Most firms do not want other companies to copy their successful business model. However, the shoe retailer
Question:
Most firms do not want other companies to copy their successful business model. However, the shoe retailer TOMS is not your typical retailer. While many organizations try to incorporate social entrepreneurship into their business operations, TOMS takes the concept of philanthropy one step further by blending a for-profit business with a philanthropic component in what it terms the One for One® model. For every product purchased, TOMS donates products or resources to help those in need. Under founder Blake Mycoskie’s inspirational leadership, the company’s One for One concept has inspired other firms—such as eyeglass retailer Warby Parker—to adopt similar models as a way to give back to society. Rather than feel threatened, Mycoskie is funding social entrepreneurship firms with similar missions.
For every product purchased, including TOMS Shoes, TOMS Eyewear, and coffee bags from TOMS Roasting Co., TOMS will help a person in need. For every pair of shoes sold, a child in need receives a pair of shoes. For every pair of glasses sold, TOMS provides a person in need with a full eye exam and treatment including prescription glasses, sightsaving surgery, or medical treatment to restore his or her sight. For each bag of TOMS Roasting Co. Coffee, TOMS provides an entire week’s supply of safe drinking water to a person in need. When consumers buy a TOMS product, they get the value of an extra philanthropic component.
Questions for Discussion
1. How has TOMS implemented the marketing concept
2. Describe the benefits and value that TOMS provides to consumers and other stakeholders
3. Explain how for-profit and nonprofit organizations can have an integrated marketing strategy
Step by Step Answer: