A locally conformally Kähler (LCK) manifold is a complex manifold admitting a Kähler covering, with the monodromy acting on this covering by holomorphic homotheties. We define three cohomology invariants, the Lee class, the Morse-Novikov class, and the Bott-Chern class, of an LCK-structure. These invariants play together the same role as the Kähler class in Kähler geometry. If these classes coincide for two LCK-structures, the difference between these structures can be expressed by a smooth potential, similar to the Kähler case. We show that the Morse-Novikov class and the Bott-Chern class of a Vaisman manifold vanish. Moreover, for any LCK-structure on a manifold, admitting a Vaisman structure, we prove that its Morse-Novikov class vanishes. We show that a compact LCK-manifold M with vanishing Bott-Chern class admits a holomorphic embedding into a Hopf manifold, if dim C M 3, a result which parallels the Kodaira embedding theorem.