Table of ContentsSummaryHistoryMission StatementVision StatementLeadershipConclusionReferencesSummarySince 1983, Costco has successfully expanded its retail locations globally thanks to its low prices, incredible workforce and the satisfaction of its customers. The company's philosophy and vision have been passed down from one CEO to the next. By creating an environment of cultural connection in which consumers, suppliers, managers and employees interact with each other, the company recently surpassed Amazon in customer satisfaction. The company has managed to survive in difficult times, when other retail companies have not fared as well. The company will continue to expand globally and explore opportunities in an ever-changing market. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay HistoryCostco is one of the most successful wholesale companies based in the United States and offers a wide variety of merchandise to consumers. It also has outlets around the world and the company operates as a members-only warehouse club. This company was founded in 1983 in Seattle. Costco was able to merge with Price Club (a warehouse store founded in 1976) and was called PriceCostco after the merger in 1993. The combined companies did quite well. However, later the founder of Price Club left the company and decided to create an independent unit called Price Enterprises in 1994. In 1997, PriceCostco was renamed Costco Companies. Several years later, Costco decided to sign an agreement with Retalix (an Israeli software company that implements, licenses, develops and supports software applications for distributors, wholesalers and retailers). Retalix helped install StoreLine Fuel software solutions for retail products including toys, electronics, automotive products, clothing, jewelry, and more. Costco managed to achieve $3 billion in sales in less than 6 years and was ranked among the Fortune 500 in 2004. It would later be recognized as one of the most admired companies by Fortune magazine in 2006 and 2007. Craig Jelinek, CEO of Costco revealed that the company simply stuck to one strategy. The focus was solely on buying and selling goods. The reason I chose Costco for my article is because it is not just about one particular retail company. A large number of retail stores have closed their doors in the United States for several years, but Costco has managed to thrive. According to a recent Bloomberg article in 2019, a customer satisfaction survey found that consumers actually like Costco more than Amazon. Costco follows a company culture that other companies should follow. Its employees are well treated and taken care of by the company. Employees are also fairly compensated compared to Walmart. Finally, Costco is changing the way people shop. Mission Statement Costco's mission statement is actually quite simple. It is essential that it provides its customers with quality products and services at the lowest possible prices. The company applies four codes of ethics to carry out its mission. The first is to respect the law, the second to take care of its members, the third to take care of its employees and the fourth to respect its suppliers. The company ensures that it conducts its business in accordance with the law of a state or country.The company cannot prosper if its members are not satisfied. Costco membership is not only open to business owners, but also to individuals. Employees are treated like family. The company thrives on its suppliers. The ultimate goal of the company is to reward its shareholders. However, the CEO is careful not to focus too much on satisfying his shareholders. It is important for him to balance the needs of shareholders, employees, suppliers and customers equally. Vision Statement Costco wants to ensure that the wholesale retail warehouse business is a place where Competent purchasing and operating practices give members access to unprecedented savings. In other words, he wants the organization to help people make ends meet, help businesses thrive, treat customers with respect, and create a positive environment for everyone. Additionally, the CEO states, “Our view is that we want to have a long-term business and continue to grow sales and profits fairly and ensure that there is always an opportunity for growth for our employees” (Garcia, 2018). Additionally, the company was able to realize a vision of a connected culture where everyone works as a family and is one of the reasons Costco has continued to resonate with its shoppers over the years. years. LeadershipCostco CEO Craig Jelinek has been with the company for more than 30 years. He was a warehouse manager in 1984 and was promoted to various management positions over the years before becoming Costco's new CEO in 2012. The company's leadership has one philosophy: lead by example. The company has always had kind employees who were always willing to help others. The management team would get to know their employees and not treat them as just workers. It’s about employees and the management team working as family. At Costco, people feel connected "to their supervisor, to their co-workers, to their work, to the organization's leaders, and to the people the organization serves." When people feel these connections, they thrive, individually and collectively. » James Sinegal, former CEO, understood that “it’s not just salaries that motivate people. Their level of respect and their feeling of being able to have a career in a company are also important” (Cascio, 2006). The current CEO acknowledged that part of his company's success is due to the trust and satisfaction he places in his employees. Its methods promote quality of life and ensure that opportunities for growth are always there. The CEO ensures that the company does not hire new buyers because he wants it to be set up like a family community, where more than 90% of employees are promoted from within. Interestingly enough, people who worked part-time at Costco ended up staying and becoming full-time employees. Costco treated its employees so well with generous pay as well as benefits that Wall Street once criticized it. Costco executives continued to take care of their workers. It becomes clear that “Costco’s policies are indicative of a culture that values ​​people” (Porath, 2016). Friendships among longtime Costco employees have led to an increase in employee engagement and performance. The company continues to listen to the ideas and opinions of its employees around the world to “identify ways to improve the delivery of goods and services to members and improve efficiencies that reduce costs.” Everyone works with each other.