Identify the external product development strategies; describe each in a sentence or two.

The external product development strategies include alliances, joint ventures, and purchase of technology or expertise by acquiring the developer. Alliances are cooperative agreements that allow firms to remain independent, but use complementing strengths to pursue strategies consistent with their individual missions. Joint ventures are combined ownership to pursue new products or markets. Purchasing technology or expertise is usually accomplished by acquiring entrepreneurial firms that have already developed the technology that fits the mission. The issue then becomes fitting the purchased organization, its technology, and its product line into the buying firm, rather than a product development issue.