Final answer:
The first phase in building a strategic alliance, leveraging personal executive networks, is known as 'initiating.' This phase focuses on finding potential partners with common goals through frequent interactions and strong networking skills.
Step-by-step explanation:
The first relationship activity in building a strategic alliance, where senior executives leverage their personal networks, is labeled as initiating. The initiating phase is critical because it involves identifying potential partners that have common interests or goals. This is where proximity and contact can play significant roles, as frequent interaction increases the likelihood of forming connections. Executives utilize their personal networks to find and engage with these potential partners. This parallels the broader concept of relationship building where finding commonalities, adapting to changes, and building on networking skills are essential to form enduring alliances.