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:
“If surrealism ever comes to adopt a particular line of moral conduct, it has only to accept the discipline that Picasso has accepted and will continue to accept.”
—André Breton (1896–1966)
“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)
“My business is stanching blood and feeding fainting men; my post the open field between the bullet and the hospital. I sometimes discuss the application of a compress or a wisp of hay under a broken limb, but not the bearing and merits of a political movement. I make gruel—not speeches; I write letters home for wounded soldiers, not political addresses.”
—Clara Barton (1821–1912)