Rather than engaging in a head-to-head battle with competitors, executives may instead choose to engage in a cooperative strategy such as forming a joint venture or a strategic alliance. (a) What are joint ventures and strategic alliances? Explain what is similar about these two cooperative business move arrangements. (b) What are some of the ways that companies can benefit from cooperating with one another by forming either a joint venture or a strategic alliance? (c) What is one key difference between a joint venture and a strategic alliance? (d) Imagine that you own a small business consulting firm in Kalamazoo. You are considering forming a Strategic Alliance with Ernst & Young Advisors. E&Y is a major international consulting firm that will bring Prestige and Brand Recognition to your small firm. Name two risks that your company must face when you enter into this strategic alliance with E&Y. What steps will you take to mitigate these risks? Rather than engaging in a head-to-head battle with competitors, executives may instead choose to engage in a cooperative strategy such as forming a joint venture or a strategic alliance. (a) What are joint ventures and strategic alliances? Explain what is similar about these two cooperative business move arrangements. (b) What are some of the ways that companies can benefit from cooperating with one another by forming either a joint venture or a strategic alliance? (c) What is one key difference between a joint venture and a strategic alliance? (d) Imagine that you own a small business consulting firm in Kalamazoo. You are considering forming a Strategic Alliance with Ernst & Young Advisors. E&Y is a major international consulting firm that will bring Prestige and Brand Recognition to your small firm. Name two risks that your company must face when you enter into this strategic alliance with E&Y. What steps will you take to mitigate these risks