Year → 1995

Factors ↓ Level Strategy

a.)    Types of Synergies: Reciprocal Acquisitions

b.)    Nature of Resources: Hard Equity Alliances

c.)    Extent of Redundant Resources: Low Nonequity Alliances

d.)    Degree of Market Uncertainty: High Equity Alliances

e.)    Level of Competition: Low Nonequity Alliances

Conclusion / Suggestion Equity Alliances

 2008 2017

Level Strategy Level Strategy

Reciprocal/ Modular Nonequity alliances Modular Nonequity Alliances

Low / Medium Nonequity Alliances Low / Medium Nonequity Alliances

Low Nonequity Alliances Low Nonequity Alliances

Low Nonequity Alliances Low Nonequity Alliances

Low Nonequity Alliances High Acquisitions

Migrate to Nonequity Alliances: Franchising Continue the Nonequity Alliances