What business strategy did Standard Oil initially use to dominate the oil market?
Horizontal integration
Vertical integration
Franchising
Outsourcing
Answer
Standard Oil initially dominated the oil market through horizontal integration in the refining sector. This strategy allowed the company to streamline production and logistics, lower costs, and undercut competitors, eventually leading to its monopoly status.
Fueling the Past: Unveiling the Secrets of Standard Oil (1870-1911)