Busines development opportunities through pursuit of joint-venture initiatives in construction

A joint venture involves two or more businesses pooling their resources and expertise to achieve a particular goal, eg the construction of a large building. The risks and rewards are also shared. Businesses of any size can use joint ventures to strengthen long termbusiness/marketing relationships, or to collaborate on short-term projects, but entering into a joint venture is a major decision. The benefits of a joint ventuer include: the costs nad risks of the project are spread, improved access to financial resources, economies of scale and advantage od size, access to new technologies and customers, pre-empting competitionand creation of stronger competitive units. Joint venturing can be beneficial way to gain additional work and experience and expand a firm's market penetration. But it should only be approached with full appreciation of the risks involved, and full knowledge of the prospective joint venture partners. Joint ventures offer a number of business development opportunities for construction firms. This exploratory and theoretical paper will examine how the pursuit and execution of joint venture opprotunities may enhance the business development and marketing activities of firms, lead to more business opportunities, improve networks and relationships and create/enhance distinct and sustainable brands for JV partners