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 business, 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)
“It is a great many years since at the outset of my career I had to think seriously what life had to offer that was worth having. I came to the conclusion that the chief good for me was freedom to learn, think, and say what I pleased, when I pleased. I have acted on that conviction... and though strongly, and perhaps wisely, warned that I should probably come to grief, I am entirely satisfied with the results of the line of action I have adopted.”
—Thomas Henry Huxley (1825–95)
“Towns find it as hard as houses of business to rise again from ruin.”
—Honoré De Balzac (1799–1850)