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How was Rockefeller able to become to successful in the oil business?
Wiki User
∙ 7y ago
First, he secured the transportation of oil by buying train slots at discounted prices from railroad companies. This was done because he had good relationships with the railroad stakeholders. By securing the transports, he was able to buy out many small oil producers at decent prices. Some of the purchases made, if taken into today's business practice, may be viewed as hostile takeovers. By controlling the transport prices, he had leverage to negotiate buy outs of many small oil producing companies in the areas where railroads were built. This is exactly the propositions that were offered by Rockefeller to the railroads investors to encourage them to build more and more railroads systems. The longer the railroads were built, the more oils they may transport, and overtime, more oil companies to acquire. This business model perhaps is the first legal, and systematic monopoly. Although some may view Rockefeller as cold, ruthless businessmen, however, his contributions in supply-chains management, capitalism efficiency, and strategic business decisions helped sparked a major economic revival in the US, laying the foundations of modern business management used throughout the world today.
Jerrold Quitzon
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John D. Rockefeller. Apex :)
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Beginning in the 1870s, Standard Oil employed a number of cutthroat business practices, including: * Monopolization - Rockefeller is remembered for buying up all of the components needed for the manufacture of oil barrels in order to prohibit his competitors from getting their product on the market * Rate Wars - the giant Standard Oil was able to withstand short term losses by cutting the price of oil; smaller competitors could not keep pace and either went out of business or sold out to Rockefeller * Rebates - Rockefeller was able to demand a refund on public rates offered by the railroads; the carriers agreed to this practice because of Standard's immense volume * Intimidation - on more than one occasion Standard dispatched thugs to break up competitors' operations that could not otherwise be controlled Courtesy of http://www.u-s-history.com/pages/h957.html Beginning in the 1870s, Standard Oil employed a number of cutthroat business practices, including: * Monopolization - Rockefeller is remembered for buying up all of the components needed for the manufacture of oil barrels in order to prohibit his competitors from getting their product on the market * Rate Wars - the giant Standard Oil was able to withstand short term losses by cutting the price of oil; smaller competitors could not keep pace and either went out of business or sold out to Rockefeller * Rebates - Rockefeller was able to demand a refund on public rates offered by the railroads; the carriers agreed to this practice because of Standard's immense volume * Intimidation - on more than one occasion Standard dispatched thugs to break up competitors' operations that could not otherwise be controlled Courtesy of http://www.u-s-history.com/pages/h957.html
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