WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply and Demand
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Vertical & Horizontal Integration
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Northern and Southern business practices
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Integration of American and Chineese products
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Detailed explanation-1: -Horizontal and Vertical Integration There are two types of supply chain integration. Horizontal integration involves buying or cooperating with competitors. Vertical integration, on the other hand, involves acquiring or working closely with organizations above and below your business’s position in the supply chain.
Detailed explanation-2: -The vertical integration covered oil production, transportation, refining, and marketing. Rockefeller had no one to competition. “If there’s a setback, there’s a need, if there’s a need, there’s an opportunity.” This type of thinking takes a different set of goggles to see the right questions.
Detailed explanation-3: -Rockefeller often bought other oil companies to eliminate competition. This is a process known as horizontal integration. Carnegie also created a vertical combination, an idea first implemented by Gustavus Swift.
Detailed explanation-4: -Vertical integration is a business strategy where the business itself controls the supply chain and multiple stages of its production process, thus eliminating or reducing third-party vendor dependencies.