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Managing Strategic Alliances - Strategic Alliances And Joint Ventures
Strategic Management - Strategy Formulation
Managing Strategic Alliances - Strategic Alliances And Joint Ventures
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The following guidelines will be of help in successfully managing alliances.
Managing Strategic
Alliances
The following guidelines will be of help in successfully managing alliances.
The following guidelines will be of help in successfully managing alliances.
- Have a clear strategic purpose. Integrate the
alliance with each partner’s strategy. Ensure that mutual value is created for
all partners.
- Find a fitting partner with compatible goals and
complementary capabilities
- Identify likely partnering risks and deal with them
when the alliance is formed.
- Allocate tasks and responsibilities so that each
partner can specialize in what it does best.
- Create incentives for cooperation to minimize
differences in corporate culture or organization fit.
- Minimize conflicts among the partners by clarifying
objectives and avoiding direct competition in the market place.
- If an international alliance, ensure that those
managing it should have comprehensive cross-cultural knowledge.
- Exchange human resources to maintain communication
and trust. Don’t allow individual egos to dominate
- Operate with long-term time horizons. The
expectations of future gains can minimize short-term conflicts.
- Develop multiple joint projects so that any
failures are counterbalanced by successes
- Agree upon a monitoring process. Share information
to build trust and keep projects on target. Monitor customer responses and
service complaints.
- Be flexible in terms of willingness to renegotiate
the relationship in terms of environmental changes and new opportunities.
- Agree upon an exist strategy for when the partners’ objectives are achieved or the alliance is judged a failure
Tags : Strategic Management - Strategy Formulation
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