Which of the following statements best describes a Vertical Marketing System (VMS)?
1
A system where each channel member operates independently to maximize its own profits.
2
A unified system where the producer, wholesaler, and retailer act as a cohesive entity to optimize the overall channel performance.
3
A marketing system that excludes wholesalers to reduce costs.
4
A system where the manufacturer sells directly to customers without intermediaries.
5
A decentralized channel system designed for greater flexibility.