Trader Joe’s: Keeping a Cool Edge
Trader Joe’s: Keeping a Cool Edge
1. All of the six “must have” managerial skills listed in Chapter 1, The most important skills a Trader Joe’s managers should maintain ar all of these Managerial Skills. The ability to have Teamwork between co-workers and leaders or mangers would be a key aspect for any company that is trying to strive and create revenue. Self- Management gives a mangers the ability to self-evaluate the circumstances that are taking place in the store and being able to ask themselves about the ethical reasoning of the situations. The Leadership with Trader Joe’s is a significant process piece for their store fronts to run smoothly. Critical Thinking is a vital aspect in the managerial process for Trader Joe’s mangers.
According to the Trader Joe’s website if a product is not hoping off of the shelves or is not getting good consumer reviews then the product is taken of the shelves and replaced with a different product that they will test to see if it will sell better. Professionalism and Communication in my eyes should be bundled together. If a manger is not capable of communicating in a professional manner then in any company that manger should not be able to manage that storefront, especially in a company like Trader Joe’s.
2. There are many risks that come about from a German owned company being operated in the United States and sourcing products from all around the world. The first thing that comes to mind for me is miscommunication. With Trader Joe’s shipping products from all over the world and bringing it into the United States it can become complicated to make sure from the headquarters in Germany that each of the store are receiving the correct products. Another major reason is Location. I believe that the location of the company headquarters should be where most of their products are going which is the United States. Also if there is a problem with one of the store fronts that needs to brought to the corporate offices it would be complicated for matters to be attended to as soon as they possibly can.
3. In a casual and nontraditional work environment like the one at Trader Joes, The keys to a team leader or supervisor to become an effective manager are to help others achieve high performance and satisfaction in their work. When a manger is trying get there workers to reach their highest potential in the company the Quality of Work life factor in. Quality of work life is the overall quality of human experiences in the workplace. The employees and the mangers in these circumstances would talk about fair pay, safe work conditions, opportunities to learn and use skills, room to grow and progress in a career, and protection of individual rights.
4. Within my further research I ended up reading an article on Business Insider. This article explains how Trader Joes which is a much smaller company then Whole Foods has beating them out in profits. According to the article, Trader Joe’s sells a whopping $1,734 per square foot, according to a recent report by the real estate investment firm JLL. In comparison, Whole Foods sells $930 per square foot. According to Business Insider, Trader Joe’s is focused on product innovation and selling groceries and wine at a cheap price. Because customers know they can get high-quality stuff at a low price, they pack Trader Joe’s stores.
When you go Trader Joe’s you don’t think that you will be breaking your wallet or using you “Whole Paycheck,” like you would do if you went to Whole Foods. Trader Joe’s has many different philosophies and business plans. Trader Joe’s buys directly from suppliers whenever possible, they bargain hard to get the best price, and then pass the savings on to you. If an item doesn’t pull its weight in their stores, it goes away to gangway for something else. Trader Joe’s buys in volume and contract early to get the best prices. Most grocers charge their suppliers fees for putting an item on the shelf. This results in higher prices… so they don’t do it. They keep our costs low because every penny we save is a penny you save.
The simplicity of Trader Joe’s is truly remarkable. The thought that Trader Joe’s is capable to stay in such grave competition with other organic and health food supermarkets like Whole Foods. It is astounding that Trader Joe’s, a German Based Company, are able to have the connections and the locations throughout the United States and be able to import goods from all the world as smoothly as they do. The ways Trader Joe’s could be more successful is by becoming the store that is in every town and become the g to supermarket in each community. By opening more locations the company could be able to turn a much greater profit into find more products for their consumers and keep prices low for their customers. Another aspect that Trader Joe’s can use as a building block for their company to be more prosperous is relocation there headquarters to the United States. By relocation the company would be able to have better communication with their store fronts.
If an executive wanted to check up on a store that was failing or something along those lines they would be able to save the company money on the traveling and boarding expenses that could come about from the evaluation of the store front. When you start to look at the next five years and so on Trader Joe’s in my personal opinion shows great promise to keep up as a striving company. The trend in our society is looking for good, healthy food and a low rate price. Trader Joe’s has been able to keep up with trying to get the bang for your buck. Trader Joe’s has been able to keep the exceptional low prices to keep competitive with huge companies. Trader Joes has also been even more successful than companies like Whole Foods by making more money per square foot by a margin of $804! As you can see sometimes the smaller chains of super markets like Trader Joe’s or David, can beat out Goliath of competition like Whole Foods.