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Line of business (LOB) is a general term which refers to a product or a set of related products that serve a particular customer transaction or business need. In some industry sectors, like insurance, "line of business" also has a regulatory and accounting definition to meet a statutory set of insurance policies.
Line of business (LOB) is a general term that describes the related product or services a business or manufacturer offers. A company that manufactures solid-state disk drives, for example, might claim its LOB is data storage. An LOB serves a particular business need or a particular customer transaction.
25 Οκτ 2023 · A line of business (LOB) is a product or service a company offers to serve a specific customer need. A bank, for example, provides LOBs to serve consumers’ financial needs, such as loans, overdrafts, and mortgages for companies of all sizes and individuals who require capital.
A line of business is the set of products and services managed by a department or team. This can apply to any industry but is particularly common in banking and insurance. The structure of many organizations distributes responsibility for similar products to different teams.
22 Σεπ 2023 · The Line of Business refers to the specific products, services, or activities that form the core operations of a company. It represents the primary focus of an organization’s efforts, driving its strategic direction and shaping its overall identity.
A line of business is a corporate subdivision focused on a single product or family of products.
23 Σεπ 2024 · A line of business refers To a specific industry segment. Companies often prioritize their focus areas. Each line can represent products or services offered. Businesses can categorize operations based on these lines. Understanding this concept aids strategic planning. Brief history of What Is a Line of Business? Definition & Examples
