A strategic alliance is an agreement made by two or more parties (previously established as a company or related company) to achieve a set of objectives desired by each party independently. This form of cooperation lies between mergers and acquisitions and organic growth. Strategic alliances occur when two or more organizations come together to achieve mutual benefits. Strategic alliances are made between two or more companies or any type of previously established company; unlike strategic associations that are made between two or more people, generally to address new businesses and ventures.[1]​.

Partners can contribute to the strategic alliance as long as they contribute resources such as: products, means of distribution, manufacturing processes, fundraising for future projects, capital, knowledge, experience, or intellectual property. The alliance is a cooperation or collaboration which aims to achieve a synergy in which each of the partners expects that the results obtained are better than the results achieved by themselves. Alliances almost always involve technology transfer, economic specialization,[2]​ shared expenses and risks.

There are many ways to define a strategic alliance. Several of the definitions that exist emphasize the fact that the partners do not create a new organization. This excludes legal formations such as joint ventures from the field of strategic alliances. Others see joint ventures as possible manifestations of strategic alliances.

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Strategic alliances have developed from an option to a necessity in many markets and industries. The variation in markets and requirements increases the need to make a strategic alliance. It is very important to take into account and integrate the strategic alliance into the business strategy carried out by the company to improve products and services, enter new markets, leverage new technology and be able to invest in Research and Development. Nowadays, multinational companies have various alliances both in internal markets and also in global societies, sometimes with competitors. This can be a challenge since competitiveness must be maintained and also the protection of the personal interests of each organization during the alliance. Today, alliance management focuses on leveraging differences to create something of value for the consumer, dealing with internal problems, facing competitors and taking risks, which has been a concern for many organizations.[3]​[4]​.