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3) [U] a person's or organization's respon-
sibility for loss, damage, or injury caused to others
or their property, or for payment of debts
liaison n [singular, U] the regular ex-
change of information between groups of people
especially at work, so that each group knows what
the other is doing
liberalize also -ise BrE v [T] to make a system,
laws, or moral attitudes less strict – liberalization n
[U]
limited company also limited liability company
n [C] a company where individual shareholders lose
only the cost of their shares if the company goes
bankrupt, and not other property they own
loan n [C] money borrowed from a bank or a per-
son on which interest is usually paid to the lender un-
til the loan is repaid
logo n plural logos [C] a design or way of writing
its name that a company or organization uses as its
official sign on its products, advertising etc
loophole n [C] a small mistake in a law that
makes it possible to do something the law is supposed
to prevent you from doing, or to avoid doing some-
thing that the law is supposed to make you do
lose v past tense and past participle lost present
participle
losing [T]
1) to stop having something any more, or to have
less of it
2) to have less money than you had before
or to spend more money than you are receiving
3) to fall to a lower figure or price
4) lose something (to sb/sth) to have something
such as a contract or customers taken away by some-
one or something
5) lose ground to become less in value or to lose
an advantage
loss n
1) [C,U] the fact of no longer having something
that you used to have
2) [C] when a business or part of a business
spends more money in costs than it gets in sales in a
particular period, or loses money on a particular deal,
problem etc
loyal adj if customers are loyal to a particular
product, they continue to buy it and do not change to
other products – loyalty n [U]
lucrative adj an activity that is lucrative makes a
lot of money mailshot n [C] BrE when information or
advertising material is sent through the mail to a large
number of people at the same time
malpractice n [C,U] when someone breaks the
law in order to gain some advantage for themselves
margin also profit margin n [C,U] the difference be-
tween the price of a product or service and the cost of
producing it, or between the cost of producing all of a
company's products or services and the total sum they
are sold for
market challenger n [C] an organization or
product that may take the place of the organization or
product that has the highest sales in its market or in-
dustry
marketing mix n [C usually singular] the combi-
nation of marketing actions often referred to as prod-
uct, price, place, and promotion: selling the right
product, through appropriate distribution channels, at
the right price in relation to other products and for the
profitability of the company, with the correct support
in terms of advertising, sales force etc
market leader n [C] an organization or product
that has the highest sales, or one of the highest sales,
in its market or industry
market nicher n [C] a product or service sold in
a niche market (=a market for a product or service,
perhaps an expensive or unusual one, that does not
have many buyers) or the company that sells it
market share n [C,U] the percentage of sales in a
market that a company or product has
merchandise n [U] goods that are produced in
order to be sold, especially goods that are sold in a
store
merge v [I,T] if two or more companies, organi-
zations etc merge, or if they are merged, they join to-
gether
merger n [C] an occasion when two or more
companies, organizations etc join together to form a
larger company etc middleman n plural middlemen
[C] a person, business, organization etc that buys
things in order to sell them to someone else, or that
helps to arrange business deals for other people
mission statement n [C] a short written state-
ment made by an organization, intended to communi-
cate its aims to customers, employees, shareholders
etc
model n [C]
1) a particular type or design of a vehicle or ma-
chine
2) a simple description or structure that is
used to help people understand similar systems or
structures
3) the way in which something is done by a par-
ticular country, person etc that can be copied by oth-
ers who want similar results
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