Synergy Meaning in Business
What does Synergy Mean in Business?
Synergy in business refers to the potential for an agreement or collaboration to produce a greater outcome than the sum of what each party could achieve individually. It implies that working together cooperatively can lead to mutually beneficial results that exceed individual efforts.
Synergy in Business Example
Two small businesses in related fields decide to collaborate on a joint project. Through their negotiation, they find that by combining resources, they can bid for a larger contract than either could individually, creating a synergistic effect that benefits both.
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