Trader Joe\'s case 1. In what ways does Trader Joe’s demonstrate the importance

Question

Trader Joe's case 1. In what ways does Trader Joe’s demonstrate the importance of each responsibility in the management process—planning, organizing, leading, and controlling? 2. What lessons does the Trader Joe’s story offer to aspiring entrepreneurs who want to get off to a good start in any industry? 3. Given Trader Joe’s casual and nontraditional work environment, what skills will be most needed and how will these skills be applied to succeed in this environment? 4. Study news reports, articles, etc., to find more information on Trader Joe’s management and organization practices. Look for comparisons with its competitors and identify whether or not Trader Joe’s still has the right management approach and business model for continued success. What changing industry forces might cause future problems for Trader Joe’s?

Explanation / Answer

Trader Joe’s demonstrate the importance of each responsibility in the management process in several ways.

First, Trader Joe’s stores only carry around 4,000. Compared to most retail mega-markets, such as Whole Foods which carry between 25,000 and 45,000 products. Research shows that the more options you offer, the less likely people are to choose any.

Second, the managers are hired only from within the company, future leaders enroll in training programs such as Trader Joe’s University.

Third, Trader Joe’s quickly respond and post their action alerts on Trader Joe’s Web site when something happened.

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