Known markdowns refer to the deliberate reduction in the price of a product or service that is widely recognized and acknowledged by consumers. These markdowns are typically planned and advertised by businesses as a way to attract customers and increase sales. They can be in the form of sales, discounts, promotions, or clearance events, and are often used to move excess inventory or to compete with other businesses. Known markdowns are a common strategy in the retail industry and are eagerly awaited by savvy shoppers looking for a good deal.