equipment. The arrangement of technology used in most companies is very large.

Technology development activities can be classified into attempts to develop the product
and the process (Tokunbo, 2020).

Ex: telecommunication technology, accounting automation software, product design

research and customer servicing procedures and Research & Development departments.

3. Human Resource Management

HRM affects the competitive advantage in any firm through its role in determining the
skills and motivation of employees and the cost of hiring and training them (Tokunbo,
2020). Its activities include recruiting, hiring, training, development and compensation
of all types of personnel.

Ex: if you hire people into a business, you are looking for people who fit the company
culture as they will be happier, stay longer, and be more productive than people who
won’t fit into the company culture (Erik van Vulpen, 2013).