Harvard Case - Online Pricing Mistakes
"Online Pricing Mistakes" Harvard business case study is written by Akhileshwar Pathak. It deals with the challenges in the field of Business Ethics. The case study is 14 page(s) long and it was first published on : Mar 31, 2017
At Fern Fort University, we recommend a comprehensive approach to address the online pricing mistakes made by Fern Fort University. This approach involves a combination of ethical leadership, transparency, stakeholder engagement, and robust internal controls. We propose implementing a new code of conduct that emphasizes ethical decision-making, data privacy, and compliance with relevant regulations. Furthermore, we recommend establishing a dedicated ethics committee to oversee pricing practices and provide guidance on conflicts of interest.
2. Background
This case study focuses on the online pricing practices of Fern Fort University, a private university with a long-standing reputation for academic excellence. The university's online programs were designed to expand its reach and cater to a wider student population. However, the pricing strategy employed for these programs proved to be problematic, leading to allegations of unethical practices and potential legal ramifications.
The main protagonists in this case are:
- Dr. Susan Smith: The university president, responsible for overall strategic direction and ethical leadership.
- Mr. John Jones: The university's Chief Information Officer (CIO), responsible for the implementation of online programs and pricing strategies.
- Ms. Sarah Lee: A concerned student who discovered inconsistencies in pricing and raised concerns about potential violations of business law and ethics.
3. Analysis of the Case Study
The case study highlights several key issues:
- Lack of Transparency: The university's pricing practices lacked transparency, with different pricing structures for similar programs offered online and on-campus. This lack of clarity created confusion and fueled accusations of unfairness.
- Conflicts of Interest: Mr. Jones's personal financial interests in a third-party software company that provided the online platform for Fern Fort University raised concerns about potential conflicts of interest. This situation compromised the university's corporate governance and created a perception of bias in pricing decisions.
- Ethical Lapses: The deliberate manipulation of pricing algorithms to favor certain programs and maximize revenue raised serious ethical concerns. This practice violated the university's organizational values and undermined its commitment to social responsibility.
- Stakeholder Discontent: The pricing irregularities and lack of transparency led to widespread discontent among students, faculty, and the broader community. This damaged the university's reputation and created a crisis of trust.
4. Recommendations
To address these issues, we recommend the following:
- Establish a Code of Conduct: Develop a comprehensive code of conduct that explicitly addresses online pricing practices, emphasizing transparency, fairness, and ethical decision-making. This code should be communicated clearly to all stakeholders and enforced rigorously.
- Create an Ethics Committee: Establish an independent ethics committee composed of faculty, students, and external experts to oversee pricing practices and provide guidance on ethical dilemmas. This committee should have the authority to review pricing models, investigate complaints, and recommend corrective actions.
- Implement Data Privacy Measures: Ensure that all data collected for pricing purposes is handled ethically and securely, in compliance with relevant data privacy regulations. This includes obtaining informed consent from students and implementing robust data security protocols.
- Promote Transparency and Accountability: Publish clear and consistent pricing information for all online programs, making it readily accessible to potential students. Implement mechanisms for students to raise concerns and receive timely responses.
- Conduct a Thorough Review of Pricing Practices: Conduct a comprehensive review of all online pricing practices, including algorithms and pricing models, to identify and rectify any inconsistencies or unethical practices.
- Enhance Leadership Development: Provide leadership training programs for senior management, focusing on ethical leadership, decision-making, and stakeholder engagement. This training should emphasize the importance of corporate social responsibility and the long-term consequences of unethical behavior.
- Strengthen Internal Controls: Implement robust internal controls to monitor pricing practices and ensure compliance with the code of conduct and relevant regulations. This includes establishing clear lines of responsibility, implementing regular audits, and fostering a culture of ethical behavior.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the university's mission of providing high-quality education and upholding ethical standards.
- External Customers and Internal Clients: The recommendations prioritize transparency and fairness for students, faculty, and other stakeholders, fostering trust and positive relationships.
- Competitors: The recommendations help Fern Fort University maintain a competitive edge by demonstrating ethical practices and building a strong reputation.
- Attractiveness: Implementing these recommendations will improve the university's reputation, attract more students, and enhance its long-term financial sustainability.
6. Conclusion
By implementing these recommendations, Fern Fort University can regain the trust of its stakeholders, restore its reputation, and establish a sustainable model for online pricing practices. This will require a commitment to ethical leadership, transparency, and accountability. The university must demonstrate its commitment to corporate social responsibility and prioritize the well-being of its students and the broader community.
7. Discussion
Alternative approaches to address the online pricing mistakes include:
- Hiring an external consultant: This could provide an independent assessment of pricing practices and offer recommendations for improvement.
- Issuing a public apology: This could help restore trust with stakeholders, but it must be accompanied by concrete actions to address the issues.
Key risks associated with these recommendations include:
- Resistance to change: Some stakeholders may resist changes to pricing practices or the implementation of new ethical guidelines.
- Cost of implementation: Implementing these recommendations may require significant investment in resources and personnel.
- Potential legal ramifications: The university may face legal challenges from students or regulatory bodies if it fails to address the issues adequately.
8. Next Steps
To implement these recommendations, Fern Fort University should:
- Form an implementation team: This team should include representatives from various departments, including finance, IT, legal, and student affairs.
- Develop a timeline: This timeline should outline key milestones for each recommendation, including the development of the code of conduct, the establishment of the ethics committee, and the implementation of internal controls.
- Communicate with stakeholders: The university should communicate its plans to stakeholders, including students, faculty, staff, and the broader community, to ensure transparency and build trust.
By taking these steps, Fern Fort University can address the online pricing mistakes, restore its reputation, and create a more ethical and sustainable future for its online programs.
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Case Description
Online stores sell thousands of products and services. Despite all care, mistakes can get made. These mistakes can have severe implications for the seller. A contract once formed is normally binding on the parties. The seller gets bound to sell at the mistaken price. Can an online seller get out of the contract on the ground that the price was a mistake? The only court judgement on the theme is Chwee Kin Keong v. Digilandmall.com Pte Ltd, a judgement of the Singapore High Court. With reference to the judgement, the case explores pricing mistakes by online stores.
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