The Nik Naks board members are developing goals for its business portfolio. 4. One member wants to grow Nik Naks' business portfolio through unrelated diversification. Rriefly describe this new business (there's no word count limit). (10 points) 5. One member wants to grow Nik Naks' business portfolio through related diversification. Briefly describe this new business (there's no word count limit). ( 10 points) 6. One member wants to undertake a differentiation strategy with Splash! Waterpark. Briefly describe this approach and provide examples (there's no word count limit). (10 points) 7. One member wants to undertake a low-cost strategy with Milo's. Briefly describe this approach and provide examples (there's no word count limit). (10 points) Your family owns and operates Nik Naks, Incorporated. Nik Naks (named affer your great grandparents Nikolas and Nikki) is the parent company for three small businesses. Milo's Hamburgers: Your grandparents opened this restaurant in 1946. Famous for their secret sauce and simple menu (only burgers and fries), Milo's now has multiple locations throughout the city. Old School Gym: Your grandparents bought this business about 15 years ago with minimal investment, but don't let the name fool you. Old School Gym has all the modern equipment needed to be successful today. It hosts an annual fitness competition that attracts participants from all over the nation, and its fame keeps the business running and prosperous. Splash Water Park: Your grandparents recently purchased this from some friends. There are only 5 slides and a lazy river, but business is steady during the warmer parts of the year. Each business runs with little debt, and all have a good reputation in the community. The family knows you're taking business courses, and asks you to analyze and suggest changes based on what you've learned. Demonstrate your knowledge of key strategic concepts by responding to various scenarios