Case Study 1 Trader Joe s Keeping a Cool Edge 1 - 1936 Words

Case Study 1 Trader Joe’s Keeping a Cool Edge The average Trader Joe’s stocks only a small percentage of the products of local supermarkets in a space little larger than a corner store. How did this neighborhood market grow to earnings of $9 billion, garner superior ratings, and become a model of management? Take a walk down the aisles of Trader Joe’s and learn how sharp attention to the fundamentals of retail management made this chain more than the average Joe. From Corner Store to Foodie Mecca In more than 365 stores across the United States, hundreds of thousands of customers are treasure hunting.1 Driven by gourmet tastes but hungering for deals, they are led by cheerful guides in Hawaiian shirts who point them to culinary†¦show more content†¦Recent annual sales are estimated at $9 billion, landing Trader Joe’s in the top third of Supermarket News’s Top 75 Retailers.12 Because it’s not easy competing with such giants as Whole Foods and Dean DeLuca, the company applies its pursuit of value to every facet of management. By keeping stores comparatively small—they average about 10–15,000 square feet—and shying away from prime locations, Trader Joe’s keeps real estate costs down.13 The chain prides itself on its thriftiness and cost-saving measures, proclaiming, â€Å"Every penny we save is a penny you save† and â€Å"Our CEO doesn’t even have a secretary.†14,15 Trader Giotto, Trader Josà ©, Trader Ming, and Trader Darwin Trader Joe’s strongest weapon in the ï ¬ ght to keep costs low may also be its greatest appeal to customers: its stock. The company follows a deliciously simple approach to stocking stores: (1) search out tasty, unusual foods from all around the world; (2) contract directly with manufacturers; (3) label each product under one of several catchy house brands; and (4) maintain a small stock, making each product ï ¬ ght for its place on the shelf. This commonsense, low-overhead approach to retail serves Trader Joe’s well, embodying its commitment to aggressive cost-cutting. Most Trader Joe’s products are sold under a variant of their house brand—dried pasta under the â€Å"Trader Giotto’s† moniker, frozen enchiladas under the â€Å"Trader Jose’s† label, vitamins under â€Å"Trader Darwin’s,† andShow MoreRelatedRed Bull Marketing Plan7856 Words   |  32 PagesBut last week the end-of-year gloom was lifted by the arrival of a most unlikely new inhabitant. A bronzed and energetic Austrian, who has made a billion-pound fortune selling a drink that looks and tastes like medicine has just become the town s biggest private investor. Dietrich Mateschitz, 60, the owner of Red Bull, spent more than  £60m buying up the Jaguar Formula One racing team. The thundering bull logo and Red Bull gives you wings advertising slogan will replace the Jaguar logo onRead MoreVarian Solution153645 Words   |  615 PagesChapter 1 NAME The Market Introduction. The problems in this chapter examine some variations on the apartment market described in the text. In most of the problems we work with the true demand curve constructed from the reservation prices of the consumers rather than the â€Å"smoothed† demand curve that we used in the text. Remember that the reservation price of a consumer is that price where he is just indiï ¬â‚¬erent between renting or not renting the apartment. At any price below the reservationRead MoreMonsanto: Better Living Through Genetic Engineering96204 Words   |  385 Pages441 441 CASE STUDIES A summary of the case analysis I N T R O D U C T I O N Preparing an effective case analysis: The full story Hearing with the aid of implanted technology: The case of Cochlearâ„ ¢ – an Australian C A S E O N E high-technology leader Delta Faucet: Global entrepreneurship in an emerging market C A S E T W O DaimlerChrysler: Corporate governance dynamics in a global company C A S E T H R E E Gunns and the greens: Governance issues in Tasmania C A S E F O U R Succeeding in theRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Departme nt, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturersRead MoreDeveloping Management Skills404131 Words   |  1617 PagesManagement, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY Kim S. Cameron UNIVERSITY OF MICHIGAN Prentice Hall Boston Columbus Indianapolis New YorkRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pages 22/10/2007 11:54 Page 597 CASE STUDIES ECS8C_C01.qxd 22/10/2007 11:54 Page 598 ECS8C_C01.qxd 22/10/2007 11:54 Page 599 Guide to using the case studies The main text of this book includes 87 short illustrations and 15 case examples which have been chosen to enlarge speciï ¬ c issues in the text and/or provide practical examples of how business and public sector organisations are managing strategic issues. The case studies which follow allow the reader to extendRead MoreInnovators Dna84615 Words   |  339 Pagesprovide a self assessment for rating your own innovator’s DNA), the authors explain how you can generate ideas, collaborate with colleagues to implement them, and build innovation skills throughout your organization to sharpen its competitive edge. at innovation advantage can translate into a premium in your company’s stock price—an innovation premium—that is possible only by building the code for innovation right into your organization’s people, processes, and guiding philosophies. PracticalRead MoreManaging Information Technology (7th Edition)239873 Words   |  960 PagesCONTENTS: CASE STUDIES CASE STUDY 1 Midsouth Chamber of Commerce (A): The Role of the Operating Manager in Information Systems CASE STUDY I-1 IMT Custom Machine Company, Inc.: Selection of an Information Technology Platform CASE STUDY I-2 VoIP2.biz, Inc.: Deciding on the Next Steps for a VoIP Supplier CASE STUDY I-3 The VoIP Adoption at Butler University CASE STUDY I-4 Supporting Mobile Health Clinics: The Children’s Health Fund of New York City CASE STUDY I-5 DataRead MoreIgbo Dictionary129408 Words   |  518 Pages............................................................................................................ 1 Editor’s note: The Echeruo (1997) and Igwe (1999) Igbo dictionaries ...................................................... 2 INTRODUCTION........................................................................................................................................... 4 1. Earlier lexicographical work on Igbo.......................................................................Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesPorter Benson, Stephen Brier, and Roy Rosenzweig Also in this series: Paula Hamilton and Linda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New