The practice of an existing firm replacing one or more of its supplier markets with its own hierarchical structure for creating the supplied product is called

The answer is vertical integration.

Explanation:

A Vertical Integration is an expansion strategy, in which a company acquiring various entities engaged in different stages of the value chain. The value chain is the series of processes in a manufacturing system that adds value to an end product.  It typically consists a sequence of alterations that are applied during the value chain until one or more raw materials are converted into a finished product.

Vertical integration takes place when a company takes over control of different production or distribution stages of the value chain process until a product or a service is created.

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