Which of the following is true of an administrative marketing channel?

The parent company has complete control over the marketing channel because it owns multiple segments of the channel.

The channel is held together by contractual relationships between the members of the channel.

There is no common ownership, but the dominant channel member controls or holds the balance of power.

Several independent members—a manufacturer, a wholesaler, and a retailer—each attempts to satisfy its own objectives and maximize its profits.

None of the participants has any control over the others.