What is the Full Form of MRP?

The full form of MRP in English is Maximum Retail Price. The maximum retail price, or MRP, is the highest price charged in a single country for a specific product. The manufacturer of such a product sets the maximum retail price. The MRP is derived by adding the cost of the items, shipping, and any additional government taxes charged on the commodity, which varies depending on the product. In rare situations, the merchant may sell the things at a cheaper price than the market price. A maximum retail price is a means of preventing retailers and sellers from charging more than the market price for a product. 

MRP Critics

Since the beginning, the concept of MRP has been widely questioned. However, the following are some of the grounds for MRP’s classification:

• A product’s MRP can occasionally be set by the manufacturer to be up to ten times the projected retail price.
• People in rural areas do not have access to a diverse choice of products since retailers in rural areas cannot charge more than MRP due to greater transportation expenses.
• When compared to the free market system, MRP was reprimanded because, with MRP, manufacturers are in charge of fixing the price and determining how much profit merchants will make.
• Changing the MRP by adding extra production quantities, such as a chilling price for chilled drinks.

Also Read: What is the Full Form of USP?

Popular MRP Rules

The maximum retail price (MRP) concept is governed by legal metrology laws, PCR, 2011, and according to this rule:

• Two MRPs on the same item are not permitted.
• To make it easier for the client to read, the font size of the MRP and any other information, such as the expiration date, should be visible.
• The PCR requires the MRP and statement on medical equipment such as thermometers,  valves, and so on to include the PCR.
• Packaged items must be labelled with the product statement and  MRP.
• All necessary information, such as the importer’s name and address, manufacturer’s name and address, packer’s name and address, net content, MRP, and customer service phone numbers, must be included in the items displayed by a seller on an e-commerce site.

Also Read: What is the CPI Full Form?

Objectives of Maximum Retail Price (MRP)

The MRP of any product is clearly displayed on the product packaging to ensure sellers and buyers can easily locate it. Here are some of its key objectives:

• It protects customers from being overcharged by clearly stating the MRP on the package.
• MRP helps retailers uphold the ethics of any business but not overcharging their customers.
• It ensures and maintains transparency in pricing.
• MRP also promotes fair competition among retailers as they charge the same amount for the same product.

Also Read: Diploma in Taxation

Other Full Forms of MRP

Like other abbreviations, MRP can have multiple full forms depending on the field and context. To give you some idea about the same, here are some other long forms of MRP in English that you nee to know:

• Full Form of MRP in Economics or Accounting: Maximum Retail Price / Marginal Revenue Product
• Full Form of MRP in Medical: Magnetic Resonance Pancreatography
• Full Form of MRP in Management and Computing: Material Requirements Planning

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