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Welcome to Business School 101, where we explore the concept of strategic alliances in today's business world. Strategic alliances are voluntary arrangements between firms that involve sharing knowledge, resources, and capabilities to develop processes, products, or services. This has become increasingly common as firms seek to enhance their strengths or compensate for their weaknesses. In the real business world, you might see examples of strategic alliances, such as Starbucks in Target stores or BMW posters in Louis Vuitton stores. Stay tuned to learn more about the major types of strategic alliances and why firms choose to form them.