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Raj Patel's specialty pharmaceuticals packaging firm needs to be more agile in order to be competitive in the marketplace. Foregoing buying a full-service laboratory because of the investment and risk, Patel decides to form a ________ with a chemical firm in China that has a laboratory but lacks a packaging business. Each company brings a complementary capability to the other, allowing them to pursue mutual goals.

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ayfat23

Answer:

strategic alliance

Explanation:

A strategic alliance in domain of business can be regarded as an arrangement between two companies

whereby the companies undertake a mutually beneficial project but even though they both undergo the project together, each of them will still retains their independence. This type of agreement can be regarded as been less complex and can be regarded as been less binding compare to a joint venture, whereby two businesses pool together resources so they can develop separate business entity.

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