Usually means: Distinct segment within a company.
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We found 7 dictionaries that define the word business unit:

General (4 matching dictionaries)
  1. business unit: Oxford Learner's Dictionaries
  2. business-unit: Wordnik
  3. Business unit: Wikipedia, the Free Encyclopedia
  4. business unit: Wiktionary

Business (3 matching dictionaries)
  1. BUSINESS UNIT: Accounting Glossary
  2. Business Unit: Management Dictionary
  3. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (business unit)

noun:  (business, management) A profit center which focuses on a particular product line and/or market segment, having its own marketing plan and campaign, even if part of a larger business entity.

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