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In this video tutorial on 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 products, services, or processes. The tutorial highlights the growing prevalence of strategic alliances among businesses to enhance strengths or address weaknesses. Key questions addressed include the definition of strategic alliances, reasons for their formation, major types, and real-world examples. The use of strategic alliances as a corporate strategy has significantly increased in recent decades, indicating their importance in the modern business landscape.