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In this video tutorial, the concept of strategic alliances is explored, highlighting their role in modern business. A strategic alliance is defined as a voluntary arrangement between firms that involves sharing knowledge, resources, and capabilities to develop processes, products, or services. The increasing trend of firms entering into strategic alliances is driven by the need to enhance strengths or address weaknesses. The tutorial addresses key questions regarding the purpose of these alliances, their major types, and notable real-world examples. The prevalence of strategic alliances in achieving corporate strategy has surged in recent decades.