IndexAbstractHistoryMission StatementVision StatementLeadershipConclusionReferencesAbstractSince 1983, Costco has managed to expand its stores globally due to its low prices, incredible workforce, and customer satisfaction. The company's philosophy and vision have been passed down from one CEO to the next. By creating an environment of cultural connection where consumers, suppliers, managers and employees interact with each other, it recently outperformed Amazon in terms of customer satisfaction. The company has managed to survive in difficult times while other retail companies have not fared as well. The company will continue to expand worldwide and explore opportunities in the ever-changing market. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayHistoryCostco is one of the most successful wholesale companies based in the United States encompassing a huge variety of products for consumers. It also has retail outlets around the world and the company operates as a members-only warehouse club. This company was founded in 1983 in Seattle. Costco managed to merge with Price Club (a department store founded in 1976) and after the merger in 1993 was called PriceCostco. The merged companies performed quite well. Subsequently, however, Price Club's founder left the company and in 1994 decided to establish an independent unit called Price Enterprises. In the year 1997, PriceCostco was renamed to 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, apparel, jewelry, etc. Costco managed to achieve $3 billion in revenue in less than 6 years and was named to the Fortune 500 list in 2004. It was subsequently recognized as one of Fortune magazine's Most Admired Companies 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 merchandise. The reason I chose Costco for my paper is because it's not just about one particular retail company. A huge number of retail stores have closed in the United States for several years now, but Costco has managed to thrive. According to a recent Bloomberg article from 2019, a customer satisfaction survey revealed that consumers actually love Costco more than Amazon. Costco follows a corporate culture that other companies should follow. Its employees are treated well and looked after by the company. The employees are also fairly compensated compared to Walmart. Finally, Costco is changing the way people shop. Mission Statement Costco's mission statement is actually pretty simple. It is essential to provide customers with quality products and services at the lowest possible prices. The company has four codes of ethics that it follows to advance its mission. The first is to respect the law, the second is to take care of your members, the third is to take care of your employees and the fourth is to respect your suppliers. The company ensures that it conducts its business in accordance with the law of a state or country. The company cannot thrive if its members are not satisfied. Membership inCostco is not only open to entrepreneurs, but also to individuals. Employees are treated like family members. The company thrives thanks to its suppliers. The ultimate goal of the company is to reward its shareholders. However, the CEO makes sure not to focus solely on satisfying his shareholders. For him it is important to balance the needs of shareholders, employees, suppliers and customers alike. Vision Statement Costco wants to ensure the retail wholesale warehouse company is a place where competent purchasing and operating practices give members access to unprecedented savings. In other words, the organization is expected to help people make ends meet, help businesses thrive, treat customers with respect, and create a positive environment for everyone. Furthermore, the CEO states that “our vision is that we want to have a long-term company and continue to grow sales and profits fairly and make sure that there are always growth opportunities for our employees” (Garcia, 2018). Furthermore, the company has been able to realize a vision of a culture of connection where everyone works like a family and this is one of the reasons why Costco has continued to resonate with its shoppers over the 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 are always ready to help others. The management team would know their employees and would not treat them as mere workers. These are employees and managers who work like family members. At Costco, people feel connected “to their supervisor, to their coworkers, to their work, to the leaders of the organization, and to the people served by the organization. When people feel these connections, they thrive, individually and collectively.” James Sinegal, former CEO, understood that “it's not just salary that motivates people. Also important are how respected they are and whether they feel they can make a career in the company” (Cascio, 2006). The current CEO recognizes that part of his company's success is due to the trust and satisfaction he has in his employees. His methods enhance quality of life and ensure that the opportunity for growth is always present. The CEO makes sure that the company does not hire new buyers because he wants it to be a family community, where more than 90% of employees are promoted from within. Interestingly, people who worked part-time at Costco ended up staying and becoming full-time employees. Costco has treated its employees so well with generous compensation along with benefits that Wall Street once criticized it. Costco leaders continued to care about 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 increased 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 together at Costco as it needs to be seen as a culture of connection and this helps create a friendly environment in the workplace. Here is an actual quote from one of Costco's employees: “I love the fact that while