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:
“As for conforming outwardly, and living your own life inwardly, I do not think much of that. Let not your right hand know what your left hand does in that line of business. It will prove a failure.... It is a greater strain than any soul can long endure. When you get God to pulling one way, and the devil the other, each having his feet well braced,—to say nothing of the conscience sawing transversely,—almost any timber will give way.”
—Henry David Thoreau (1817–1862)
“If you’re anxious for to shine in the high esthetic line as a man
of culture rare,
You must get up all the germs of the transcendental terms, and plant
them everywhere.
You must lie upon the daisies and discourse in novel phrases of your
complicated state of mind,
The meaning doesn’t matter if it’s only idle chatter of a
transcendental kind.”
—Sir William Schwenck Gilbert (1836–1911)
“Your business is watching my words. But I
admit nothing.”
—Anne Sexton (1928–1974)