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In this video tutorial from Business School 101, the concept of strategic alliances is explored. 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 trend of forming strategic alliances has increased significantly in recent decades, as companies seek to enhance strengths or compensate for weaknesses. The tutorial will cover the reasons firms choose to form these alliances, the major types available, and notable real-world examples. Understanding strategic alliances is crucial for modern business practices.