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:
“The line of separation was very distinct, and the Indian immediately remarked, “I guess you and I go there,—I guess there’s room for my canoe there.” This was his common expression instead of saying “we.” He never addressed us by our names, though curious to know how they were spelled and what they meant, while we called him Polis. He had already guessed very accurately at our ages, and said that he was forty-eight.”
—Henry David Thoreau (1817–1862)
“Andrews: You married him only because I told you not to.
Ellie: You’ve been telling me what not to do ever since I can remember.
Andrews: That’s because you’ve always been a stubborn idiot.
Ellie: I come from a long line of stubborn idiots.”
—Robert Riskin (1897–1955)
“Faces, suddenly suspended above you;
faces that you think it’s your business to love
if only you could remember their names.”
—Anne Sexton (1928–1974)