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Strategic Alliances refer to collaborative partnerships formed between businesses to achieve shared objectives, often leveraging each other's complementary strengths, resources, and expertise. These alliances are typically formalized through contracts or agreements and can involve various forms of cooperation, such as joint ventures, equity investments, technology sharing, or marketing partnerships. Strategic alliances aim to create value beyond what individual businesses could achieve alone by enhancing innovation, expanding market reach, improving operational efficiency, reducing risk, and increasing competitiveness. Effective strategic alliances require careful planning, communication, trust-building, and ongoing management to ensure mutual benefits and long-term success.