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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.
25 Οκτ 2023 · Line of Business Examples. There are several lines of business, but below, we will focus on the three most popular: retail electronics, banking, and insurance. Line of business: Retail electronics. Electronics retailers are concerned with the retail LOB. Examples of products under this LOB include: Mobile Devices. Wearables. TVs, Set Top Boxes ...
Examples of line of businesses. The following is a set of examples of LOBs for various industries that both serve consumer needs and contribute to business strategy and growth. Consumer banking organizations often have a number of LOBs to serve consumers' financial needs. A few examples of product lines include the following: credit cards;
Learn the definition and examples of line of business, a term that refers to a product or a set of related products that serve a particular customer need. Find out how line of business is used in different industry sectors, such as insurance and computing.
“Line of business” (also abbreviated “LOB”) refers to the sector of the economy that a company services. It defines a company’s product or service so that it can place in a more specific market segment. A company that sells auto insurance, for instance, is in the “insurance” line of business.
23 Σεπ 2024 · What is a Line of Business? Definition & Examples & how does it work? 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.
A Line of Business encompasses the products, services, and associated activities that relate to a particular area of a company’s operations. For example, in a financial institution, lines of business might include retail banking, investment banking, and asset management.
