Joint Venture
Partnership between companies/individuals for specific project/business.
Real World
Sony and Ericsson formed a joint venture in 2001 to combine Sony's consumer electronics expertise with Ericsson's telecoms technology, sharing costs and profits to create Sony Ericsson mobile phones.
Exam Focus
For 'analyse' or 'evaluate' questions, always discuss both benefits and risks of the joint venture to access top marks.
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