Terms
| Term | Definition |
|---|---|
| Label |
Information imprinted on Final Customer Packaging and Distribution Packaging that serves many functions such as promotion, offering product details and product purchase information (e.g., contains Universal Product Code). |
| Laggards |
The fifth category within the Diffusion of Innovation consisting of a sizeable though not large percentage of a market who are primarily characterized as being reluctant to accept new products and may only do so if they have no other choice. |
| Late Majority |
The fourth category within the Diffusion of Innovation consisting of up to one-third of the overall market who are primarily characterized as preferring to take a wait-and-see approach before trying something new. |
| Lifestyle |
A component of the internal influences on consumer buying behavior that represents what a person values out of life by the activities they engage in and the interests they express. |
| Loss Leaders | |
| Loyalty Programs |
A form of sales promotion, used in both consumer and business markets, that offers customers rewards, such as price discounts and free products, based on purchase frequency or other activity. |




