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:
“Somewhere along the line of development we discover who we really are, and then we make our real decision for which we are responsible. Make that decision primarily for yourself because you can never really live anyone else’s life not even your child’s. The influence you exert is through your own life and what you become yourself.”
—Eleanor Roosevelt (1884–1962)
“What we are, that only can we see. All that Adam had, all that Caesar could, you have and can do. Adam called his house, heaven and earth; Caesar called his house, Rome; you perhaps call yours, a cobbler’s trade; a hundred acres of ploughed land; or a scholar’s garret. Yet line for line and point for point, your dominion is as great as theirs, though without fine names. Build, therefore, your own world.”
—Ralph Waldo Emerson (1803–1882)
“As for your friend, my prospective reader, I hope he ignores Fort Sumter, and “Old Abe,” and all that; for that is just the most fatal, and, indeed, the only fatal weapon you can direct against evil ever; for, as long as you know of it, you are particeps criminis. What business have you, if you are an “angel of light,” to be pondering over the deeds of darkness, reading the New York Herald, and the like.”
—Henry David Thoreau (1817–1862)