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In this video tutorial from Business School 101, the concept of strategic alliances is introduced, highlighting their role in enhancing strengths or compensating for weaknesses among firms. Strategic alliances are defined as voluntary arrangements where companies share knowledge, resources, and capabilities to develop processes, products, or services. The increasing prevalence of these alliances in the business world over recent decades is emphasized, setting the stage for a discussion on why firms form strategic alliances, the major types, and notable real-world examples. Through this exploration, the video aims to provide a comprehensive understanding of strategic alliances in today's corporate landscape.