AN EXPLORATORY STUDY OF THE COMMON PRACTICES PREVALENT IN TODAY'S GLOBAL ECONOMIC LANDSCAPE, WHERE RIVAL COMPANIES COLLABORATE TO ENHANCE THEIR PROBABILITY OF SUCCESS.

Abstract

This research study examines the changing patterns of cooperation among rival companies in the current global economy. In today's harsh economic climate, businesses are paying more attention to the idea of forging strategic alliances as a way to grow their market share, pool their resources and encourage new ideas. This article also addresses the problems of coopetition, including trust issues, leaking information, and complicated governance. The researcher used a quantitative strategy and used structured questionnaires to gather data from 778 individuals. The connection between rival companies collaborating and their chance of success was tested using statistical methods such as ANOVA and factor analysis. The study shows how coopetition sustains companies essential for the economy as a whole by looking at genuine examples of competing businesses working together. Furthermore, businesses that are considering or are already involved in collaborations with rivals might benefit from the research's practical findings. Strategy, governance and relationship management are essential for maximising advantages and minimising risks. Moreover, this study adds to the understanding that has already been established about collaborative relationships in competitive situations and provides helpful recommendations for businesses that are trying to figure out how to deal with competitive cooperation. Companies may achieve a competitive advantage in the ever-changing global market by learning these principles and better using the power of collaboration. Industries that depend on cooperation to innovate, optimise resource use and adapt swiftly to changes in the market include technology, medicines, aviation and automobile manufacture.