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In this video tutorial from Business School 101, the concept of strategic alliances is introduced. A strategic alliance is defined as a voluntary arrangement between firms to share knowledge, resources, and capabilities to develop processes, products, or services. The increasing trend of firms entering strategic alliances aims to enhance strengths or compensate for weaknesses. The tutorial will explore the reasons firms form these alliances, the major types of strategic alliances, and provide examples from the real business world. The significance of strategic alliances in implementing corporate strategy has markedly increased over recent decades.