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)
“What comes over a man, is it soul or mind
That to no limits and bounds he can stay confined?
You would say his ambition was to extend the reach
Clear to the Arctic of every living kind.
Why is his nature forever so hard to teach
That though there is no fixed line between wrong and right,
There are roughly zones whose laws must be obeyed?”
—Robert Frost (1874–1963)
“In leaving the people’s business in their hands, we can not be wrong.”
—Abraham Lincoln (1809–1865)