In the consumer decision journey "innovation" extends customer interactions to new sources of value, such as related products or partnered businesses.
What is partnered business?
A formal agreement between two or more parties to run a business and split the profits is called a partnership.
Some key features of partnered business are-
- Partnership arrangements come in many different forms.
- One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally.
- All partners in a general partnership are responsible for management and earnings.
- They each have the authority to act on behalf of the company because they jointly own the assets.
- Additionally, each partner is totally liable for all of the firm's financial commitments.
Advantages of partnered business are-
- Two heads are better than one, and that is one benefit of a partnership.
- Your company is simple to launch and has modest startup expenses.
- The business has access to extra funding.
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