As I explained in my post titled “Where is your favorite place to innovate?”, my favorite sport has become racquetball because of the way I can “zone” and and think while playing it. I wanted to know what other sports you use to relax, network, or just have fun with.
At my job, we sometimes mix definitions when referring to Line of Business (LOB) versus Business Segment, so I wanted to get some clarity on the difference between the two.
Typically also referred to as a business unit, a business segment is generally a major division in a large corporation. For example, General Electric has GE Energy, GE Capital, GE Healthcare, etc. These units often act like their own businesses complete with their own presidents, vice presidents, etc. Their revenue is also usually reported individually in the Income Statement. Below is an example of what a company with business segments might look like.
Line of Business
Unlike a business segment, where an entire corporate structure is necessary, a LOB is small classification of products that might reside in a business segment. Wikipedia describes LOB as:
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.
Going forward, I definitely need to keep these two separate since they are not the same things.
I find it interesting that gas prices are relatively cheaper where I live as compared to Blacksburg, home of the Hokies. Since I live near Richmond, I would expect the prices to be higher due to proximity to the city. Then again, because Blacksburg is essentially in the middle of nowhere surrounded by a bunch of college students, it would make sense for gas prices to be higher due to high demand combined with limited supply due to the isolation of Blacksburg.