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 and/or business:
“Expediency of literature, reason of literature, lawfulness of writing down a thought, is questioned; much is to say on both sides, and, while the fight waxes hot, thou, dearest scholar, stick to thy foolish task, add a line every hour, and between whiles add a line.”
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