In the private equity $($PE$)$ due diligence process, understanding a target company$$s sustainable competitive advantage is paramount. Which of the following best describes the approach to assessing this advantage and how it evolves over the course of the deal process?

A$.$ The PE firm starts this process by getting a strategy consultant to evaluate the competitive position of the company, then the PE firm does its own work to validate this positioning.

B$.$ At the outset, the PE firm centers its analysis on the target company's customer loyalty and retention rates, later transitioning to an evaluation of its supply chain robustness and vendor relationships.

C$.$ Throughout the due diligence process, the PE firm predominantly evaluates the target company's year$-$on$-$year revenue growth, viewing it as the ultimate measure of competitive advantage.

D$.$ The PE firm begins with a macro$-$level evaluation of the target company's market standing and competitive dynamics. As the deal progresses, the focus shifts to a micro$-$level analysis of the distinct operational, financial, and strategic elements underpinning its competitive advantage.