands spend a lot on advertising, making their products expensive. However, some brands don't engage in any kind of promotion at all. These local brands thrive on their own because they're easily available everywhere, eliminating the need for advertising. Gradually, people become more and more familiar with them. There are likely many products around you that you've never seen an ad for, yet they're still sold and highly popular. Everyone has a different strategy. If someone wants to scale to a large scale, they'll need to do marketing. However, to scale at a small level, you don't need to do much marketing.
Some dealers fool people by writing a very high MRP, and there are many such products too. If you buy any Chinese product, they are expert in copying everything, and you can get such a product very cheaply. But if you buy the same product from a big brand, then you get it at a very high cost. See, branded products, which are very costly, are bought by rich people because they have to shop, but if you are buying something as per your need, then perhaps you do not need to know the price first.
Look, there are many things in the product and in such a situation it becomes a little difficult to keep all the sectors under surveillance. Many big products invest a lot of money in their marketing, due to which they make a profit from the value of their product. If you buy a product from a smaller brand other than a major brand, you'll get significantly more than that. Large brands spend a lot of money on advertising and marketing, which requires them to recoup their costs, forcing them to increase their MRP. We often judge the value of items by their MRP. If you see something for ₹1,000 and find it online for ₹300, you might think it's ₹700 cheaper, but it's actually ₹800. Often, the actual value of the product is significantly lower. Whenever a new phone launches, it's often priced significantly higher, and people expect to pay a lot for it. However, if you're buying the same phone after some time, its value automatically decreases. Buying during a sale provides even greater benefits. Sometimes I feel sad thinking about those who buy a product as soon as it's launched. Yes, some people are very fond of things and need them immediately, which sometimes leads them to overpay.
There should be a set rule for product pricing; there shouldn't be any arbitrariness. If you go to buy a single product, you'll find thousands of varieties. For example, if you go to buy toothpaste, you'll find numerous brands. This is just one example, and different brands offer different MRPs. However, sometimes people choose a brand because of their emotional connection. If I talk about India, the sentiment around Patanjali has grown significantly, and people buy Patanjali products in large quantities. I've been using Patanjali toothpaste for a few years, and I use many other Patanjali products as well. To be honest, they're much cheaper than other brands, and they're much better. Everyone has different preferences.
So overall, the point is that everyone buys a product according to their own preference and their financial condition. If your financial condition is quite good then you might not even look at the price, you will just check the quality of the product and see the product and you will purchase it after seeing it like that, but if a person is not that financially stable then he has to wait for everything, if he wants to buy a product then he waits for the sale so that he can get a good thing at a lower price and if a person has money then he does not have to wait for the sale, a lot changes from here.
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Thank you so much
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Thank you so much
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This is is interesting read! Also in our country, prices can vary so much between stores.
Thank you so much for reading and sharing your thought.
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Is a MRP for all products in your country? Here in Paraguay does nothing like MRP.
MRP seems like a joke to me in the present time because now people can even change the mrp by adding a stickers with high prices. Many even says that it's the old price the current price has been increased. I feel that we are somehow used to with it as it happens with is repeatedly.
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