From the Stanford Business School: https://www.gsb.stanford.edu/experience/news-history/charles-shaw-mba-71-risk-rigidity
Sometimes business strategies does’t quite work out as planned. The interview points that out.
Of course the Charles Shaw wines are an iconic brand for Trader Joe’s.
A key lesson learned:
“I wouldn’t be as rigid in my thinking….What I should have done was throw things against the wall to see what would stick….I should have made a chardonnay, a merlot, a sauvignon blanc, for example, and put them out there in small quantities, then watched to see if there was a demand pull. And when there was, I should have turned and run in that direction. “
Eventually the market points a business in the right direction….and the market can change.