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The tutorial explains the terms "merger," "acquisition," and "strategic alliances." A merger occurs when two existing companies unite to form a new entity, such as Exxon and Mobil creating ExxonMobil. An acquisition involves one company purchasing at least 51% of another company's shares to gain control; for instance, Walmart's acquisition of Flipkart in India. Strategic alliances are cooperative arrangements between companies, focusing on areas like production, research and development, product marketing, and services. These alliances enable firms to work together while maintaining their individual identities.