Final answer:
The key development that drives the extensive changes in the contemporary business environment is the combination of technology and globalization. It has increased competition for local retail businesses and opened up new opportunities for business-to-business transactions. Globalization has also brought more competition from foreign producers, pushing businesses to adapt and innovate in order to thrive in the global marketplace.
Step-by-step explanation:
The key development that drives the extensive changes in the contemporary business environment is the combination of technology and globalization. Technology has greatly improved communications and e-commerce, allowing consumers to order products from anywhere in the world. This has increased competition for local retail businesses and opened up new opportunities for business-to-business transactions. Globalization has also brought more competition from foreign producers, pushing businesses to adapt and innovate in order to thrive in the global marketplace.