Using complete sentences, explain what is meant by vertical integration

Vertical integration refers to a process used by companies to expand their business operations by consolidating multiple steps in the manufacturing or the distribution process. It is a strategy used by companies to increase their competitiveness, to reduce cost and to improve efficiency. Vertical integration can be described as either backward or forward depending on the direction of the expansion, whether it is into manufacturing [ backward] or into distribution [forward]. An example of a company that is practicing vertical integration is one which manufacture a product, distribute the product itself instead of giving to vendors and also get engage in after sales services for customers.

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