What expansion strategy involves a local partner to share resources and expertise in new markets?

The correct answer is joint venture. This expansion strategy involves two or more parties coming together to create a new entity, sharing resources, expertise, and risks while entering a new market. This collaboration allows companies to leverage local partners' knowledge of the market, regulatory conditions, and customer preferences, which can significantly enhance the chances of success in unfamiliar territories.

In a joint venture, the local partner often provides valuable insights and connections that would be difficult for a foreign company to acquire independently. This mutual benefit of resources and knowledge makes joint ventures a popular choice when businesses seek to expand globally while minimizing risk and investment.

Franchising, while also involving partnership, typically requires the franchisee to follow strict operational guidelines set by the franchisor, which differs from the collaborative nature of a joint venture. Exporting focuses on selling goods or services directly to foreign markets without forming a partnership. Market research, on the other hand, is a separate process to gather information about potential markets and customers, but it does not involve a collaborative market entry strategy like a joint venture does.