A ________ may be desirable as a market entry strategy if one company does not have the necessary financial, physical, or managerial resources to enter a foreign market alone, or if the arrangement is required by the foreign government.
A joint venture is basically a business entity set up by two other companies (or even more companies that associate with each other) to serve a specific market or accomplish a specific project or task, but the two parent companies continue to operate separately form each other. For example, in China the government used to require that foreign companies form joint ventures with local companies in order for them to start operating there.
