Hi, need to submit a 250 words essay on the topic International Strategies: Survival and Success of a Business.
Cooperation in business matters is the main determinant of a business’s success rate. Furthermore, to be involved in a partnership business requires a crucial quality, risk-taking. A favorable partner should be willing to undertake any risk to achieve an objective (Shah & Swaminathan, 2008). The key forms of strategic alliances include strategic partnership, joint venture, and distribution relationships. Strategic partnerships are created with the main aim of developing a product or creating new markets. An example is a collaboration between Chrysler and Westinghouse in producing a powerful motor control system for Chrysler electric vehicles. Joint ventures are agreements between firms or parties projected at a certain venture. A case example is the Hewlett and Packard that joined to form Hewlett Packard. Also referred to as cross-promotion agreements, distribution relationships are aimed at increasing the number of customers. An example is the American Delta and the United Airlines that cooperated to reduce fee and attract customers (Teng & Das, 2008). Alternatively, trust is equally important in a business partnership as other factors like being committed. When handling financial matters of the organization, trust is essential. Trust builds confidence among all partners as issues such as embezzlement of finances do not occur. Transparency aids in improving trust. Delivery of financial calculations in time shows transparency in addition to removal of all hidden agendas.