(a) What is a market facilitators? (b) State four functions of market facilitators. (c) The women in Eke market formed a Garri Seller's Union. State five ro...

Answer Details

(a) What is a market facilitator?

A market facilitator is a person or organization that assists in the smooth exchange of goods and services between buyers and sellers, without necessarily taking ownership of the goods. Facilitators provide supporting services such as transport, storage, finance, insurance, grading and market information that make marketing transactions easier and more efficient.

(b) Four functions of market facilitators

1. Providing finance: Banks and other facilitators supply credit and loans to enable buying and selling.
2. Providing transport and storage: They move and warehouse goods so that products are available at the right place and time.
3. Providing market information: They supply data on prices, demand and supply that guide traders' decisions.
4. Bearing and reducing risk: Insurers and others accept risks such as loss, damage or theft of goods.

Other acceptable function: grading, standardising and advertising to promote exchange.

(c) Five roles of the Garri Sellers' Union in Eke market

1. Regulating prices: The union sets or guides fair selling prices to prevent under-cutting and exploitation.
2. Settling disputes: It resolves quarrels and disagreements among its members and with customers.
3. Protecting members' interests: It defends the welfare and rights of members against unfair treatment or external threats.
4. Providing financial assistance: It runs contributions or cooperative savings to give members loans and support.
5. Ensuring quality and fair standards: It sets standards of measurement and product quality to maintain customer confidence.

Other acceptable role: representing members in dealings with market authorities and government.