What does MSRP mean?
Manufacturer’s Suggested Retail Price (MSRP) is the sell price a supplier sets for their product or service.
While this does not need to be strictly adhered to, resellers often use this Manufacturer’s price in order to keep a strong relationship with their supplier. The Manufacturer’s suggested price is also often know as the recommended retail price or the suggested retail price.
The MSRP price helps to standardise goods and services in order to give manufacturers and resellers an equal opportunity to sell the item.
Many times, the MSRP will be combined with a Minimum advertised price in order to help give resellers an overall view of the intended pricing from the manufacturer.