whose duty is to ensure that MRP of a product is not exagerated?

Question

at times MRPs printed are fictittious.it helps the retailers exploit the consumers.what's the checks and balances and who are responsible.

Answer 1

the one who manufactures and bureau of food and drugs

Answer 2

There is no one out there that is in control of the pricing of goods. We have what is called a "free market". This means it is available to anyone and those that take part in it can do what they want. But this isnt exactly as so.....

The MSRP is the SUGGESTED price the manufacturer wants something to sell at. BUT you know who really makes the price? YOU.
Yep. If a consumer doesnt want to pay 500 dollars for a can of Coke, then they wont buy it, and in turn Coke lowers the price.

The same works with the price of gas. We, the consumer, are allowing for gas to be 4 dollars a gallon, because we are buying at that price. If we didnt buy it...... it would go down in price.

Also, it is NOT against the law to control pricing.
I had a business in which one of the products I sold was price controlled. It is this simple.... The manufacturer believes the value of their product is 100 dollars and they want to keep it 100 dollars so they initiate merchant agreement. This agreement is a contract that says that ALL merchants selling this product will sell it for no less (or sometimes no more too) then the MSRP. So for instance, if WalMart came and bought 10 Million of these items and signed the agreement, they would have to sell them at the 100 dollar price. Now, WalMart can say after the purchase "Nope, we are going to discount them", but then the manufacturer doesnt have to sell to them anymore do they.....

In conclusion, the only entity that controls pricing basically is the consumer. It is not illegal to charge 100 dollars for a cell phone or 100,000..... Just depends on if someone wants to buy it at that price

Answer 3

MRP is always a marketing ploy. It is against the law for manufacturers to have ANY control over the retail price of their products. The only checks and balances possible or needed is for customers to IGNORE them.

Answer 4

in India, it is buyers duty.. as Indian Law says Byer Beware... but MRP too is not helping buyeers in India.. on Highway hotels and in some villages the buyer has to pay exra bucks over and above the MRP .

other countries , ,most , European, Western and even Mid East and Japan China. the Seller beware ... seller has to ensure that MRP is not exagerragted.

Answer 5

The customer and the Govt.

Answer 6

the manufacturer

Answer 7

sales manager