This document discusses cooperative strategies between firms. It defines a cooperative strategy as firms working together to achieve a shared objective. There are three main types of strategic alliances: joint ventures, equity strategic alliances, and non-equity strategic alliances. Cooperative strategies can be used at the business and corporate level between firms and allow firms to pursue mutual interests such as developing new products/services or entering new markets. However, cooperative strategies also carry risks such as partners failing to contribute as agreed or misunderstanding each other's intentions. These risks must be managed through detailed contracts, monitoring, and developing trusting relationships between partners.