Final answer:
Market development is the strategy in which a company seeks the world market for a product by expanding into new markets or regions.
Step-by-step explanation:
Among the global market expansion strategies that a company can employ, market development is the strategy where a company seeks out the world market for a product. This involves expanding into new markets or regions and targeting new demographics, with the goal of reaching more customers and increasing sales. This can contrast with market penetration, which focuses on increasing market share in the existing markets; product development, which involves creating new products for the existing markets; and diversification, which means adding new products and markets to the business portfolio, which could help a firm to become more efficient, acquire new product lines, or even eliminate their rivals.
For instance, the actions taken by trade ministers during the World Economic Forum echo the importance of easing access for businesses across borders, which is a component of market development. Furthermore, the great challenge in globalization and international trade is not only in navigating the complexities of entering new markets but also in recognizing and reacting to the economic patterns and migration that are part of the dynamics of global expansion.