Final answer:
Option c is correct as Integrated Business Planning is indeed the integration of S&OP and CPFR. However, the core of IBP encompasses more than just regular review meetings or four key steps as it involves comprehensive strategic integration across the business.
Step-by-step explanation:
The correct statement regarding the integration and core elements of business planning processes is c. Integrated Business Planning is the integration of S&OP and CPFR. Integrated Business Planning (IBP) is a strategy management process that aligns company plans across functions and time horizons. It is a more advanced version of Sales and Operations Planning (S&OP), which is designed to achieve alignment and synchronization across all aspects of the business. Collaborative Planning, Forecasting, and Replenishment (CPFR) focuses specifically on the collaboration between suppliers and retailers to forecast demand, share information, and ensure that supply meets demand.
Option d, stating that the core of IBP are the five monthly review meetings, is not completely accurate; while regular review meetings are part of the IBP process, they are not the sole core elements. The core of IBP includes aspects of strategy integration, such as the coordination between various departments to ensure that all planning and execution activities are strategically aligned with the company's overall objectives.
Option e, suggesting that the core of IBP consists of four key steps, is not entirely correct. Although strategy and planning, demand and supply management, execution, and analysis are important parts of IBP, it is not limited to these four steps, as there are various interrelated components and processes within IBP.