The product policies are general rules set up by the management itself in making product decisions. Good product policies are the basis on which the right products are produced and marketed successfully. A product policy generally covers the following: 1. Product Planning and Development 2. Product Line 3. Product Mix 4. Product Branding 5.What are the sales policies required for a manufacturing firm?
A manufacturing firm needs to design sales policies relating to: The products to be offered for sales, i.e., Product Policies; The categories of customers to whom the products will be sold, i.e., Distribution Policies. The prices at which the products will be sold, i.e., Pricing Policies; andWhat is a sales policy?
What is a Sales Policy? What are its Objectives? A sales policy is a systematic process of developing, coordinating, monitoring the various decisions that have a direct bearing on the company’s sales.Why is it important for a firm to have sound product policy?
So it is very important that the firm must have a sound product policy. It is a competitive tool in the hands of the marketer. It involves four types of product policy decisions. These are: