Introduction
Nowadays, giant corporations have a significant impact on the development of society and its progress. They possess significant resources, can influence various community processes, and either support or cease them. At the same time, companies depend on individuals as their dissatisfaction might result in a reduced desire to use a firm’s products and reduced sales. Under these conditions, ethics, mission, and major principles acquire the top priority.
A unit with strong values benefits from clients’ loyalty and readiness to continue the interaction. That is why most modern corporations focus on observing the code of ethics and resolving sustainability issues. For instance, Costco Wholesale is a multinational corporation that is one of the leaders in the global retail industry. The company proclaims its commitment to the code of ethics and the importance of its values for doing business.
The Organization’s Background
Thus, Costco is one of the most influential players in the U.S. retail market. According to its annual report, the company earned $5,844 billion in 2022 (Costco Wholesale, 2022). The income is 16.72% higher than the previous year, which indicates a stable position. Furthermore, Costco works in 14 countries globally and creates jobs for 304,000 individuals in various regions (Costco Wholesale, 2022). The corporation operates through warehouses and retail stores, offering clients various products (Costco Wholesale, 2022). These include food, fresh products, and non-foods sold to many customer groups (Costco Wholesale, 2022). The demographics differ because of the numerous items available to Costco’s clients. The main competitors are Walmart, Home Depot, and Target Corporation (Costco Wholesale, 2022). In general, Costco preserves its leading positions and remains attractive to clients.
The Mission, Vision, and Values of the Organization
Similar to other big companies, Costco has specific principles regulating its work. Thus, the company has a straightforward mission, which is “to continually provide our members with quality goods and services at the lowest possible prices” (“What is Costco’s mission statement and code of ethics?,” n.d., para. 1). The mission is vital for the evolution as it impacts the choice of approaches to work with clients and strategic planning.
Furthermore, the firm’s vision emphasizes offering its clients a broad range of high-quality merchandise at lower prices (Costco Wholesale, 2022). Costco focuses on meeting its loyal clients’ demands to ensure high satisfaction levels. The corporation values sustainability, trust, and long-term relations as part of the cooperation between partners (Costco Wholesale, 2022). These ideas are central to the company’s functioning and development as they impact the choice of methods and directions for growth.
The Ethical Principles and Policy Under Which the Organization Works
It is also vital to discuss Costco’s ethical principles and policies. Companies and individuals might have different value systems or ways of determining ethically right or wrong things (Bredeson & Goree, 2012). For Costco, obeying the law, taking care of members and employees, and respecting suppliers are the primary ethical values (“What is Costco’s mission statement and code of ethics?,” n.d., para. 1).
The firm emphasizes its devotion to improving the communities’ functioning and cultivating sustainability practices (Costco Wholesale, 2022). For instance, it employs specific measures to operate efficiently, which is part of its current policy (Costco Wholesale, 2022). It uses recycled and organic materials to reduce waste and resolve environmental issues (Baker, 2022). Moreover, it is considered a socially responsible organization as Costco values its employees highly and encourages personal and professional development (Baker, 2022). It means that the company’s ethics and policies are essential for cultivating better lives within communities, while its values support most incentives aimed at helping individuals.
The Rationale Behind the Selection of the Organization
In such a way, Costco is one of the leaders in the retail market and has strong ethical principles and values. Commitment to sustainable practices and the corporation’s gradual transformation to reduce the negative environmental impact are among the reasons that impacted Costco’s choice for the discussion.
Moreover, it is a giant international corporation with numerous employees and retail stores in many regions. This means it possesses exceptional power and can impact social processes and promote the public good. Currently, Costco has some incentives to improve people’s lives; however, in the future, it can address an increased number of social causes, such as unemployment or poverty. Its ethical values and principles are clear and understandable, meaning it can support various incentives and make Costco a crucial social change agent.
Conclusion
Altogether, Costco is a company with stable growth and leading positions in the market. In addition, it upholds firm moral standards and core values, impacting its functioning and development. It focuses on cultivating strong and trustful relations with its clients and employees, an integral part of the brand’s policy.
The corporation supports its employees’ personal and professional growth and invests in cultivating a positive environment in the workplace, which helps it to succeed. At the same time, it is aware of sustainability issues and their importance for communities. For this reason, it can be discussed to understand the importance of values and behaviors and their role in the firm’s ability to succeed and align effective interaction with loyal clients.
References
Baker, B. (2022). Is Costco a socially responsible company? HouseDigest. Web.
Bredeson, D., & Goree, K. (2012). Ethics in the workplace (3rd ed.). South- Western Cengage Learning
Costco Wholesale. (2022). 2022 annual report. Web.
What is Costco’s mission statement and code of ethics? (n.d.). Costco. Web.