In the context of Andrew Carnegie's control over the steel industry, strategy refers to his deliberate and calculated plan of action. It involved various tactics aimed at maximizing profits, minimizing costs, and dominating competitors.
Related terms
Horizontal Integration: A business strategy where a company merges with or acquires similar companies operating in the same industry.
Trusts: Large corporations formed by combining multiple smaller companies under central management or ownership.
Industrialization: The process of transforming an economy from primarily agricultural-based to one focused on manufacturing and mechanized production.