Marketing policy establishes overarching rules, while procedures provide step-by-step instructions. Here are some examples of each:

Examples of Policies:

• Product/Service Policies: Defining product types, features, and distribution limits.

• Pricing Policies: How prices, discounts, and promotions are determined.

• Communication Policies: Guidelines for customer interactions via social media, email, and customer service.

Examples of Procedures:

• New Product Launch Procedure: Step-by-step for preparing and launching a new product.

• Customer Complaint Handling Procedure: How to receive, investigate, respond to, and escalate customer complaints.

• Social Media Content Update Procedure: Guidelines for content scheduling and posting on social media.

The four core principles of ethical marketing are:

1. Fairness: This involves setting just prices that are reflective of the true value of products.
2. Honesty: This requires truthful advertising, clear communication, and making only substantiated claims about products or services.
3. Responsibility: This principle covers social responsibility (avoiding exploitation, negative stereotypes) and consumer protection (safeguarding data and privacy).
4. Transparency: This means open disclosure of business practices, honest feedback engagement, and accountability for mistakes.

A sales policy establishes rules and guidelines for a company's sales activities, ensuring consistency, protecting the business, and providing clarity for employees and customers. For instance, a sales policy might prohibit misrepresenting product quality or effectiveness. This means a sales representative must not exaggerate a product's capabilities or make false claims to a customer. Instead, they should always be transparent and honest about the product's features and limitations, building trust and adhering to marketing and sales ethics Policy.

Sales ethics refers to a set of behaviors and principles that guide salespeople to treat every customer with respect, fairness, honesty, and integrity. It means prioritizing the needs and choices of the people, rather than forcing an agenda.

Adopting an ethical approach in sales builds loyalty and trust, leading to benefits like higher customer spend. In the short term, it improves lead qualification and accelerates sales cycles. Long-term, it strengthens marketing by turning satisfied customers into advocates, enhancing the brand's reputation as trustworthy and reliable.

The principles of ethical sales emphasize honesty, customer-centricity, and building long-term trust over short-term gains. Key principles include:

• Honesty about Product Impact: Being always truthful about a product's features, capabilities, and expected results. Exaggerating or making false claims erodes customer trust and can lead to negative word-of-mouth.

• Avoid Attacking Competitors: Instead of slandering competitors, focus on showcasing your product's unique benefits, case studies, and how it better addresses the prospect's needs.

• Adopt the "Serve Don't Sell" Method: This approach centers on helping buyers make informed decisions. It involves defining "Perfect Fit Client," conducting thorough discovery of their pain points, offering tailored solutions, securing agreement through proposals, and smooth client onboarding.