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Summary:
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The term middleman is an informal word for an intermediary in a transaction or process chain. A middleman, or intermediary, will facilitate interaction between parties, typically for a commission or fee. Intermediaries also make money by selling the product for more than its purchase price. However This free extension provides people to meet with middleman's for no cost at all! What are you waiting for GET ON THIS NOWWWW!!!
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Types of Middlemen
Middlemen can be classified into two categories, namely merchants and agents.
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1. Merchants
Merchants, such as wholesalers and retailers, buy and re-sell their goods. They take ownership of inventory and bear the expense of storing and distributing the product. They make money by selling the goods at a higher price than its cost to them. The difference is called the “markup.”
Merchant middlemen range from a shopkeeper to a large multinational corporation with international operations. Larger middlemen may focus on a core competency, such as delivery, advertising, warehousing, or a particular market segment.
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2. Agents
Agents, such as brokers or real estate agents, specialize in negotiations involved in transactions. They do not take ownership of what they are selling. Instead, they make money by charging a commission or a fee for facilitating a transaction.
For example, brokers act as intermediaries between investors and the securities exchange. They provide trading services, investment advice, and solutions to their clients and charge a brokerage fee in return.
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Middleman - Types
Functions of Middlemen
Middlemen perform the following functions in a marketplace:
They provide valuable information and feedback to producers about consumer behavior, changing tastes and fashions, upcoming rival businesses, etc.
They enable manufacturers to concentrate on the primary function of production by handling the ancillary functions of warehousing, distribution, advertising, insurance, etc. They promote the goods to the consumers on behalf of the producers.
Middlemen like banks and other financial institutions render financial services to manufacturers.
They make the goods and services available to consumers at the right place, at the right time, and in the right quantity.
Buyers and sellers are often unwilling to assume the market risk for fear of a possible loss. It is the middlemen in the process chain who assume the risks of theft, perishability, and other potential hazards.
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Importance of Middlemen
Intermediaries are important players in every market. Both consumers and producers stand to benefit from their services. In addition to constantly matching the supply and demand in the market, middlemen provide valuable feedback to the producers about their market offering. By specializing in functions such as banking, warehousing, transportation, underwriting, etc., they bring the economic benefits of specialization and division of labor to the market.
Buyers gain access to the right quantities of goods and services close to their homes through the intermediary channels. They benefit from other services of middlemen, such as advertising and delivery.
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Disadvantages of Middlemen
Despite the many advantages that middlemen can offer, some people believe that middlemen do more harm than good and should be eliminated. As goods exchange hands from one middleman to the other, their prices inflate.
A higher price is charged at each junction to cover the cost of warehousing, insurance, transportation, advertising, etc. When a profit margin for each middleman is also factored in, consumers ultimately must bear the price of having intermediaries in the channel.
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Additional Resources
CFI is the official provider of the global Certified Banking & Credit Analyst (CBCA)™ certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional CFI resources below will be useful:
Financial Intermediary
Commercial Insurance Broker
Legal Counsel
Arbitration
AND US!!!
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