THE ROLE OF STRATEGIC PARTNERSHIPS IN PRODUCT DEVELOPMENT WITHIN THE BANKING INDUSTRY OF PAKISTAN

Abstract

Most importantly, strategic partnership plays a role of facilitation in collaboration, driving innovations and accelerating marketing phase in product development process. In this era of competition, reliance upon business alliances is growing at the expense of complementing each other to share resources and to minimize risks in research and development. Strategic partnership helps organizations reach new technologies, specialized skills, and distribution channels, improving effectiveness and efficiency in the product development process. This research paper explores the importance of strategic partnerships in product development within the banking industry of Pakistan and its impact on business growth and competitiveness. The objective of this study is to examine how strategic partnerships can enhance the effectiveness of product development efforts, foster innovation, and provide a competitive edge in the market. The research design involves a comprehensive review of relevant literature, followed by data collection through qualitative methods such as interviews and focus groups with industry experts from Pakistani banking sector. The collected data is analyzed using thematic analysis, and the findings are discussed in the context of existing theories and frameworks. The results highlight the numerous benefits of strategic partnerships in product development and offer recommendations for businesses to leverage such partnerships effectively. The study concludes that strategic partnerships play a vital role in accelerating product development, expanding market reach, and driving overall business success in Pakistan's banking sector.