What is an important consideration when establishing strategic partnerships?

In the context of establishing strategic partnerships, evaluating access to capabilities and resources is a critical consideration. A successful partnership should enhance the strengths of each partner by leveraging their unique assets, skills, or technologies that complement each other. This thorough evaluation process helps ensure that both parties can achieve their strategic objectives more effectively together than they could independently.

For instance, one company may have advanced technology, while another has extensive distribution channels. By forming a partnership, both companies can combine their strengths, resulting in a more robust competitive position in the marketplace. This mutual benefit is fundamental to the success of any strategic alliance, making it essential to assess the capabilities and resources that each party can bring to the table.

In contrast, prioritizing only market share, excluding global considerations, or only partnering with competitors does not take into account the diversity of resources and capabilities that can enhance a partnership's overall effectiveness. Focusing solely on market share may overlook the strategic advantages that come from shared expertise and resources, while ignoring global factors can limit the partnership's potential impact. Additionally, restricting partnerships solely to competitors may prevent companies from forming valuable alliances with organizations that have complementary strengths and abilities.