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:
“When I had mapped the pond ... I laid a rule on the map lengthwise, and then breadthwise, and found, to my surprise, that the line of greatest length intersected the line of greatest breadth exactly at the point of greatest depth.”
—Henry David Thoreau (1817–1862)
“The line that I am urging as today’s conventional wisdom is not a denial of consciousness. It is often called, with more reason, a repudiation of mind. It is indeed a repudiation of mind as a second substance, over and above body. It can be described less harshly as an identification of mind with some of the faculties, states, and activities of the body. Mental states and events are a special subclass of the states and events of the human or animal body.”
—Willard Van Orman Quine (b. 1908)
“The ways in which most men get their living, that is, live, are mere makeshifts, and a shirking of the real business of life,—chiefly because they do not know, but partly because they do not mean, any better.”
—Henry David Thoreau (1817–1862)