Final answer:
Acquiring control of competitors in the same or similar markets with the same or similar products is referred to as horizontal integration. Horizontal integration is focused on merging or buying companies that operate at the same level within an industry or production process.
Step-by-step explanation:
Acquiring control of competitors in the same or similar markets with the same or similar products is known as horizontal integration. This business strategy involves the merger or acquisition of companies at the same level in the production process or in the same industry. Horizontal integration allows companies to grow in size, increase efficiency, add new product lines, eliminate competition, or sometimes lose their corporate identity. One of the most famous examples of horizontal integration was employed by John D. Rockefeller in the oil industry. Conversely, vertical integration involves acquiring companies that operate at different stages of the production process, thereby controlling all aspects of a product's lifecycle.