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Welcome to Business School 101! Strategic alliances are becoming more common in today's business world as firms seek to enhance strengths or compensate for weaknesses. These voluntary arrangements involve sharing knowledge, resources, and capabilities to develop processes, products, or services. The use of strategic alliances in corporate strategy has exploded in recent years. Stay tuned to learn more about what strategic alliances are, why firms form them, the different types, and famous examples from the real business world.