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A strategic alliance is a legal agreement between two or more companies, which commit resources to achieve a common set of goals. These goals are typically access to new markets, shared intellectual property, infrastructure, technology, or people, or simply combining complementary products or service lines.

As shown, the four elements are: Complementarities, Congruence of goals, Compatibility of organizations, and Change that will occur over the anticipated timeframe of the alliance.

Their purpose is to share in the ownership of a newly formed venture and maximize competitive advantages in their combined territories. The cost of a global strategic alliance is usually shared equitably among the corporations involved and is generally the least expensive way for all concerned to form a partnership.

Strategic alliances are long-term agreements between firms. that go beyond normal market transactions but fall short of. merger. Forms include joint ventures, licenses, long-term. supply agreements and other kinds of inter-firm.

THE STRATEGIC ALLIANCE PROCESS Setting alliance strategy. The first step in creating a successful alliance is to develop a well-thought-out alliance strategy. ... Selecting a partner. This is based on the criteria identified in the strategy session. ... Structuring the alliance. ... Managing the alliance. ... Re-evaluating the alliance.

What Is a Strategic Alliance? A strategic alliance is an arrangement between two companies to undertake a mutually beneficial project while each retains its independence. The agreement is less complex and less binding than a joint venture, in which two businesses pool resources to create a separate business entity.

There are three types of strategic alliances: Joint Venture, Equity Strategic Alliance, and Non-equity Strategic Alliance.

Strategic alliances let two (or three or four) companies share each other's strengths. For example, a convenience store might form an alliance with a fuel company to create a one-stop gas station. Together, these companies can pull in a larger number of customers and benefit from complementary sales activities.