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LABEL. The identifying portion of a package which generally contains the brand name, name of the manufacturer or distributor, product ingredients, and suggested uses or safeguards.
LAGGARDS. Those that prefer to do things the way they have been done in the past and are very suspicious of new ideas.
LIFE STYLE. The way in which people live their lives in career, social, and consumer terms.
LIFO, LAST-IN-FIRST-OUT. An inventory valuation method, in which costs are transferred in reverse chronological order.
LIMITED-LINE STORE. A retail store which offers a complete selection of a narrow line of products.
LIST PRICE. The full price that is quoted subject to appropriate trade discounts to a potential customer; it is generally recommended by the manufacturer.
LOSS LEADER. A product of known or accepted quality priced at a loss or no profit for the purpose of attracting patronage to a store. Comment. This term is peculiar to the retail trade-elsewhere the same item is called a "leader" or a "special."
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