Manufacturer’s Suggested Retail Price (MSRP) is an official business definition in the procurement industry. It represents the price at which a manufacturer recommends that its products be sold in the retail market. This price provides guidance to suppliers and buyers alike, helping them determine what kind of pricing structure to use and aiding in negotiations between sellers and buyers. MSRP helps to create a fair and balanced market for both consumers and businesses by establishing baseline pricing points for goods and services.
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