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

In supply chain optimization, strategic partnerships with suppliers or logistics companies can improve efficiency and reduce costs. A supply chain manager might state, 'Our strategic partnership with a logistics firm has optimized our supply chain, reducing delivery times and operational costs.'

Practice Scenarios

Business

Scenario:

We need to expand our services to new markets. An alliance with an established local brand could be highly beneficial.

Response:

Absolutely, I agree. A strategic partnership with a local brand can give us the needed push for market expansion.

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.