MAM Ltd. used to be the top dog in the market with 75% share. The company follows the policy of selling goods in cash only and set the target of achieving goal of selling rice at 30% profit. In 2018, other companies started selling rice on credit, which was different from what did (selling only for cash) before. But MAM's managers stuck to their old plans that had always worked before. Unfortunately, the world was changing, and these plans didn't fit anymore. This caused MAM's sales to go down. The story teaches us that sometimes sticking too much to old ways and not adapting to changes in the world can cause problems in business.

What was the policy of the company?

To sell goods in cash

The correct answer is option 2- To sell goods in cash.

MAM Rice Ltd. with a dominant 75% market share follows a policy of selling rice in cash only.