I chose to talk about strategic partnership and their advantages for any business some of these advantages will be:
1- Competitive edge:
Strategic partnership gives the company the necessary edge it needs to surpass their competitors, a business deciding to work exclusively will risk stagnant their business growth, that being said careful consideration should be put into the selection of the partnership otherwise it could have a counter effect .
2- Access to additional resources:
Strategic partnership help the business grow and this growth will give you access to many new resources it could be new access to soft wears or programs, network industry professionals in the area or gain new large social media followers.
3- Growing customer base:
Strategic partnership helps grow the business customer base especially for companies struggling to attract new customers.
4- Access to new services and products:
New expertise helps improve current products or create new ones by granting access to new materials, services or different ideas.
5- Helps reach new market:
For businesses to grow it require expansion into the new market strategic partnership helps business reach new markets whether if it was geographically or otherwise.
6- Help strengthen weaker aspect of the company:
A good functional strategic partnership can strengthen the weak aspect the company is facing by improving operation and increasing profitability using the last 5 points I mentioned.
A couple of successful partnership will be:
• BMW & Louis Vuitton.
• Uber and Spotify.
• Apple & MasterCard.
• Alexander Wang & H&M.
• UNICEF & Target.