This study aims to analyze the effects of implementing the open price system (abolition of manufacturer's suggested retail prices) on consumers, manufacturers, and retailers. From the consumer perspective, the study (1) analyzes changes in dependence on price and non-price factors as well as changes in information search and alternative evaluation after the implementation of the open price system, (2) assesses consumer trust in manufacturer-listed prices versus retailer-listed prices, and (3) investigates how consumer-related variables and situational variables influence such trust. The focus of the manufacturer survey is to examine changes in the marketing mix of manufacturers following the implementation of the open price system. The retailer survey aims to analyze changes in pricing and customer service as well as attitudes toward the open price system. Hypotheses for the research issues were developed through a review of the literature on the effects of listed prices on consumer perception and resale price maintenance. Surveys were conducted with 431 consumers, 29 leading manufacturers, and 81 specialty cosmetics stores, and the data were used to test the hypotheses. The major findings of this study can be summarized as follows. First, there was no difference in consumer prices based on actual selling prices compared to before the pricing system change. Consumer dependence on price increased, and both manufacturers and retailers perceived that price competition had intensified. According to manufacturers' perceptions, consumer complaints about prices also increased. Apart from shifting competition from a discount-rate basis to an actual-selling-price basis, the pricing system change appears not to have achieved the expected effects on pricing. The positive effects of the open price system include manufacturers placing greater emphasis on product quality and reliability, R&D investment, new product development, and product diversification, as well as increases in manufacturer services to retailers and retailer services to consumers. This suggests the possibility of a future transition toward competition based on products and services rather than price.