Water quality and contamination of our drinking water is currently in the news especially with the recent episodes in Flint, Michigan. In addition the importance of having certain minerals in water is touted by various “health experts”. A new venture wants to begin “mineral and supplement enhanced” bulk (large bottles) of spring water directly to offices, businesses, and consumer’s homes. One of the firm’s three owners wants to use a Price Skimming strategy.  He said: “These consumers are not in a supermarket and cannot compare prices. We deliver spring water in bulk to your home at a good price, which compared to their normal small bottle purchase that sounds like a great deal. In addition, we provide extra value over their regular water. Therefore, I think we should charge $7.50 for our bottles. We can reduce prices later if we want”. However, the second owner did not want to be so aggressive on price. According to her “I think that we should use Penetration Pricing.  Currently, the cheapest bottle on the market is $5, so let’s go out there with at a $4 price. At that price we will win a lot of customers. Then, later on, we can price the increase every six months or so – first to $5, then to $6, and finally to $7. That means that we’ll eventually have lots of customers all paying $7 per bottle. The third owner wasn’t sure about either of the first two approaches. His view was: “I think that we should just follow the industry trend and use Mark-up Pricing. We know that the market is willing to pay between $5 and $6.50 per bottle. Let’s just mark-our product up a % based on our cost and keep it within that range.  Personally, I think it would be risky to price outside that range. We don’t know whether the market will pay more, and we also don’t know if our customers will be happy with a series of price increases.” The other two disagreed arguing that their product offered extra value over the existing brands and simple mark-up pricing neither allowed them to make extra profits at the outset or capture market share. QUESTIONS: Based on the Stages of Establishing Prices that we discussed in Chapter 12, describe how you would advise the owners of this business to think more carefully about setting the price. Please do not just list the steps. Rather, list each step and present your analysis for this particular product. Be specific with your ideas and advice. What should the price be?

Mastering the Art of Online Learning: Your Guide to Acing Online Courses

Introduction

In recent years, the popularity of online courses has skyrocketed, offering learners the flexibility to acquire new skills and knowledge from the comfort of their homes. However, succeeding in online courses requires a different approach compared to traditional classroom settings. To help you make the most of your online learning experience, this article presents essential strategies and tips to ace your online courses.

1. Set Clear Goals and Plan Ahead

Before embarking on an online course, establish clear goals and objectives. Determine what you hope to achieve by the end of the course and break down your goals into manageable milestones. Create a study schedule that aligns with your other commitments, ensuring you allocate dedicated time for coursework, assignments, and revision.

2. Create a Productive Study Environment

Establishing a conducive study environment is crucial for online learning success. Find a quiet, well-lit space where you can concentrate without distractions. Remove any potential interruptions, such as notifications from social media or email. Organize your study materials and have a reliable internet connection to ensure seamless access to course materials.

3. Actively Engage in the Course

Active participation is key to mastering online courses. Engage with course materials, including videos, readings, and interactive components. Take comprehensive notes, highlighting key concepts and ideas. Participate in discussion boards, forums, and virtual meetings to interact with instructors and peers, fostering a sense of community and enhancing your understanding of the subject matter.

4. Manage Your Time Effectively

Online courses offer flexibility, but it’s essential to manage your time wisely to avoid falling behind. Create a detailed schedule, allocating specific time slots for coursework, assignments, and studying. Break down larger tasks into smaller, manageable segments to prevent procrastination. Prioritize tasks based on deadlines and dedicate focused time to each one, ensuring consistent progress throughout the course.

5. Develop Effective Communication Skills

Online courses often rely on written communication, making it crucial to hone your skills in this area. Be concise and clear in your written responses, paying attention to grammar and spelling. Actively participate in discussions, asking thoughtful questions and providing constructive feedback to your peers. Regularly check your course emails and notifications, ensuring you stay updated with any important announcements or changes.

6. Utilize Available Resources

Take full advantage of the resources provided by your online course platform and instructors. Familiarize yourself with the learning management system (LMS) and explore its features. Access supplementary materials, such as textbooks, lecture slides, and external resources recommended by instructors. Utilize online libraries, research databases, and tutorial services to deepen your understanding of the subject matter.

7. Stay Motivated and Engaged

Maintaining motivation throughout an online course can be challenging, particularly when faced with competing priorities or a lack of face-to-face interaction. Set short-term goals and reward yourself upon their completion. Connect with fellow learners through virtual study groups or online forums to foster a sense of camaraderie. Regularly remind yourself of the benefits and personal growth associated with completing the course successfully.

8. Seek Support and Clarification

Don’t hesitate to seek support or clarification when needed. Reach out to your instructors for guidance or clarification on course material. Utilize online discussion forums to ask questions or engage in collaborative problem-solving. Leverage the support services provided by your course platform or institution, such as technical support or academic advising.

Conclusion

Online courses present unique opportunities for self-paced learning and personal growth. By setting clear goals, creating a productive study environment, actively engaging with course materials, and managing your time effectively, you can maximize your chances of acing online courses. Remember to stay motivated, seek support when needed, and make the most of the available resources. Embrace the flexibility and adaptability of online learning to achieve your educational goals.