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TOMS is a new social business which take pride on their ultimate policy; for each shoes purchased,customers are helping to donate a pair for children who doesn’t have shoes. TOMS trademark product is standard,light weight slipped on shoes in varieties of colour. This article, examines of how TOMS has successfully captured market attention by their value. In the first three months of their operation, TOMS sold 10,000 pairs and their product ended up being sold in Nordstorm, one of America’s biggest department store.
TOMS is a epitome of business which is created shared value to the market. Blake Mycoskie, the founder of TOMS was well aware of how innovation and business could help and create bigger impact to the society, not only by gaining profit or simply giving out charity Mycoskie built supportive industry cluster through the promotion itself, we can see how TOMS expand the total pool of economic and social value for world community.
Personally, I see TOMS’ product is not appealing; the model is very simple, casual and it does not have any special features. However, it is interesting how customers buying decision are more driven by the value and not the product itself.We can see value that TOMS offers make it very popular and stands out among other more established shoes line.
It dramatically heightened my awareness. Yes, I knew somewhere in the back of my mind that poor children around the world often went barefoot, but now, for the first time, I saw the real effects of being shoeless: the blisters, the sores, the infections- Blake Mycoskie
Through the quote, we see how Myscoskie focused on what the society needs instead of focusing on creating a business which could make profit. In the end, Mycoskie not only creating a profitable business but also sustain the health of the children of the world in the long term.