Costco PDF

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Q1: What are Costco’s philosophy, mission, and objective?

A business philosophy is a set of principles and beliefs a business has towards achieving success. Costco has a culture to value their employees by treating them right and caring for them. The company is dedicated to compensating their employees well and has a reputation of having a devoted, productive workforce. Due to their current reputation as being work friendly Costco receives thousands of applicants for job openings. One of the most important aspects of Costco’s philosophy or culture is that it works towards decreasing the gap between the workers and managers. The organisation encourages delegation of authority of making decisions to warehouse workers. A mission statement is the statement of the purpose or the goal of what the organisation wants to achieve or is working towards. Mission statement is important to filter goals and prioritize the most important goals in an organization. It provides a sense of direction for the entire organization. Costco’s mission statement is to “To continually provide our customers with quality goods and services at the lowest prices”. To achieve this mission Costco follows a strict code of Ethics which involves (Obey the law, take care of their members, take care of their employees and respecting their venders). This strict code of ethics has allowed Costco to become one of the largest retailers in the industry (The Balance Small Business, 2019). An objective of an organization is a goal set by the organization to achieve, it can either be short term or long term. Costco’s main objective is linked to their mission statement as mentioned in an article their objective is to establish a chain of stores which provides their members with cheaper but high-quality products (Comparably, 2019)....