1.
Jobber: Synonymous with a wholesaler, a middleman who buys
from manufacturers domestic or foreign and sells to retailers.
2.
Joint Venture: A form of participation in a given market by means of
alliance with a local partner.
3.
Just-In-Time Delivery: An inventory control
system that replenishes and delivers products to a retailer just as the current
supply is depleted.
4.
Key Account: A large account receiving special treatment from
salespeople, usually generating more than a pre-defined annual sales amount.
5.
Laissez Faire Leadership: A management style
wherein sales managers supervise their sales personnel minimally and therefore
have a low degree of involvement with them on a regular basis.
6.
Label: The
information attached to or on a product for the purpose of naming it and
describing its use, dangers, ingredients, manufacturer, etc.
7.
Laggards: Last group of users to adopt an innovation.
8.
Launch Control: The process by which a management plans for and
supervises the introduction of a new product, making corrections to the product
as variances are detected so that original goals are achieved.
9.
Law of Comparative Advantage: This
law states that a country tends to export those economic goods in which it has
a comparative advantage and to import those economic goods in which it has a
disadvantage.
10. Law of Demand: The
law that, other things being equal, consumers will buy more of a product at a low
price than at a high price.
11. Lay-Away: The purchase of an
article with a down payment, while the store retains the article until full
payment is made.
12. Lead Generation: The
process of collecting contact information and identifying potential sales
leads.
13. Leader Pricing: The
pricing of products at lower than usual prices in order to attract shoppers.
14. Lead Time: The
amount of time determined by a merchandiser to be necessary to add on to the
purchasing period, assuring that sufficient merchandise will be on hand until a
particular order is received.
15. Learning Curve: A
graph that depicts rate of learning.
16. Leverage: The ability to control
large quantity amounts of a commodity with a comparatively small amount of
capital.
17. Lifestyle: The
manner in which people conduct their lives, including their activities,
interests, and opinions.
18. Line Authority: The
influence managers need to direct individuals assigned to them in order to
achieve the goals for which they are held responsible by management.
19. Line Extensions: A
new product marketed by an organization that already has at least one other
product being sold in that product or market area.
20. List Price: The
selling price for an item before any discounts or reductions in price.
21. Living Standard: A
measure of the possession and distribution of material goods among members of a
society.
22. Lobbying: The process of trying to influence
policymakers in favor of a specific cause.
23. Local Advertising: Any
promotion placed by a company, organization, or individual operating in a
limited geographical area such as a city or state.
24. Logo: A graphic design that
is used as a continuing symbol for a company, organization, or brand.
25. Mage: The consumer’s
perception of a product, institution, brand, business, or person.
26. Macroenvironment: The
collection of uncontrollable forces and conditions facing a person or a
company, including demographic, economic, natural, political, and cultural
forces.
27. Macromarketing: A
type of marketing in which a company adapts itself to uncontrollable factors
within the industry.
28. Margin: The difference between
the selling price and total unit costs for an item.
29. Markdown: The amount of a
reduction from the selling price of an item.
30. Market Demand: The
total volume of a given product or service bought by a specific group of
customers in a specified market area.
31. Market Segment: A
group of consumers who respond in a similar manner to a given set of marketing
initiatives.
32. Market Segmentation: The
process of subdividing a market into distinct subsets of customers that behave
in similar ways or have similar needs.
33. Market Share: The
proportion of the total quantity of sales in a market that is held by each of
the competitors.
34. Marketing Mix: The
combination of controllable marketing variables that a business uses to pursue
the desired level of sales in a target market. The most common classification
of these factors is referred to as the four-“Ps" – product, place, price,
and promotion.
35. Marketing Plan: A
document containing an analysis of the current marketing situation,
opportunities and threats analysis, marketing objectives, marketing strategy,
action plans, and projected return on investment.
36. Marketing Strategy: A
plan developed by a firm for maximizing the firm's profit.
37. Merchandise Mix: The
ratio of the types, styles, sizes, colors, prices, etc. to the quantities of
the merchandise kept in a store to satisfy its target market.
38. Merchandising: The
management of stock in sales outlets in order to ensure the display of the
fastest selling products.
39. Merchant: A business unit that
buys, takes title to, and resells merchandise.
40. Monopoly: A market situation
where one firm markets all the goods or services available and can
significantly influence price.
41. Mood: An emotional state of
an individual at a particular point in time.
42. Motivation: The
positive or negative needs, goals, desires, and forces that compel an
individual toward or away from certain actions, activities, objects, or
conditions.
43. Nationalism: A
devotion and allegiance to a group defined by the shared characteristics of a
race, language, history, or culture.
44. Natural Environment: The
physical forces in nature including climate, weather, and natural resources
that affects a firm's market or its ability to carry out marketing activities.
45. Negative Advertising: The
use of advertising messages that concentrate on pointing out undesirable
aspects of competing products, services, organizations, or ideas.
46. Negligence:
Failure to act with the prudence that a reasonable person would exercise under
the same circumstances.
47. Negotiation: The
process of trying to find mutually agreeable terms in an exchange.
48. Norms: Statistics or tabular
data that summarize the distribution of test performance for one or more
specified groups, such as participants of various ages or grades.
49. Observation: A
method of data collection in which the situation of interest is watched and the
relevant facts, actions, or behaviors are recorded.
50. Obsolescence: The
act or process of a product's becoming out-of-date, discarded.
