Marketing Terms

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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

A form of promotional price adjustment, primarily used by retailers to increase customer traffic, that intentionally prices select products at or below the cost the retailer pays to purchase the product from suppliers.

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.