Consumer Behavior - Essay Example

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Consumer Behavior

crucial idea that the work at hand emphasises, but prior to seeing the big picture about it, it is also important to learn the other significant things about Costco.
Costco was originally operating under the name of Price Club in 1976. The firm is founded by James Sinegal and Jeffrey H. Brotman. In 1983, the first Costco warehouse was instituted in Seattle Washington. In 1993, Costco merged with Price Club, calling it PriceCostco, while dominantly employing the business model and size of Price Club, which generated billion dollar sales every year. However, Robert Price, the founder of Price club left PriceCostco and started Price Enterprises in 1994. This left Costco alone and led it to rebrand the firm as Costco Wholesale in 1997 including all those Price Club locations it had already established.
Costco is the second largest retailer in the US and the fifth largest retailer in the world (Said, 2013). Today, Costco is known for its ability to provide high value for customers, especially when it comes to its highly affordable and varied product offerings.
The company carries a “broad line of product categories including groceries, appliances, television and media, automotive supplies, toys, hardware, sporting goods, jewelry, cameras, books, housewares, apparel, health and beauty aids, tobacco, furniture, office supplies, and office equipment” (Sander & Bobo, 2011). Perhaps, one will call Costco a one-stop shop, with high affordability, enough to help the small to medium-sized businesses to save on their purchases for them to be able to resale. However, Costco’s leading sales came from individual consumer, the firm’s ultimate growth driver (Sander & Bobo, 2011).
There are many things to understand about Costco, which primarily include its values, mission, vision and objective. However, aside from this, ideas concerning its current related-marketing moves and stakeholders are also vital considerations in understanding this firm.
“Costco’s mission is ...Show more

Summary

This firm enjoys the opportunity to generate higher margins, lower marketing costs and low over-head of private-label products (Peter and Olson, 2007). In other words, it is clear that…
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