or facilitate in the transfer of goods and services from the producer to the consumer. They are not directly connected with the transfer of goods. Under this category the following functions are included. i.
Financing: a. Long-term finance b. Medium-term finance c. Short-term finance ii.
Risk Bearing: POLITICAL RISK BEARING TIME RISK PLACE RISK RISK ARISING FROM NATURAL CALAMITIES COMPETION RISK HUMAN RISKS a. Time risk b. Place risk c. Competition risk d.
Risk of change in demand e. Risk arising from natural calamities f. Human risks g. Political risks iii.
Market Information: According to Clark and Clark market information means “all the facts, estimates, opinions and other information used in marketing of goods”. iv. Standardization: Standardization means establishment of certain standards based on intrinsic qualities of a commodity. The quality may be determined on the basis of various factors like size, colors, taste, appearance etc.
v. Grading: Grading means classification of standardized products in to certain well defined classes. vi. Branding: Branding means giving a name or symbol to a product in order to differentiate it from competitive products.
vii. Packing: Packing means wrapping and crating of goods before distribution. Goods are packed in packages or containers in order to protect them against breakage, leakage, spoilage and damage of any kind. viii.
Pricing: Pricing is perhaps the most important decision taken by a businessman. It is the decision upon which the success or failure of an enterprise depends to a large extent. Therefore, price must be determined only after taking all the relevant factors into consideration.