Strategic alliances are cooperative agreements between two or more companies to share resources and work together to achieve common business goals. They allow partners to concentrate on their strengths and learn from each other. Key factors for success include selecting proper partners that align with goals, sharing the right information, negotiating fair deals, agreeing on timelines and expectations, and maintaining flexible commitment to change over time. Common types of strategic alliances include joint ventures, equity partnerships, non-equity agreements, and global partnerships across borders. Successful examples include Starbucks partnerships with Barnes & Noble, Pepsico, United Airlines, and Kraft foods.