Vertical integration occurs when a company owns and controls various stages of production and distribution of a product. This allows the company to perform all stages from creation to sale internally. Examples include a farmer who also owns a distribution center or a company like ASDA that controls production and retail. Monopolies exist when one company controls the entire market of a product or service within a given area, allowing it to set prices without competition. Synergy is achieved when two or more companies cooperate to mutually benefit from bringing a product to market, such as Sony and EE partnering to sell smartphones and data plans.