Line of business (LOB) is a general term which often refers to a set of one or more highly related products which service a particular customer transaction or business need. In some industry sectors, like insurance, "line of business" also has a regulatory and accounting definition to mean a statutory set of insurance policies. It may or may not be a strategically relevant business unit.
"Line of business" often refers to an internal corporate business unit, whereas the term "industry" refers to an external view that includes all competitors competing in a similar market. A line of business will often examine its position within an industry using a Porter five forces analysis or other industry-analysis method and other relevant industry information.
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Famous quotes containing the words line of, line and/or business:
“Too many girls follow the line of least resistance—but a good line is hard to resist.”
—Raoul Walsh, U.S. screenwriter. Frisco Doll (Mae West)
“I had lived over twenty years without the legal right to be alone one hour M to have the exclusive use of one foot of space M to receive an unopened letter, or to preserve a line of manuscript “from sharp and sly inspection.””
—Jane Grey Swisshelm (1815–1884)
“The word career is a divisive word. It’s a word that divides the normal life from business or professional life.”
—Grace Paley (b. 1922)