Ingrid has recently opened a graphic arts studio in Phoenix, Arizona. Ingrid understands that marketing the business is a key component of its ultimate success, but as a fledgling entrepreneur, she is not familiar with the specific elements of a sound marketing plan. Ingrid calls upon her friend Stephan, a marketing major in college, for advice. Stephan should inform Ingrid that the essential components of a successful marketing plan include all but which of the following?

Establishing components of the marketing mix

Defining the business mission

Performing a situation analysis

Selecting the proper type of business entity