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What Is The Costco Mission Statement
Costco’s mission statement is “to continually provide our members with quality goods and services at the lowest possible prices”.
As you can see from this mission statement, Costco emphasizes reasonable prices, providing quality goods and services, and growing its retail business.
Costco’s mission statement is beautifully crafted and perfectly represents its corporate goals.
The company uses several key terms such as “continually”, “members”, “quality goods and services,” and “lowest possible” that are packed with meaning.
“Continually” suggests that Costco constantly seeks to offer its members the best for the lowest price.
“Members” suggests that the company’s objective is to cater to the needs of its members only, not just anyone.
“Quality goods and services” indicates the company’s core focus is to provide its members with the best possible goods and services.
“Lowest possible price” is probably Costco’s main strategy which is to provide its members with the lowest price for the goods and services purchased.
Costco’s pricing strategy to beat its competitors has been an effective one.
Now, let’s look at each aspect of Costco’s mission statement.
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Costco Mission Statement Elements
Reasonable Prices
One key element of Costco’s mission statement is to provide its customers with attractive prices.
As a result, Costco’s mission is to “continually” provide its customers with the highest quality goods and services “at the lowest possible prices”.
This means that Costco’s strategy is to beat its competitors on its pricing strategy.
Quality Goods
Another key element of Costco’s mission statement is the focus on quality goods.
Costco says it will “continually” provide its members with “quality goods and services”.
In other words, Costco is saying that its customers should always expect to purchase the best possible products.
Retail Industry
Another focus in Costco’s mission statement is that it sells “goods and services” to its “members”.
This suggests it’s a retail business where its clients are members of the organization or have some form of exclusivity.
Offering a membership program creates a better customer experience and lets the members know they have a privileged position within the business.
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About Costco
Costco is a multibillion-dollar corporation founded in the United States that has achieved a solid reputation over the years and has been dominating its industry for years.
Costco has achieved great success due to its brilliant business model and particularly impactful mission statement.
The company was founded in 1983 and is headquartered in Issaquah, Washington.
Today, it has an international presence in over 11 countries and is the leading competitor to Walmart.
As of 2021, Costco generated $195 billion in revenues, recorded a net income of over $5 billion, over 111 million members, and 288,000 employees.
You can purchase shares of Costco on the NASDAQ as it is a publicly-traded company (the trading symbol is COST).
Costco’s mission statement is to provide its members with quality goods and services at the lowest possible prices.
To achieve this mission, the company’s vision statement is “to provide a wide selection of merchandise, plus the convenience and exclusive member services, all designed to make the shopping experience pleasurable.”
Costco’s core values in achieving its mission and vision are to “obey the law”, “take care of our members”, “take care of our employees”, and “respect our suppliers”.
This says a lot about the company’s core values and how it strives to achieve its mission.
By respecting its suppliers, Costco is letting the world know that it will not use a predatory approach to getting them to lower prices.
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Takeaways
So there you have it folks!
What is the Costco Mission Statement?
In a nutshell, Costco’s mission statement is “To continually provide our members with quality goods and services at the lowest possible prices.”
The main focus here is on quality goods and services, the lowest prices, and a great customer experience.
When you look at Costco’s day-to-day business, you can see that its mission statement is bang on target.
Costco provides top-quality products, offers great prices, and offers its customers a great shopping experience and service.
When you become a Costco member, you can benefit from many advantages and promotions that the company offers to you, thereby augmenting the customer experience.
Now that you know what Costco’s mission statement is, good luck with your research!
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