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Strategic alliances are voluntary arrangements between firms that involve sharing knowledge, resources, and capabilities to develop processes, products, or services. The video tutorial discusses the growing trend of firms entering strategic alliances to enhance strengths or address weaknesses. It explores what strategic alliances are, why companies choose to form them, and the major types of alliances. Additionally, it highlights famous examples of strategic alliances in the business world. The significance of strategic alliances in implementing corporate strategy has increased dramatically in recent decades, with thousands of such partnerships emerging as a key business strategy.