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Question
Explain the various functions of Export Trading Houses.
Solution
The functions of export house are mentioned below:
- Identifying potential market for a product
- Finding buyers and their agent and eliciting their response for export proposal.
- Establishing product specification in the light of market needs, standards and regulation in accordance with suppliers capabilities.
- Determining appropriate mode of transportation and routing keeping in mind the cost, quality of service and security.
- Preparing the goods for delivery at destination.
- Determining buyer’s creditworthiness.
- Negotiating the transactions.
- Arranging proper insurance coverage against maritime risks and currency fluctuations.
- Financing the transactions and paying for goods and service received.
- Preparing document for international trade.
- Settling claim.
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