| Word |
Definitions |
| Label |
The part of a package that carries information about the product it contains; a label may be a permanent part of the primary package or a tag, sticker, band, etc. See Brand Label; Descriptive Label; Flag; Grade Label; Informational Label. |
| 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. |
| Laboratory Test Markets |
see Accelerated Test Marketing. |
| Laggards |
Those in a community who are slowest to adopt a new product. See Diffusion of Innovation; Early Adopters; Early Majority; Innovators; Late Majority. |
| Lagged Effect |
see Lagged Response. |
| 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. |
| Laminate |
A clear, plastic coating applied to paper to enhance its durability, or the act of applying this coating. Laminates are available in varying degrees of rigidity. |
| Last-Chance Close |
see Standing Room Only. |
| 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. |
| Latent Demand |
Demand for a product which can satisfy a want which is unable to be satisfied by any existing product. |
| Lead Generation |
The activity of identifying potential customers. |
| Leader Pricing |
see Loss Leader Pricing. |
| Leads |
see Sales Leads. |
| Learning |
Fixed behavioural changes resulting from an individual's experiences. |
| Learning Curve |
A graphical representation of the way in which average unit cost of production decreases as output rises; also called an Experience Curve. |
| 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. |
| Leasing |
The granting, under contract, of use of a product for an agreed upon period of time in return for a rental payment. |
| Legal and Political Environment |
Factors in government, the law and the regulatory system which affect the way an organization operates. |
| Less-Than-Carload Freight Rate |
A U.S. term for the freight rate charged by a railroad company when a producer's shipment is less in volume than one full carload. See Carload Freight Rate. |
| Lettershop |
An organization that handles the mechanical details of mailings such as addressing, imprinting, collating, etc. Most lettershops offer printing services including laser and inkjet printing. |
| 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. |
| Liability |
see Product Liability. |
| 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 and so on. |
| Licensed Product Strategy |
Marketing plans and actions based on the use of licensed characters. See Licensed Characters. |
| Licensing |
The granting of permission by one manufacturing organization to another to use a registered brand, symbol, process, patent, etc. |
| Lift Letter |
In direct mail, this is a second, shorter letter or note included with the promotional package. The lift letter/note provides an additional opportunity to promote the offer, address potential customer concerns or objections or reiterate key selling points. |
| Lift Note |
In direct mail, this is a second, shorter letter or note included with the promotional package. The lift letter/note provides an additional opportunity to promote the offer, address potential customer concerns or objections or reiterate key selling points. |
| Limited-Assortment Store |
A "bare-bones," low-priced grocery store that provides very limited services and carries fewer than 2,000 items with limited-if any-perishables, e.g., Aldi and Sav-A-Lot. |
| Line Art |
One-color illustrations that can be printed without halftones. |
| List |
Names and addresses of individuals and/or companies, often with common interests, characteristics or geographical locations. |
| Live Postage |
Using an actual postage stamp on direct mail pieces (instead of using a postage meter). |
| Live Stamp |
Using an actual postage stamp on direct mail pieces (instead of using a postage meter). |
| Logo |
A mark or symbol that represents a company or product. Logos can include graphic elements, type or both. |
| 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. |
| Lossless Compression |
An electronic graphics compression equation that reduces file size with no loss of image information. Lossless compression formats, like GIF, are typically used for line art or logos, where any information loss would be noticeable. |
| Lossy Compression |
An electronic graphics compression equation that reduces file size, but also loses a small amount of image information. Lossy compression formats, like JPEG, are typically used for photographs, where slight information loss is not noticeable. |
| Loupe |
Small, cylindrical magnifying glass used by graphic arts professionals to inspect transparencies, printing films and other proofs. |