What is the term for forming partnerships with other businesses for a competitive advantage?

The correct term for forming partnerships with other businesses for a competitive advantage is "Strategic Alliance." A strategic alliance is a cooperative agreement between two or more companies to pursue a set of agreed-upon objectives while remaining independent organizations.

Such alliances can take many forms and can involve sharing resources, knowledge, capabilities, or even technology to enhance the competitive position of the partners in the market. By collaborating, companies can leverage each other's strengths, reduce risks, and access new markets more effectively compared to acting alone.

This concept is fundamental in management as organizations aim to improve their market position and drive innovation while minimizing costs. Strategic alliances can also provide access to new customer bases and facilitate entry into new geographical areas, enabling businesses to operate more efficiently and effectively in a competitive landscape.