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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
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Concepts of marketing and the behaviors of consumers are involved under this concept, along with seven Ps of marketing, segmentations, relationship marketing, and marketing planning as well. The term consumer behavior has been defined to be those activities that consumers embark on while they obtain, consume and dispose off any products available in the market.
According to the report in order to keep our future generations intact by inculcating in them good cultural values, it is essential that they grow in the presence of both their parents. Increase in divorce rates however is making this gradually impossible. Using operant conditioning, a strategy can be devised to curb the growing divorce rates among the urban population.
“The impact of consumer behavior on society is also of relevance. For example, aggressive marketing of high fat foods, or aggressive marketing of easy credit, may have serious repercussions for the national health and economy” (Consumer Behavior, 2010).
Over the past many years, many distinguished businessmen and entrepreneurs from all over the globe have landed in UAE owing to huge business opportunities available there. Understandably, all such foreigners have brought with themselves their individual cultural values and norms due to which UAE has largely gained the reputation of a melting pot.
Despite the changes in customer perceptions, some conventional rules are strictly followed even in this modern era. Evidently, even today, consumer behavior is affected by some conventional views which are highly associated with religion and culture.
Name Course Instructor Date Consumer Behavior The aspect of motivation plays a major role in determining consumer behavior. Analysts and researchers argue that the instincts and needs of individuals have to be manipulated in such a way that they are inclined towards convincing individuals to making purchases.
The aspect of decision-making depicts the consideration of suitable alternative choices which best fit with the expected objectives and desires of the decision maker (Fulop, n.d.). The notion of consumer decision-making can be described as a process by which the consumers recognize their needs, gather relevant information about a particular product, assess the alternatives, and, finally, make the decision to buy the product.
According to marketers, consumers’ internal psychology characteristics which reflect in their response towards a new products or services of a company can be defined as consumer personality (Schwarz and Hunter, 2012, p.15). Perception is all about the interpretation of something after the information search.
In order to understand a person’s actions or decisions, it is important to understand the motivation. For example, any normal human being might steal from another human being to satisfy a personal want or desire; understanding that want is
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