WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ANDREW CARNEGIE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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vertical integration
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monopoly
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shopping mall
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warehousing
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Detailed explanation-1: -This is a process known as horizontal integration.
Detailed explanation-2: -Answer and Explanation: Andrew Carnegie’s business strategy was to own all of the resources and transportation needed to manufacture and sell his product. He owned the raw materials used to make the steel. He owned the railroads and ships he needed to transport his steel.
Detailed explanation-3: -Vertical Integration was first used in business practice when Andrew Carnegie used this practice to dominate the steel market with his company Carnegie Steel. It allowed him to cut prices and exhuberate his dominance in the market.
Detailed explanation-4: -Vertical integration is a strategy that allows a company to streamline its operations by taking direct ownership of various stages of its production process rather than relying on external contractors or suppliers.
Detailed explanation-5: -A backward vertical integration strategy involves a firm moving back, or upstream, along the value chain and entering a supplier’s business. Some firms use this strategy when executives are concerned that a supplier has too much power over their firms.