Q17: a) Define the term Marketing?
b) Define Middleman?
c) Name the various agent (middlemen) employees home trade stating, briefly the function performed by each?
Ans, a) DEFINITION OF MARKETING:
Marketing refers to all such activities as are performed to make the goods available to the ultimate consumers from the point of their origin. In other words, marketing is the sum totals of all those activities which arc performed in the exchange of goods between various sectors of the company for satisfying the needs of the consumers.
Main Marketing functions are:
(1) Buying, (2) Selling, (3) Transporting, (4) Storing,
(5) Standardization and Grading. (6) Financing.
(v7) Risk taking (8) Product Planning and Development
(9) Pricing, (10) Market Research
(b) DEFINITION OF MIDDLEMAN:
Middlemen are person who intervene between the primary producer and the ultimate consumers in the exchange of commodities. They organize the work of linking together the producers and the consumers and act as a bridge over the gulf between the successive stages in the productive processes of manufacture. Within the category of middlemen agent Factors, brokers, dealer, shopkeepers, merchants and other similar undertaking are included.
(c) KIND OF AGENTS (MIDDLEMEN):
There are many types of agent who are employed in home trade:
i) A GENERAL AGENT:
He is generally appointed by the land estates or manufacturers. They perform the general duty of principal
ii) A PARTICULAR AGENT:
This Type of agent is appointed to carry on, some particular business. He is engaged for a particular Transaction only e.g., to sell the landed properties.
(iii) COMMISSION AGENT:
They include all those agents who act on behalf of the employers and got commission as remuneration.
(iv) TRAVELING AGENT:
Importers and wholesalers require the services of some agent, who go from Place to place to push up the sales of their commodities such agents are known as traveling Agent.
(v): DECREED AGENT:
A Decreed agent is a selling Agent, who in consideration of high commission undertakes to identify the principal agent bad debts which generally occur due to non-payment of prices of the goods sold to the customers on credit.
(vi) FORWARDING AGENT:
He is appointed when goods are exported to the foreign countries. His principal function is to receive the goods at the docks, to arrange freight, to perform Custom Formalities, to process bills of lading and to insure the goods.
(vii) CLEARING AGENT:
A clearing agent is appointed when goods are imported. He performs the custom formalities takes delivery of the goods from the steamship companies and served the goods to the importer according to his remuneration.
They maintain warehouses where they stock the goods of the parties and for providing such services, they get remuneration.
Auctioneer refers to an agent who sells goods on behalf of the principal by auction to the highest bidder.
(x) THE JOBBER:
The Jobber refers to the wholesale middlemen of the manufactures market. They collect goods of various varieties from different sources which the retailers need to meet the wart of the customers. He generally deals in consumer’s goods.
The underwriter help the new company by taking up the volume of shared with the company i.e., shares not purchased by the public. They get shares or commission or both for the services that they render.
Factor is a mercantile agent to whom goods are delivered by the principal. He take possession of the goods in his own name, collects the prices from the customers and XX XXXX hi his own name.
A Broker is an agent who is employed to negotiate and make contract about the sale or purchase or goods without having the possession of the same.