LOW COST STRATEGY

A company offers a relatively low price as a pricing strategy, seeking to stimulate demand and gain market share. One of three generic marketing strategies. Refer to differentiation strategy and focus strategy. These can be adopted by any company. Product with few or no competitive advantages, or product volume achieving an economies of scale is the best use of these strategies. Also known as low price strategy.

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Categories: L

LOST PROPERTY

the term given that describes property that has been lost by carelessness or has been misplaced.

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LOST WAGES

Compensation for an insured’s potential earnings lost due to an injury or disability.

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LOW DOCUMENTATION LOAN

Loans given to borrowers unable or unwilling to give a lender certain information or documentation. A variety of loan types are considered to be low documentation. Not everyone is eligible for this type of loan. The lender must be confident in an entity’s abilities to repay the balance. Typically, those using these loan types are self-employed, showing less income for tax reasons, or workers with no wage history, or business owners with no record of past consistent earnings, or people having difficulty providing lender-acceptable documentation. Also known as liar loans.

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LOSSLESS COMPRESSION

Compression-decompression process using compression algorithms, yet experiencing no data loss. Data file size reduction technique. The decompressed file is identical in every way to the original file while not having high compression ratios. Most often used in text file compression.

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LOSS OF USE

Lost capacity of one’s body part or entity’s property due to another party’s negligence or wrongdoing causing the lost capacity. Compensation throughout the lost-capacity duration is typical. This is a legal term.

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LOSSY COMPRESSION

Compression-decompression method experiencing data loss by the compression algorithm, possible undetected by the user. Data file reduction technique. The decompressed file is not identical to the original file, yet has very high compression ratios. Most often used in compression of music and photographs.

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LOSS ON SALE OF ASSETS

When a company liquidates assets, it must record income decrease on the balance sheet.

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LOST

An article is “lost” when the owner has lost the possession or custody of it, in- voluntarily and by any means, but more particularly by accident or his own negligence or forgetfulness, and when he is ignorant of its whereabouts or cannot recover it by an ordinarily diligent search. See State Sav. Bank v. Buhl. 129 Mich. 193, 88 N. W. 471, 56 L R. A. 944; Belote v. State, 36 Miss. 120. 72 Am. Dec. 163; Hoagland v. Amusement Co., 170 Mo. 335, 70 S. W. 878, 94 Am. St. Rep. 740. As applied to ships and vessels, the term means “lost at sea,” and a vessel lost is one that has totally gone from the owners against their will, so that they know nothing of it whether it still exists or not, or one which they know is no longer withiu their use and control, either in consequeuce of capture by enemies or pirates, or an unknown foundering, or sinking by a known storm, or collision, or destruction by ship wreck. Bennett v. Garlock, 10 Hun (N. Y.) 338; Collard v. Eddy, 17 Mo. 355; Insurance Co. v. Gossler, 7 Fed. Cas. 406.

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