If you're coaching a beginning team, or even a team with players who have some experience but not a lot, this is a great drill for teaching volleyball movement. Bishop's High coach Tod Mattox introduces it here.
Bounce and chase works like this: The coach faces the players, who start in a ready position about 25 feet away. The coach tosses the ball somewhere near the player — or not so near — and the player has to sprint and catch it before it bounces twice.
As you'll see in the video, Mattox repeatedly reminds the players one of the keys to success for this drill: Get faster as you get closer to the ball!