strategic-partnership

Vocabulary Word

Definition

A 'strategic partnership' is when two or more business entities collaborate for a long period, aiming to achieve goals beneficial to all. It's like creating a powerful superhero team, where each member contributes with their unique strengths.

Examples in Different Contexts

A strategic partnership for market expansion involves collaborating with companies that have established distribution channels or customer bases in new regions. A marketing director might say, 'Entering into a strategic partnership has allowed us to quickly expand our footprint in Southeast Asia, leveraging our partner’s local market knowledge.'

Practice Scenarios

Impact

Scenario:

Sustaining in this competitive market needs more innovative solutions. We could leverage synergies with a tech leader to push our boundaries.

Tech

Scenario:

Our Artificial Intelligence resources aren't matching up to the industry standards. Collaboration with a tech leader in AI could be advantageous.

Response:

That's a valuable point. A strategic partnership with an AI leader could greatly boost our technological capabilities.