Costco's Management Style and How the Business Operates Research Paper

Costco's Management Style and How the Business Operates - Research Paper Example This research will begin with the statement that managerial functions refer to a set of practices that can enable the organizations to successfully accomplish their predetermined business targets. The organizations of the present business world tend to highly focus on developing as well as designing effective and well-built managerial functions that can lead them towards sustaining in this competitive financial market. The managerial functions are regarded as the primary factors of an organization that incorporates a major set of practices like planning; organizing, leading as well as controlling that can lead them towards accomplishing their expected business goals. Costco is globally well-known for its extensive operations of retailing broad assortment of products for a different group of customers across the globe. The organization principally involves a membership warehouse facility that is dedicated to providing extensive collection of quality based merchandise to its global cus tomers in a best possible price. Currently, Costco can be observed in more than hundreds of global locations with a wider range of merchandise, convenient specialty departments as well as elite membership services serving a different group of global customers. The managerial functions are regarded as the pivotal factors that significantly direct an organization to accomplish its broad array of business practices. According to the rapid development of the global business environment, the organizations seek to achieve better control of its range of activities to remain competitive.... te an effective set of managerial functions for the purpose of strengthening and developing its operational as well as managerial capabilities through designing effective set of planning, organizing, leading as well as controlling functions (Costco Wholesale Corporation, 2012). This can be better understood with the help of the following pictorial illustration. Source: (Daft & Lane, 2009) In relation to the business operations of Costco, it has been observed that the organization practices an effective set of managerial functions that enable the company to conveniently perform its wide range of activities by a considerable level. Planning Planning can be considered as the initial and major aspect of the managerial functions that perform by a particular organization. The phase highly involves unending course of functions that are set by the top hierarchical members of a specific organization (Lewis, Goodman, Fandt & Michlitsch, 2007). In relation to the present managerial functions of Costco, it can be identified that the top hierarchical members of the organization tends to make effective decisions in order to attain its expected business targets. In this regard, the decisions include setting any predetermined business goal, procedures along with policies and other plans to deliberately provide quality products or services to its potential customers. Moreover, the planning functions of the Costco also incorporate developing functional strategies and effective action plans that facilitates the organization to attract the customers by a greater extent (Costco Wholesale Corporation, 2011). In addition, the planning function of the organization also engages different marketing and promotional functions concerning warehouse opening, direct mailing to the new members along