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.