What type of corporate strategy involves a company growing its own supplies or services internally?

Vertical integration is the correct type of corporate strategy when a company grows its own supplies or services internally. This strategy involves the company taking control of various stages of production or distribution within its industry. By doing so, the company can consolidate its supply chain, reduce costs, and increase efficiency.

For instance, a manufacturer might decide to produce its own raw materials rather than purchasing them from external suppliers. This not only secures a reliable source of inputs but also gives the company greater control over the quality and timing of its materials. Vertical integration can be either backward (acquiring suppliers) or forward (acquiring distribution channels), allowing companies to streamline operations and optimize their overall business processes.

The other strategies mentioned do not focus on internal growth through the control of services or supplies. Horizontal integration involves acquiring or merging with competitors to increase market share, market development focuses on expanding into new markets, and product diversification entails introducing new products to existing markets. While these strategies can also lead to growth, they do not center on the internal development of supplies or services.