The new york industrialist who made hundreds of millions of dollars in the 19th century with this standard oil company and pioneered the corporate strategy of vertical integration.

Question

Social Studies

Snake

15 November, 13:13

The new york industrialist who made hundreds of millions of dollars in the 19th century with this standard oil company and pioneered the corporate strategy of vertical integration.

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Answers (2)

Know the Answer?

Williams · Answer 1

The correct answer is John D. Rockefeller.

Explanation:

John D. Rockefeller was the very first billionaire in the United States. In 1870 he founded the Standard Oil Company which, at its peak, allowed him to control up to 90% of the country's oil. Through innovations, he was able to reduce the cost of oil production. When his company was dismembered, so to speak, into over 30 companies due to a Supreme Court ruling, his wealth only increased. Some of those companies still detain the highest revenue in the world.

Isaias Rush · Answer 2

John D. Rockefeller

Explanation:

John D. Rockefeller was an American industrialist, business magnate and philanthropist born in July 8, 1839, in Richford, New York. He founded the company, Standard Oil Company in 1870, and ran it until 1897.

John D. Rockefeller pioneered the corporate strategy of Vertical Integration, which is a strategy/arrangement in which the supply chain of a company is owned by that company. Rockefeller knew that in order to offer the lowest prices to his customers, he not only needed to have a very efficient production process but also a very cost effective network of suppliers. As a result, his company Standard Oil was the first notable company to use the strategy called vertical integration.