Lobbying – A person or group of persons seeking to influence the proceeding of legislative bodies through personal intervention.
Local Advertising – Any advertising placed by a company, organization, or individual operating in a limited geographical area such as city or within a state. Local advertising does not include advertising placed directly with media in local markets by nationwide advertisers, or regional advertising activities that encompass multistate geographic areas.
Local Brand – 1. (product development definition) A brand of product that is marketed (distributed and promoted) in a relatively small and restricted geographical area. It may be called a regional brand if the area encompasses more than one metropolitan market. 2. (global marketing definition) A brand that is developed for a specific national market.
Local Rate – The process charged local advertisers for space and time in local advertising media. Traditionally, newspapers, radio, and television stations have charged lower rates for local advertising than for national advertising.
Location Affinities – The clustering of similar or complementary kinds of retail stores.
Logistical Cost – The costs associated with providing purchasing, manufacturing support, and physical distribution services.
Logistical Resource Planning (LRP)– A formal plan for controlling and monitoring overall materials logistics process. Emphasis is placed on integrating the overall objectives of the enterprise with logistic requirements.
Logistics – A single logic to guide the process of planning, allocating, and controlling financial and human resources committed to physical distribution, manufacturing support, and purchasing operations. The Council of Logistics Management (formerly NCPDM) offers the following definition: “Logistics management is the term describing the integration of two or more activities for the purpose of planning, implementing, and controlling the efficient flow of raw materials, in-process inventory and finished goods from point of origin to point of consumption. These activities may include, but are not limited to, customer service, demand forecasting, distribution communications, inventory control, materials handling, order processing, parts and service support, plant and warehouse site selection, procurement, packaging, return goods handling, salvage and scrap disposal, traffic and transportation and warehousing and storage.
Logit Model – A probabilistic model for representing the discrete band choice behavior of individuals. Or any choice occasion the individual is assumed to choose the item for for which he/she has the highest preference. Over repeated choice occasions preferences are assumed to have a probabilistic component. For the logit model this random component of preference is taken to have the double exponential distribution (i.e., the type I Fisher-Tippet extreme value distribution). The model can be used to predict choice probabilities based on attributes of the items being chosen. This model is a substitute for discriminant analysis that in addition provides approximate standard errors of estimated model parameters. It is an alternate to regression analysis when the dependent variable is categorical as opposed to continuous. Unlike the probit model or the nested logit model or the Elimination-By-Aspects model, logit assumes that Luce’s Choice Axiom holds, which is sometimes seen as a drawback to the use of this model.
Logo – 1. (product development definition) A clipped or shortened form of logotyped. A logo is a word or phrase that serves to identify an organization. It is similar to a trade name. 2. (advertising definition) A graphic design that is used as a continuing symbol for a company, organization, or brand. It is often in the form of an adaptation of the company name or brand name or used in conjunction with the name.
Longer Combination Vehicle – A truck tractor pulling two or more trailers that exceed standard length. The LCVs are restricted to certain states and highways in the United States. Considerable debate exists regarding the safety and environmental impact of LCV’s.
Longitudinal Study – An investigation involving a sample of elements that is measured repeatedly through time.
Loop Layout – A type of store layout that provides a major customer aisle that begins at the entrance, loops through the store, usually in the shape of a circle, square, or rectangle, and then returns the customer to the front of the store. It is also referred to as a racetrack layout.
Loss Leader – An item that is sold at a “loss” of markup that would normally be obtained on the particular item, for the express purpose of increasing store traffic.
Loss Leader Pricing – The featuring of items priced below cost or at relatively low prices to attract customers to the seller’s place of business.
Low Income Countries – Countries with the lowest income per capita compared with rest of the world. Normally the bottom decile to bottom quartile are considered low income.
Low Involvement Consume Behavior– Consumer decision making in which very little cognitive activity is involved. It include those situations in which the consumer simply does not care and is not concerned about the brands or choices and make the decision in the most cognitively miserly manner possible. Most likely, low involvement may vary with the individual and with the situation.
Low Involvement Hierarchy – In the hierarchy of effects model, the order consists of acquiring information, leading to formation of positive attitudes and then to the behavioral act of purchase or trial. Under low involvement conditions, the process is reversed such that it is after purchase, if at all, the interest and attitudes emerge.
Low-Balling – A negotiation strategy in which the salesperson agrees to a low price and later raises the price claiming that the circumstances changed after agreeing on the price, but before the order was placed.