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)
“In order to get to East Russet you take the Vermont Central as far as Twitchell’s Falls and change there for Torpid River Junction, where a spur line takes you right into Gormley. At Gormley you are met by a buckboard which takes you back to Torpid River Junction again.”
—Robert Benchley (1889–1945)
“To brew up an adult, it seems that some leftover childhood must be mixed in; a little unfinished business from the past periodically intrudes on our adult life, confusing our relationships and disturbing our sense of self.”
—Roger Gould (20th century)