QUESTION $4[10$ MARKS$]$

$$Most SME owner$/$managers have limited knowledge in the area of strategic planning. Some

indicated that they do not plan because of the size of the business.$$

$$Some admitted that they still possess the traditional based thinking where most business decisions

are based on intuition.$$ Majama and Magang, $2017$

a$.$ The above may be attributable to lack or poor strategy formulation. Illustrate your

understanding of strategy formulation by articulating the four options of growth rate of a

general market and the company$$s competitive position. $(10$ marks$)$