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In this Business School 101 video, the concept of strategic alliances is explored. Strategic alliances are voluntary arrangements between firms that involve sharing knowledge, resources, and capabilities to develop processes, products, or services. The video discusses why companies choose to form these alliances, the major types of strategic alliances, and provides real-world examples. The rise of strategic alliances has increased significantly in recent decades, helping firms enhance their strengths or compensate for weaknesses. The tutorial aims to clarify the significance and application of strategic alliances in today's business environment.