In order to remain relevant, firms must explore opportunities to maintain or increase their competitive advantage at all times. In doing so, some opportunities may be out of reach of the firm's normal capabilities. By entering into strategic alliances, how can a firm achieve competitive advantage?

The options are given below:

A. Both firms can behave opportunistically towards one another to keep the other from gaining competitive advantage.

B. Both firms can achieve competitive advantage over one another, even if they are operating in the same product market, by using each other's most valuable resources.

C. One firm can gain competitive advantage by taking advantage of its partner's resources and giving its partner less valuable resources.

D. Partnering with another firm in a strategic alliance and trading valuable resources enables both firms to further develop their products or markets to gain competitive advantage.

The correct option is D.

Explanation: A strategic alliance is a business agreement that two or more companies come together in order to undertake a project that will be beneficial to all the involved parties, while each retains its independence.

This kind of agreement is not as complex and much less binding as a joint venture, where businesses pool together their resources in order to create a separate business entity.

A strategic alliance will help a company remain relevant because the companies, will through this alliance, increase their customer base, have access to new technologies, diversify their products and services, and even reduce overhead and administrative costs, as they offer top quality service to their customers. In this way, the companies involved in the agreement companies will get an edge over their competitors.

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