WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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horizontal integration
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vertical integration
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trust
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monopoly
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Detailed explanation-1: -Vertical integration is the business arrangement in which a company controls different stages along the supply chain. Instead of relying on external suppliers, the company strives to bring processes in-house to have better control over the production process.
Detailed explanation-2: -Vertical integration is a strategy that describes when a company owns or controls its distributors, suppliers, or other retail locations to maintain greater control of its supply chain.
Detailed explanation-3: -There are three varieties of vertical integration: backward (upstream) vertical integration, forward (downstream) vertical integration, and balanced (both upstream and downstream) vertical integration.
Detailed explanation-4: -In short, backward integration involves buying part of the supply chain that occurs prior to the company’s manufacturing process, while forward integration involves buying part of the process that occurs after the company’s manufacturing process.