Read the article below and then answer the questions below the article.

How Bombas Used A Mission-Based Model to Stand Out in a Saturated Market

When Randy Goldberg and David Heath heardthat socks were the number one requested item in homeless shelters, they had an idea: What if they could start a company that brought awareness to this issue and elevated socks from a fashion commodity to a fashion statement with a mission?

To meet their ambition, Goldberg and Heath founded Bombas, an eCommerce apparel company that uses the One-for-One Giving model. Buy a pair of socks for yourself, and Bombas donates a pair to someone in need via their community partners. They recognized that their cause could have a real impact on issue of homelessness by creating a product that met one of the most basic and important needs of that community. As Heath explains, "When we first started, I stopped to hand a man on the street a pair of socks, and he proceeded to take off his shoes and show me the make-shift socks he was wearing made out of plastic shopping bags and to tell me how crucial a fresh pair of socks were to him. It never ceases to amaze me the big difference we can make, with just a pair of socks." Once they found their cause, Goldberg and Heath began working to create a product that people felt good about buying. They fostered a company culture of shared values and found ways to build the mission of giving back into everything they did. Since 2013, Bombas has donated more than 9 million pairs of socks and worked with 1200 partners to spread awareness of their cause. This focus on social issues helped Bombas connect with their customers and solidified their place as a mission-based eCommerce brand. They've taken these values and transformed them into a $50 million business.

Find a Cause That Helps People Impact Their Community

Mission-based marketing is dependent on a cause that helps customers feel like they're making a real impact. For Goldberg and Heath that cause was homelessness. After hearing that socks were the number one most requested item in homeless shelters, the pair decided to do somethingneither had consideredbefore: start a sock company that helps donate to homeless shelters around the U.S. In order to make an impact, Goldberg and Heath knew they'd have to donate a lot of socks. And to do that, they had to make a product that people would keep coming back to. The mission, they figured, won't matter if the product is crap.

The sock market hadn't really seen innovation in decades, so it offered a perfect opportunity for Bombas to stand out by creating a better product. Heath explained, "We spent over two years on research and development, to improve upon everything about the commoditized product - from the toe seam and the materials used, to arch support and the way the sock wore and washed." Interestingly, the socks Bombas sells to the general public, are not the same ones they donate. Their R&D efforts led them to create an entirely different sock for donation, one that specifically meets the needs of people who don't have the privilege of washing their socks every day. The Bombas donation sock has features like an anti-microbial treatment and reinforced seams, designed in partnership with their giving partners. Bombas used their One-For-One Giving model to donate more than 25,000 pairs of socks to homeless shelters around the United States.

Create an Experience Where Customers Feel Good About Their Purchase

After confirming that they had the community to support their cause, Bombas doubled down on their efforts. There are overhalf a million homeless peoplein the United States, with most states reporting that their shelters are at capacity for the majority of the year. Bombas works withover 1200 partners in every state through their donation programs.Partnerships help Bombas reach a wider audience and amplify their message their image as a socially conscious company. They're passionate about providing not only the best experience for their customers, and the homeless community they support, but also supporting larger network of social causes. Research indicates that 80 percent of consumers are willing to buy a product from an unknown brand if it has strong social and environmental commitments, conscious consumerism is on the rise - and this mean's that Bombas' marketing strategy is likely to pay off.

Bombas promotes their network of 1200 giving partners through their website, as well as on social media. They use these posts to engage with customers who share in their dedication to a social cause, as well as reinforce the feeling of charity that is tied to making a purchase through their service. Where homelessness might not affect a customer directly, supporting LGBTQ+ rights or donating to underfunded schools or a local women's shelter might. It's important to Bombas that they're helping their community regardless of its direct involvement with their brand mission. Customers and partners are encouraged to share their purchases or donations using the hashtag #BeeBetter (a reference to their name, which is derived from the Latin word for "bumblebee").

This grows the network of like-minded people who share in the passion for social change and helps remind customers why they've purchased from Bombas in the first place. The act of sharing these accomplishments also reinforces the sense of happiness and achievement that purchasing a pair of Bombas socks provides. Their One-for-One Giving model is only as successful as it has been for Bombas because their customers continue to spread the message to their networks. These social media posts, shares, and conversations all act as social proof of the values the brand promotes.

Bombas built their community by first finding a cause that they were passionate about. From there they were able to create a product that met the needs of the homeless community and turn it into a viable business plan. A successful crowdfunding campaign and media coverage fromShark Tank helped amplify their message of social impact through One-for-One donation.

Reference

Hollis, S. & Rice, M. (2019, June 13). How Bombas used a mission-based model to stand out in a saturated market. Jilt. https://jilt.com/blog/bombas-mission-based-marketing/

Questions:

1. Explain the concepts related to social responsibility and how a company's ethics support and determine its position on social responsibility.

2. Discuss how this company implements the One-for-One Giving model as a socially responsible act. 3. Explain the four main approaches toward social responsibility (obstructionist, defensive, accommodative, and proactive) and determine which approach Bombas implements. Explain why you chose the approach. 4. Discuss how has social media contributed to this company's success as a competitive advantage. Provide examples from the Case Study article.