* Horizontal integration: Rockefeller acquired competing oil refineries and pipelines, eventually controlling over 90% of the U.S. oil refining industry.
* Vertical integration: Rockefeller also acquired companies that supplied the oil industry with barrels, pipelines, and other equipment.
* Cost cutting: Rockefeller used his control over the industry to negotiate lower prices with suppliers and railroads. He also implemented new technologies to reduce costs.
* Marketing: Rockefeller's Standard Oil Company used aggressive marketing tactics to promote its products.
Andrew Carnegie
* Horizontal integration: Carnegie acquired competing steel mills and iron ore mines, eventually controlling over 60% of the U.S. steel industry.
* Vertical integration: Carnegie also acquired companies that supplied the steel industry with coal, limestone, and other materials.
* Cost cutting: Carnegie used his control over the industry to negotiate lower prices with suppliers and railroads. He also implemented new technologies to reduce costs.
* Marketing: Carnegie's Carnegie Steel Company used aggressive marketing tactics to promote its products.
Similarities
* Both Rockefeller and Carnegie used horizontal and vertical integration to increase the size of their businesses.
* Both Rockefeller and Carnegie used cost cutting and marketing to increase their profitability.
* Both Rockefeller and Carnegie were ruthless competitors who were willing to do whatever it took to succeed.
Differences
* Rockefeller's Standard Oil Company was a monopoly, while Carnegie's Carnegie Steel Company was not.
* Rockefeller was more focused on cost cutting than Carnegie.
* Carnegie was more focused on marketing than Rockefeller.
Overall, Rockefeller and Carnegie were two of the most successful businessmen in American history. They used their intelligence, determination, and ruthlessness to build vast business empires that changed the world.
