USA HISTORY

Detailed explanation-1: -Backward integration is a type of vertical integration that includes the purchase of, or merger with, suppliers. Lead time is the amount of time from the start of a process until its conclusion. Reducing lead time in manufacturing can increase output and revenue.

Detailed explanation-2: -Vertical integration refers to an expansion strategy where one company takes control over one or more stages in the production or distribution of a product. Both of these strategies are undertaken by a company in order to consolidate its position among competitors.

Detailed explanation-3: -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.

Detailed explanation-4: -Vertical integration is a business strategy in which a company controls multiple stages of its production process and supply chain. Advantages of vertical integration include resilience to supply chain disruptions, market power, and economies of scale.

Detailed explanation-5: -Vertical integration strategies allow a firm to gain control over distributors and suppliers, whereas horizontal integration refers to gaining ownership and/or control over competitors. Vertical and horizontal actions by firms are broadly referred to as integration strategies.