HipLocal's business requirements include adopting Google-recommended practices for defining SLIs and SLOs. Cloud Monitoring is the Google Cloud product specifically designed to monitor service performance, set SLIs, and establish SLOs. It provides tools to create dashboards, alerts, and service-level objectives based on metrics like availability, latency, and error rates. While Cloud Logging (D) handles log management and Cloud Trace (C) focuses on distributed tracing, neither directly addresses SLI/SLO definition. Cloud Profiler (A) is for performance profiling, not service-level metrics. Thus, the correct answer is B.