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| There are 57 entries in the glossary. |
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| labeling | activities associated with the design and content of the wording on a product or package which identifies it and provides instructions for its handling and use
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| laggards | those in a community who are slowest to adopt a new product, see diffusion of innovation, early adopters, early majority, innovators, late majority
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| lagged response | a delayed response by consumers to an advertising campaign, measuring the effect of a campaign which is running currently is made more difficult by a lagged response to an earlier one, also called lagged effect
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| late majority | the large, conservative group in a community slower than all except the "laggards" to adopt a new product, see diffusion of innovation, early adopters, early majority, innovators, laggards
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| latent demand | demand for a product which can satisfy a want which is unable to be satisfied by any existing product
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| LCMS | see learning content management system |
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| lead | a person or organization that has shown an interest in a particular product or service, can also be used to describe a person or organization that sales or marketing staff feel may have a need for a particular product or service
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| lead generation | the activity of identifying potential customers
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| lead nurturing | having consistent and meaningful communication with viable customers regardless of their time to purchase
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| lead status | tracking of a lead (generated by referral, marketing efforts, or cold calling) through the sales process
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lead time
Author: Eris | time between order and delivery, installation or commencement of a sale of a product or service |
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| leadership development | the training or courses that teach someone how to be a better leader
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| leads | see sales leads
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| learning | fixed behavioral changes resulting from an individual's experiences
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| learning content management system | a system that lets training professionals keep track of the courses they have taken
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| learning curve | a graphical representation of the way in which average unit cost of production decreases as output rises, also called an experience curve
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| learning management system | a software application that companies use to track what their employees learn |
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| learning process | the way in which an individual's behavior changes as a result of previous experiences, the process consists of four basic components - a stimulus or cue which creates a drive, the drive which motivates the individual to make a response, the response or action undertaken by the individual, and reinforcement by means of reward or punishment which determines whether the individual will act in that way again
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| leasing | the granting, under contract, of use of a product for an agreed upon period of time in return for a rental payment
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| legal and political environment | factors in government, the law and the regulatory system which affect the way an organisation operates
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| less-than-carload freight rate | term for the freight rate charged by a railroad company when a producer's shipment is less in volume than one full carload
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| lexicographic model (of brand evaluation | a model used in the study of consumer decision processes to evaluate alternatives, the idea that if two products are equal on the most important attribute, the consumer moves to the next most important, and, if still equal, to the next most important, etc thus, the purchase decision is made when one of the brands possesses more of an attribute, looked at in order of importance, than its rival, other models of brand evaluation include the expectancy-value model, ideal brand model, conjunctive model, disjunctive model, lexigraphic model and determinance model
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| licensed characters | figures from fiction, television, movies, etc which are used, under license from their creators, in the marketing of consumer goods such as breakfast cereals, chocolate bars, ice creams, etc |
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| licensed product strategy | marketing plans and actions based on the use of licensed characters
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| licensing | the granting of permission by one manufacturing organisation to another to use a registered brand, symbol, process, patent, etc
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| life cycle cost | the costs associated with the use and maintenance of a product over its expected life span
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| life stage buying power segmentation | the division of a total heterogeneous market into relatively homogeneous groups on the basis of their ability to afford a product at their particular stage in the family life cycle
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| lifestyle | an individual's way of life as shaped by his or her interests, attitudes and opinions
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| lifestyle segmentation | the division of a total heterogeneous market into relatively homogeneous groups on the basis of their way of life as shaped by their interests, attitudes and opinions
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| likert scale | a rating device frequently used in marketing research questionnaires in which respondents indicate their level of agreement with a statement by choosing the appropriate response from a scale, e.g. strongly disagree, disagree, undecided, agree, strongly agree
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| limited problem solving | buying situations in which a purchaser has had some previous experience but is unfamiliar with suppliers, product options, prices, etc, also referred to as limited decision making
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| limited-line department store | a department store which carries a narrower range of merchandise than a full-line department store, typically, a limited-line department store will be characterised by high-quality merchandise and high prices
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| limited-line retailer | a retailer carrying only one line, or a few related lines, but a large assortment of produce
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| limited-line strategy | the decision by a producer to offer a lesser number of product variations than is possible
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| limited-service wholesaler | a wholesaler providing less than the full range of services of some other wholesalers but attempting to compensate for this by offering lower prices
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| line organization | an organizational structure in which authority moves down in a line from the chief executive, typically, there are no specialists or advisors, the chief executive having complete authority over decision making |
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| liquidity | current assets, other than inventory and work in progress, to which a firm has ready access, liquidity represents a company's ability to meet its immediate liabilities
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| list brokers | firms which compile and sell mailing and prospect lists
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| list price | the regular price of a product before any discount is given or allowances made
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| listening | critical selling skill - hearing what the prospect or customer is saying and what their needs are
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| LMS | see learning management system
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| loading objective | one of the three possible aims or objectives (with loyalty objective and trial objective) of a consumer sales promotion, purchasers are offered incentives to buy a greater quantity of the product than they would otherwise have done
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| lock-out revenue | the dollars generated from a customer over time because of the customer's perceived hassles associated with switching to a competitor
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| logistical costs | costs involved in the acquisition and transportation of materials required for production, and for the storage, handling, and shipment of finished goods to customers
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| logistical functions | one of the three kinds of functions (with transactional functions and facilitating functions) performed by intermediaries in a marketing channel, logistical functions include the assembling of a variety of products, storing them, sorting them into appropriate categories and sizes, and arranging them on retail shelves
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| logistics | activities involved with the orderly and timely acquisition and transportation of materials required for production, and with the storage, handling and dispatch of finished goods to customers
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| logo | a distinctive mark, sign or symbol, or a graphic version of a company's name, used to identify and promote its product
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| long range planning | strategic planning over an extended horizon, "long-range" is commonly thought to be at least three years into the future
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| long-run average cost | the average cost per unit of a set or group of products in the long term, note that the long-run average cost may be somewhat lower than the short term average cost because of the effects of greater production experience
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| loss leader | a product offered at less than cost to attract purchasers to a store so that they will buy other items at regular prices
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| loss leader pricing | the pricing of a product at less than cost to attract purchasers to a store so that they will buy additional items at normal prices
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| lost account ratio | a measure used to evaluate salespeople in which the salesperson's ability to keep prior accounts as active customers is calculated
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| lottery | a form of consumer sales promotion in which purchasers are offered to win prizes if their names are drawn from a barrel, a game of chance
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| low involvement products | products which are bought frequently and with a minimum of thought and effort because they are not of vital concern nor have any great impact on the consumer's lifestyle
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| low-touch service | customer service characterised by a low level of personal contact with customers, low-touch customer service is primarily automated or provided by vending machines, such as automatic telling machines at banks, self-service petrol pumps at garages, etc
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| loyal customer | a buyer who chooses to do business with a particular supplier and intends to buy from that supplier in the future
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| loyalty objective | one of three possible aims or objectives (with loading objective and trial objective) of a consumer sales promotion, purchasers are offered incentives to stay loyal to a particular brand
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Glossary V2.0 |
