Strategic partnerships refer to long-term collaborations between two or more organizations that share a common goal and work together towards achieving it. These partnerships are formed with the intention of leveraging each other's strengths, resources, and expertise to achieve greater success than they could individually.
The aim is usually to expand market reach, increase customer base, reduce costs, or improve products/services through joint efforts such as research & development, marketing, distribution, and product integration. These partnerships can be mutually beneficial, helping both parties grow their businesses while achieving their objectives.