1. Product policy involves decisions about a company's product and service offerings and provides a framework for assessing global product opportunities. It helps satisfy customer needs and build competitive advantage through core competencies. 2. There are four main types of industrial product lines: proprietary/catalog products, custom-built products, custom-designed products, and industrial services. 3. Defining the relevant product market is important for sound product decisions. The product market establishes the arena in which a business competes and considers customer functions, technologies, customer segments, and value chains.