Fill in the Blanks
Fill in the Blanks: Understanding Joint VenturesOnline version
Test your knowledge of joint ventures by filling in the blanks in this engaging activity!
1
profits
outcome
agree
dominant
advantage
resources
sales
extend
expertise
separate
partners
skills
buys
expertise
severe
breaks
goal
finite
ventures
advantage
temporary
identity
knowledge
disagreement
dissolved
Joint
occur
when
two
businesses
to
combine
for
a
specific
and
over
a
period
of
time
.
As
a
result
,
a
business
is
created
with
funding
by
the
two
"
parent
"
businesses
.
After
the
defined
time
period
is
over
,
the
new
business
is
either
or
incorporated
into
one
of
the
parent
businesses
,
or
the
two
parent
firms
the
time
frame
.
Although
a
joint
venture
may
be
in
nature
and
open
up
new
areas
of
business
,
considerable
transfer
of
specialist
can
occur
.
This
transfer
of
skills
,
,
and
could
benefit
either
party
in
the
future
.
Sometimes
in
a
joint
venture
one
of
the
begins
to
play
a
role
and
then
out
the
other
.
Joint
ventures
have
the
that
the
two
firms
typically
enjoy
greater
,
but
neither
loses
its
legal
existence
or
its
.
Joint
ventures
also
have
the
that
the
two
businesses
forming
the
joint
venture
can
bring
different
areas
of
,
amalgamating
to
create
a
powerful
combination
.
However
,
sometimes
joint
ventures
do
not
produce
the
desired
,
or
a
company
realizes
that
it
could
have
accomplished
what
the
joint
venture
is
doing
without
having
to
share
the
with
the
other
company
.
At
least
conceptually
(
though
not
always
legally
)
,
a
joint
venture
is
a
partnership
.
All
partnerships
run
the
risk
that
a
between
partners
will
occur
.
Sometimes
a
disagreement
may
be
so
that
the
effectiveness
of
the
partnership
is
compromised
or
the
partnership
(
or
joint
venture
)
up
.
2
remain
capital
law
benefit
agreement
involve
greater
involve
More
entity
force
otherwise
new
coordination
stability
membership
collaborating
remaining
scale
Strategic
alliances
are
similar
to
joint
ventures
because
they
businesses
for
a
specified
goal
.
However
,
strategic
alliances
differ
from
joint
ventures
in
several
fundamental
ways
:
?
than
two
businesses
may
be
part
of
the
alliance
.
Strategic
alliances
often
,
though
not
always
,
more
than
two
businesses
.
In
the
airline
industry
,
the
Star
Alliance
has
26
airlines
in
the
alliance
,
including
Singapore
Airlines
,
Lufthansa
,
South
African
Airways
and
United
Airlines
.
?
No
business
is
created
.
No
new
legal
comes
into
existence
;
instead
,
a
strategic
alliance
is
typically
an
to
work
together
for
mutual
.
?
Individual
businesses
in
the
alliance
remain
independent
.
The
existing
businesses
may
agree
to
share
resources
but
they
independent
and
often
compete
against
each
other
.
?
Strategic
alliances
are
more
fluid
than
joint
ventures
.
In
a
strategic
alliance
,
can
change
without
destroying
the
alliance
.
All
of
these
strengths
are
also
weaknesses
.
The
more
businesses
that
are
involved
in
a
strategic
alliance
,
the
more
challenging
and
agreement
becomes
.
Without
legal
existence
,
the
alliance
has
less
than
an
enterprise
that
exists
in
.
Individual
businesses
may
benefit
from
the
alliance
,
but
independent
means
that
they
do
not
get
the
strength
of
legal
merger
with
other
enterprises
,
nor
do
they
enjoy
economies
of
that
other
forms
of
external
growth
provide
.
Lastly
,
fluidity
of
members
also
means
that
the
alliance
lacks
.
3
suffer
liability
service
perform
involves
franchisor
royalties
running
legal
supply
knowledge
advantages
reduced
profits
franchisees
external
gains
franchisor
exists
unlimited
original
control
established
supplies
sells
Franchising
,
another
form
of
growth
,
is
becoming
increasingly
popular
for
businesses
that
want
to
expand
globally
.
Franchising
the
following
:
?
An
business
,
known
as
the
,
that
developed
the
business
concept
and
product
or
service
,
then
to
other
businesses
the
right
to
offer
the
concept
and
sell
the
product
or
.
?
Businesses
,
known
as
the
,
buy
the
right
to
offer
the
concept
and
sell
the
product
or
service
.
In
other
words
,
the
franchisee
sells
the
products
/
services
developed
originally
by
the
franchisor
.
The
franchisee
usually
also
has
to
be
consistent
with
,
and
in
some
instances
identical
to
,
the
original
business
concept
developed
by
the
franchisor
.
For
businesses
(
regardless
of
legal
organization
)
,
acquiring
a
franchise
has
many
and
disadvantages
compared
to
developing
their
own
business
model
.
Advantages
to
the
franchisee
?
The
product
and
is
usually
well
known
.
?
The
format
for
selling
the
product
is
.
?
The
set
-
up
costs
are
.
?
The
franchisee
has
a
secure
of
stock
.
?
The
franchisor
can
provide
,
financial
,
managerial
,
and
technical
help
.
Disadvantages
to
the
franchisee
The
franchisee
:
?
has
liability
for
the
franchise
?
has
to
pay
to
the
franchisor
?
has
no
over
what
to
sell
?
has
no
control
over
.
Franchisors
also
have
advantages
and
disadvantages
.
Advantages
to
the
franchisor
The
franchisor
:
?
quick
access
to
wider
markets
?
makes
use
of
local
and
expertise
?
does
not
assume
the
risks
and
of
running
the
franchise
?
gains
more
and
the
sign
-
up
fees
?
makes
all
of
the
global
decisions
.
Disadvantages
to
the
franchisor
The
:
?
loses
some
control
in
the
day
-
to
-
day
of
the
business
?
can
see
its
image
if
a
franchise
fails
or
does
not
properly
.
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