Functional middlemen and merchant middlemen.
Functional Middlemen
Those who undertake various marketing functions in the process of distribution of goods without having ownership rights are called functional middlemen. These functional middlemen operate on behalf of owners. They perform a specific function or undertake general functions relating to purchase and sale. These middlemen are also called ‘mercantile agents’. Depending on the functions performed, the functional middlemen may be classified into five categories. Let us discuss about them briefly.
1. Factors: A middleman who keeps the goods of others and sells them with the approval of the owner is known as a ‘factor’. The goods are normally in his possession or under his control. With the approval of the owner the factor can sell the goods as agent, or sell in his own name, or pledge goods in his possession, or can do all such acts as can be done by the owner of the goods. After the sale of goods, he receives the payment from the buyer. He receives commission at a fixed percentage on sales from his principal.
2. Brokers: Middlemen who bring together the buyers and sellers and negotiate the terms and conditions of sale on behalf of either the buyer or seller are known as brokers. When a broker acts on behalf of the buyer,
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