What defines a joint venture alliance?

A joint venture alliance is characterized by multiple organizations coming together to form a new entity or project, where they share ownership and a significant percentage of control over that entity. This partnership allows the participating organizations to pool their resources, expertise, and capabilities to pursue common business objectives, mitigate risks, and maximize their competitive advantages.

The important aspect of a joint venture is the collaborative nature and the shared decision-making power which is involved, making option B accurate. In such arrangements, each party typically retains a degree of influence and is actively involved in the governance of the venture, contributing resources and expertise that are essential for its success. This level of ownership and control distinguishes joint ventures from other forms of business alliances, such as mere collaborations or contractual agreements that do not entail shared ownership.