Hi, I need help with essay on Solo Project. Paper must be at least 500 words. Please, no plagiarized work!
Diving into the market environment and making uninformed decisions may result in adverse effect on a business entity. In this regard, every marketing decision made should be based on some reliable information obtained from research exercises. Marketing is the most dynamic aspect of business characterized by rapid changes of operating forces in the field. In this case, research processes should be performed regularly to ensure acquisition of reliable and updated information. Just like any other research project, marketing research adopts the ideal scientific research procedures. These procedures include problem definition, formulation of hypotheses, and adoption of research methodology, data collection, data analysis and finally data interpretation. Conformity to all these steps ensures objectivity and reliability of the research results (Kolb, 2008).
In this context, I am required to develop a practical plan on the appropriate steps of conducting a marketing research for setting wine price. Before developing a plan, we will evaluate the nature of the research project conducted by another party within the same pricing concept of marketing. This evaluative process entails appraising the research elements used in formulating the conclusion based on the research hypothesis (Kolb, 2008).
The question of the research might be structured as follows. Does price level influences wine sales? Based on this question, a research will be conducted by formulating the appropriate hypotheses that provides some prepositions concerning the effect of price on the sales of wine. The null hypothesis that will be rejected in the research article states that the taste of wine determines its sales in the market. The actual hypothesis to be approved upon completion of the research states that the public perceives that higher priced wine are of higher quality than low priced wine. Based on the research article, the hypotheses contain two