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:
“I fear I agree with your friend in not liking all sermons. Some of them, one has to confess, are rubbish: but then I release my attention from the preacher, and go ahead in any line of thought he may have started: and his after-eloquence acts as a kind of accompaniment—like music while one is reading poetry, which often, to me, adds to the effect.”
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“The real dividing line between early childhood and middle childhood is not between the fifth year and the sixth year—it is more nearly when children are about seven or eight, moving on toward nine. Building the barrier at six has no psychological basis. It has come about only from the historic-economic-political fact that the age of six is when we provide schools for all.”
—James L. Hymes, Jr. (20th century)
“all the arts lose virtue
Against the essential reality
Of creatures going about their business among the equally
Earnest elements of nature.”
—Robinson Jeffers (1887–1962)