Answer the following questions respectively:

(i) Define : Basic Need, Actual Product, Expected Product, Augmented Product of a business.

(ii) For a business what is an alternate use for the product/service and how can they grow the product mix?

(iii) What is the PLC and how could it be extended?

(iv) What is the company orientation?

(v) How to determine whether the product/service is elastic and if so, what effect would influence the elasticity?

(vi) What form of competition does the product/service operate in?

(vii) Define fixed cost and variable cost for a product/service.

(viii) Describe the pricing strategy - skimming and penetration. What tactics can be used for growth of product/service.