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Aric Rindfleisch and Matt O'Hern define customer co-creation in digital marketing as "a collaborative NPD (new product development) activity in which customers actively contribute and/or select the content of a new product offering" and state that, like all NPD processes, it consists of two steps, namely contribution (of content) and selection (of the best contributions).
The essence of collaborative partnership is for all parties to mutually benefit from working together. There are instances where collaborative partnerships develop between those in different fields to supplement one another's expertise. The relationships between collaborative partners can lead to long-term partnerships that rely on one another. [1]
In its applied sense, "[a] collaboration is a purposeful relationship in which all parties strategically choose to cooperate in order to accomplish a shared outcome". [4] Trade between nations is a form of collaboration between two societies which produce and exchange different portfolios of goods.
[citation needed] [1] Strategic partnerships can develop in outsourcing relationships where the parties desire to achieve long-term “win-win” benefits and innovation based on mutually desired outcomes. No matter if a business contract was signed, between the two parties, or not, a trust-based relationship between the partners is indispensable.
A strategic alliance is an agreement between two or more players to share resources or knowledge, to be beneficial to all parties involved. It is a way to supplement internal assets, capabilities and activities, with access to needed resources or processes from outside players such as suppliers, customers, competitors, companies in different industries, brand owners, universities, institutes ...
In common law jurisdictions, a written partnership agreement is not legally required, but partners may benefit from a partnership agreement that articulates the important terms of their relationship. [8] In business, two or more companies join forces in a joint venture, [9] a buyer–supplier relationship, a strategic alliance or a consortium ...
In economics, when two opposing sectors, such as a buyer and seller or two sellers, come together, it can be thought of as a coalition in the denotative sense, as the two groups come together temporarily to achieve a goal. [19] One example would be the 1997 deal between Microsoft and Apple.
In business, an MoU is typically a legally non-binding agreement between two (or more) parties, outlining terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities—but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).