“L”

Laggards: those in a market who are slowest to adopt a new product

Late Majority: The large, more conservative groups in the market, slower than all except the “laggards” to adopt a new products or services

Latent Demand: demand for a product or service which may satisfy a want which currently unmet in the market

Lead Generation: the activity of identifying potential customers, capturing lead data, and nurturing to a sale

Leads:  prospect customer data which may lead to sales to new customers

Licensing: the allowance by one manufacturing or brand organisation to another to use a registered brand, symbol, process or patent.

Life Cycle Cost: the total known costs associated with the usage and maintenance of a product over the products expected life span

Lifestyle: an individual’s way of life as shaped by his or her interests, attitudes, opinions and aspirations

Lifestyle Segmentation: the segmentation of a seemingly heterogeneous market into relatively homogeneous groups on the basis of their way of life as shaped by their known traits such as; interests, attitudes, aspirations and opinions.

Likert Scale: a rating scale device frequently used in marketing research questionnaires in which respondents indicate their level of agreement/disagreement with a statement by choosing the appropriate response from a scale, such as; strongly disagree, disagree, undecided, agree, strongly agree.

Logo: a logo is a unique mark, sign or symbol, a graphic version of a company’s name, used to identify and promote its product and service in a market

Loyalty Objective: one of three possible aims or objectives for a Fast Moving Consumer Good (FMCG) (with loading objective and trial objective) of a consumer sales promotion; purchasers are offered incentives to remain loyal to a particular brand.