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 the Union is once severed, the line of separation will grow wider and wider, and the controversies which are now debated and settled in the halls of legislation will then be tried in fields of battle and determined by the sword.”
—Andrew Jackson (1767–1845)
“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)
“A foreign minister, I will maintain it, can never be a good man of business if he is not an agreeable man of pleasure too. Half his business is done by the help of his pleasures: his views are carried on, and perhaps best, and most unsuspectedly, at balls, suppers, assemblies, and parties of pleasure; by intrigues with women, and connections insensibly formed with men, at those unguarded hours of amusement.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)