Researches specifically are focused on the characteristics that add value to a particular business. Challenges such as, changes in the economy, customer preferences, supplier relations, also, the increase in competition, affect the success of the business.
It is necessary to apply a few marketing strategies which focuses more on sustainability and advertisements. This brings products closer to the potential customer, therefore increasing the profitability. At a microeconomic level, the performance of the business is a direct result of the efficient use of the resources, which include, financial and operational activities. Thus, businesses need to explore the skills and resources that can positively affect the business and give it a competitive advantage. It is also important to focus on strategies and internal competency in order to gain this advantage over the competitors(C. Hamilton Coplin, 2002). Usually, business owners have to ask themselves to see what would level the playing fields in the market. Technology also plays a major role in their performance. According to Barney’s principle of product market, the business gains competitive advantage by estimating the opportunities or sometimes incorrect estimation of the success of the business by its competitors