According to Kurtz/lecture, all of the following are true of vertical marketing systems EXCEPT:
a) vertical marketing system (VMS) as a planned channel system designed to improve distribution efficiency and cost-effectiveness by integrating various functions through the distribution chain
b) forward integration as the process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials
c) corporate marketing system as a VMS in which a single owner operates the entire marketing channel
d) contractual marketing system as a VMS that coordinates channel activities through formal agreements among participants
Answer: B