4 (a) Explain the difference between a conglomerate and an independent company. Use examples to support your answer. (4 marks) A conglomerate is a company or organisation that is made up of other businesses called subsidiaries. For example, Disney, as Disney owns companies such as Marvel and Pixar. An independent company however, does not have the benefits of being conglomerate and cannot use vertical integration due to it not having any subsidiaries. Independent companies will have to rely on joint ventures, meaning that the company will work with another company with mutual benefits.