Recommended retail price; the price suggested by manufacturers for retailers to charge consumers.
Acronym formed in the mid-20th century as mass production and distribution chains developed. Reflects the need for standardized pricing across multiple retail outlets.
RRP creates a fascinating economic dance between manufacturers and retailers - it's a 'suggested' price that carries significant psychological weight, even though retailers are free to ignore it. Many consumers use RRP as an anchor to judge whether they're getting a good deal.
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