What is suggested retail price in SAP IS-R - SAP for Retail?

SAP Term: suggested retail price

• Component: IS-R

• Component Name: SAP for Retail

• Description: Retail Sales price recommended by the manufacturer but not mandatory. &EXAMPLE& The resale price is recommended by the manufacturer in a price list. The resale price is printed on the merchandise as a suggestion.

Smart SAP Assistant

• Key Concepts: 
  Suggested retail price (SRP) is a pricing strategy used in the retail industry. It is the price that a manufacturer recommends a retailer to charge for a product. SRP is also known as the manufacturer's suggested retail price (MSRP). 
  
  How to use it: 
  In SAP for Retail, SRP is used to set the prices of products in the system. The SRP is set by the manufacturer and can be adjusted by the retailer. The SRP is used as a reference point for pricing decisions and can be used to set discounts or markups on products. 
  
  Tips & Tricks: 
  It is important to keep track of SRPs in SAP for Retail, as they can change over time. It is also important to ensure that the SRP is updated regularly to reflect any changes in the market or in the product itself. 
  
  Related Information: 
  SRP is closely related to cost-plus pricing, which is another pricing strategy used in retail. Cost-plus pricing involves setting prices based on the cost of producing a product plus a markup. This type of pricing can be used in conjunction with SRP to ensure that prices are competitive and profitable.