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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
To set up a line of business, you must first define the sector you’re working within. If you provide loans, your LOB is finance. If you sell items online, your LOB is retail. Once you have defined your LOB, research existing customer needs and develop a product to fulfill these needs.
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.
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
The line of business (LOB) refers to the primary and fundamental activities or products that a company produces or sells to generate revenue. It is the main focus of the organization, and is...
A line of business is a corporate subdivision focused on a single product or family of products.
“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.
The Line of Business in these industries refers to the specific product categories or niches that companies focus on. By defining their Line of Business, retailers and e-commerce businesses can curate product offerings, target specific customer segments, and create unique shopping experiences.
A line of business is a corporate subdivision focused on a single product or family of products. 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.
A line of business is an umbrella term used to describe all related products or services a business or manufacturer offers. A line of business serves a particular business need or a particular customer transaction.