What are basic components of preparing a marketing plan?

The correct choice emphasizes the fundamental elements that are essential in creating a marketing plan, specifically focusing on the "four Ps": price, place, product, and promotion. These components are crucial as they help define how a product or service will be sold to the target market.

Determining the price involves setting competitive pricing strategies that align with your market positioning. The place refers to the distribution channels through which the product or service will reach customers. Promotion encompasses the various communication strategies used to inform and persuade potential customers about the benefits of the offering. Collectively, these aspects provide a comprehensive framework necessary for developing a marketing strategy that effectively resonates with the intended audience and achieves the desired business objectives.

The other options, while relevant to broader business operations, do not specifically address the core components of marketing planning. Writing a business plan, hiring personnel, and conducting focus groups can support marketing efforts but are not primary elements of the marketing plan itself.