Company should aim at expanding internationally. According to researchers, Costco operates mainly in USA and Canada. Also, the company operates in Japan, Mexico, and Taiwan, among other few countries (Young, 2017). However, their diversity is not that impressive since they have not developed their presence in most countries.
Therefore, Costco should start seeking new ways to increase its markets internationally by identifying market gaps globally. Furthermore, the company should focus more on differentiating its services and products. This is because differentiation would give the company a distinct selling point to tap into consumer needs (Young, 2017) easily. Typically, the company should make it obvious that no one could question what makes them different from other competitors. Also, Costco should keep up with more innovations following new technology and consumer trends. This would help the company establish a plan of where they can be in the future years and keeps consumers engaged.
References
Young, J. (2017, February 6). Costco wholesale five forces analysis (Porter’s model). Panmore Institute. https://panmore.com/costco-wholesale-five-forces-analysis-porters-model
