What is retail price?

Retail price is the price at which a product is sold to the end consumer in a retail setting. It is typically set by the manufacturer or distributor and includes the cost of production, transportation, marketing, and a markup for profit. Retail price can vary depending on the brand, quality, and demand for the product. Retailers may also offer discounts or promotions to attract customers and increase sales. Pricing strategies such as competitive pricing, skimming, and penetration pricing can also influence the retail price of a product. Retailers often use pricing analytics and market research to determine the optimal retail price for their products.