You can be very efficient when pitching to a professional VC and leave the 101 stuff out of your deck. She will have read all the relevant blogs, she is likely to be a power technology user, she sees 1,000s of deals each year, no need to teach her about the market environment anymore.

One, it is a waste of your scarce pitch time, two it shows that you do not have an ability to seize up your audience, which might tell her something about your skills as a manager and sales person.

If you are pitching to a less experienced angel investor, it is a different story, These people require more background and more time. But remember, there are highly seasoned angel investors as well.