A business entity formed between two parties in order to undertake a specific economic activity together. Both parties then exercise control over the undertaking and as a result share revenues, expenses and assets. Businesses of any size can use joint ventures to improve long-term relationships or to work jointly on short-term projects. Joint ventures have the advantages of accessing new markets, creating an increased capacity, dividing the business risks and the opportunity to acquire greater resources.

See also:
Market entry
Marketing cost analysis