359. Should America Be Run by … Trader Joe’s?

Freakonomics Radio

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Documentary, Society & Culture

4.6 • 32K Ratings

🗓️ 29 November 2018

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

The quirky little grocery chain with California roots and German ownership has a lot to teach all of us about choice architecture, efficiency, frugality, collaboration, and team spirit.

Transcript

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0:00.0	Let's play Shark Tank today.
0:10.6	You're the investors.
0:12.0	Shark Tank, if you don't know, is the TV show where people pitch business ideas to famous
0:16.7	investors.
0:17.8	You might be Mark Cuban or Mr. Wonderful.
0:20.3	You're trying to decide, would you invest?
0:22.6	And that is Michael Roberto.
0:24.2	He's a business professor at Bryant University, formerly of the Harvard Business School.
0:28.7	There's one lecture he likes to start by giving his students this fictional Shark Tank
0:33.4	pitch.
0:34.4	I'd like to open a new kind of grocery store.
0:37.6	We're not going to have any branded items.
0:39.8	It's all going to be private label.
0:41.2	We're going to have no television advertising and no social media whatsoever.
0:46.4	We're never going to have anything on sale.
0:48.8	We're not going to accept coupons.
0:50.7	We'll have no loyalty card.
0:52.5	We won't have a circular that appears in the Sunday newspaper.
0:56.0	We'll have no self-checkout.
0:57.8	We won't have wide aisles or big parking lots.
1:01.6	Would you invest in my company?
1:03.9	And of course, you're supposed to think there is no way I'd invest in that company.
	...

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