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In this tutorial from Business School 101, the concept of strategic alliances is explored. Strategic alliances are voluntary partnerships between firms that involve sharing knowledge, resources, and capabilities to develop new processes, products, or services. The video highlights the increasing prevalence of such alliances in the business world, detailing why firms opt to form them and the various types available. It also includes notable real-world examples of strategic alliances and discusses their strategic importance, particularly in enhancing strengths or compensating for weaknesses. The overall intent is to provide a comprehensive understanding of how strategic alliances function in modern business practices.