Strategic alliances allow two or more independent organizations to pursue shared goals and meet critical needs while remaining separate. They involve joining resources and forces through cooperation to achieve benefits like technology transfer, economic specialization, and shared expenses. Key factors for success include individual excellence, importance to each partner, interdependence, investment, and information sharing between partners. Strategic alliances can take equity or non-equity forms and be domestic or global in scope. They typically progress through stages from strategy development to alliance operation to potential termination. Benefits include leveraging each partner's strengths, but challenges include dealing with differences and dependency over time. Examples provided strategic partnerships between a clothing retailer and manufacturer and between a website and analytics company.