This Psalm of David is considered a spalm of praise. There are different types of psalms. Two I will give you.
a) Psalm of Lament; Is when the writer will put a complaint before God because of some kind of situation where they might need God's assistance.
b) Psalm of praise; Is when the writer would lift up the Lord with a praise of thanksgiving or adoration unto God.
Here David encourages his listeners to "MAGNIFY THE LORD WITH HIM". The word magnify means; to make the object a lot bigger than it actually is, or seems to be.
God is bigger than any situation that ever exist in this world. It is just that when we are in certain situations, our flesh has a tendency to make God look smaller than our situation. So David's statement encourages his listeners with enthusiastic and with authority to see God as He actually is, "bigger than our situation"
Israel always had a problem every time they would come to face an opponent, they would always think small. Numbers chapter 13, they saw themselves as grasshoppers in the face of the children of A'nak. And they began to weep in fear.
If God is creator of the universe, then certainly, He is far more greater, or bigger than any situation we could ever face.
Psalm 34:3b, LET US EXALT HIS NAME TOGETHER"
Thats you and me together, thinking the same, doing the same think. Imagine how powerful it is when two of us come together. Mathew 18:20, says, for where two or three are gathered together in my name, there am I in the midst of them.
Psalm 46:1-5 God is our refuge and strength, a very present help in trouble, Therefore will not we fear, though the earth be moved, and though the mountains be carried into the midst of the sea; Though the waters thereof roar and be troubled, though the mountains shake with the swelling thereof, There is a river, the streams whereof shall make glad the city of God, the Holy place of the tabernacles of the Most High. God is in the midst of her; she shall not be moved; God shall help her, and that right early.
Father, I pray that you would open our eyes to see that there is more for us, than what we see with natural eye. give us boldness to be the witness' you called us to be. And the confidence to hold to our profession of faith, for there is a reward! ane let us praise you in the presence of all our enemies. Bless us now oh Lord, in that name that stands above every name, the name, "Jesus Christ, our Lord, amen.