MARKETING Introduction Based on stiff competition in the business atmosphere at the local and international levels, various companies have come up with various marketing strategies in their efforts to keep at bay their competitors…
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One of the notable companies that have put in place effective marketing strategies is Costco Company. Being the second largest distributor and seller merchandise among other products in US, Costco Company operates in more than 8 countries. The company has more than 200 brands that are produced to meet the large customer base that the company is enjoying. Major products that are produced by the company include sea food, home electronics, solar panels, photo processors, baked goods, hot tubs, and meat among others. This paper discusses key marketing activities that are undertaken by Costco Company thus becoming a successful firm in the wholesale sector. Marketing strategies One of the major strategies that Costco Company uses to attract and retain its customers is by use of technology. For example, the company has initiated varieties of adverts that are undertaken though television channels as well as YouTube. As a result, the company has increased its number of customers in US as well as in foreign countries. Based on the increased need to maintain productive employees, Costco Company has undertaken various corporate social responsibilities. For example, the company provides quality health care to all its employees an aspect that has resulted to attainment of employees as well as corporate objectives. Costco Company also focuses at using hospitality industry to improve its image on the eyes of the public. For example, the company has established children hospitals that are operated using the company financial resources. In 2012, the company spent 1% of its pre-tax earning to finance the children hospitals. As compared to its competitors, Costco Company has a wide product portfolio (Gupta, 2006). In this way, the company is in a position to meet the needs of large number of customers. In the same way, the company brands target wide market including young people, old consumers, executives, sportsmen among others. Consequently, the company has created a strong positive customer product relationship. One of the notable marketing strategies that Costco emulates is to offer low prices and to sell large number of products (Fredrix, 2009). By providing variety of brands, the company focuses at big and small businesses as well as large families. Ethics and corporate social responsibility Many marketers today are faced with ethical conflicts in regard to Corporate Social Responsibility (CSR). Costco Company corporate responsibility is regulated by a corporate reputation body which is a group of senior managers derived from the company. The CSR body strategizes methods of dealing with problems identified as risks and hindrances confronting the targeted community as well as its business advancement (Weeden, 1998). The company’s corporate governance guideline clearly outlines the approach to Corporate Social Responsibility and these approaches are systematically reviewed to ensure they meet international best practices. As mentioned earlier, Costco Company has embarked on is the sponsorship of humanitarian activities including children hospital, protection of animals as well as environmental conservation. Costco Company is a global company that is focused at initiating international brands in various marketing segments. Through its cutting edge online advertisement, Costco Company emulates global marketing that has not only made
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The company produces six categories of products: pharmaceuticals, nutritional products, vision technologies, animal health, medical & surgical devices, and diagnostic instruments & tests. The firm distributes its products in over 130 countries worldwide.
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