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In this video tutorial from Business School 101, the concept of strategic alliances is explored. Strategic alliances are voluntary arrangements between firms that enable them to share knowledge, resources, and capabilities to develop processes, products, or services. These collaborations have become increasingly popular in recent decades as companies seek to enhance their strengths or mitigate weaknesses. The tutorial addresses the reasons firms form these alliances, the major types of strategic alliances, and provides notable examples from the real business world. Overall, the discussion highlights the significance of strategic alliances in contemporary business practices.