MARKETING GLOSSARY

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 7 names in this directory beginning with the letter L.
Laggards
People who will not buy a product until after it has become well established and owned by a great number of people.

Law of diminishing return
This states that there is a point after which adding things like product features or increasing quality will not be worthwhile as there will be a low return for the company in doing this.

Life cycle
The evolution of a brand from its launch (birth), through to the end of its natural life where the product is deleted from a company's portfolio. There are different kinds of product life cycle depending on the market however and life cycles can range from as little as one year in a high tech environment like computers through to many decades. The life cycle is characterised by a period of slow growth at launch, followed quickly by fast exponential sales growth. The growth in sales slows at the product reaches a maturity phase and later goes into decline. This is then followed by product withdrawal for financial reasons.

Line extension
A new product that has carries the name of an existing brand normally new sizes, tastes, colours, models etc.

List price
The published price of an item, excluding any discount offered by a reseller.

Lithographic printing
A term used to describe the process for printing what is called the 'traditional' way. Most printing of promotional brochures is done in this way (see also digital printing).

Loyalty schemes
A method used for building relationship with customers by obtaining detailed information about their habits, rewarding the for buying from your business and attempting to stop them switching business to a competitor.
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 7 names in this directory beginning with the letter L.
Laggards
People who will not buy a product until after it has become well established and owned by a great number of people.

Law of diminishing return
This states that there is a point after which adding things like product features or increasing quality will not be worthwhile as there will be a low return for the company in doing this.

Life cycle
The evolution of a brand from its launch (birth), through to the end of its natural life where the product is deleted from a company's portfolio. There are different kinds of product life cycle depending on the market however and life cycles can range from as little as one year in a high tech environment like computers through to many decades. The life cycle is characterised by a period of slow growth at launch, followed quickly by fast exponential sales growth. The growth in sales slows at the product reaches a maturity phase and later goes into decline. This is then followed by product withdrawal for financial reasons.

Line extension
A new product that has carries the name of an existing brand normally new sizes, tastes, colours, models etc.

List price
The published price of an item, excluding any discount offered by a reseller.

Lithographic printing
A term used to describe the process for printing what is called the 'traditional' way. Most printing of promotional brochures is done in this way (see also digital printing).

Loyalty schemes
A method used for building relationship with customers by obtaining detailed information about their habits, rewarding the for buying from your business and attempting to stop them switching business to a competitor.