According to Freeman’s Stakeholder Theory, an organization’s ability to successfully manage and create value for all of its stakeholders is equally as important to its success as its shareholders.
Key Concept: It asserts that any group or people who has the potential to influence or be impacted by an organization’s actions is considered a stakeholder, including workers, clients, communities, and the environment. By balancing and co-creating value with these varied groups and prioritizing ethical considerations above a solitary focus on profit, sustainable success can be attained.
I was also able to reevaluate how my project should be positioned beyond my own experience thanks to Freeman’s concept of stakeholder theory. According to Freeman (2010), a project’s success should be determined by taking into account the relationships and demands of several stakeholders rather than just one viewpoint. This concept forced me to consider my work’s target audience and potential effects on other groups.
People who are facing emotional stress or homesickness, especially those who are living away from their familiar surroundings, are the main stakeholders in my initiative. Other stakeholders, such as those who may share a place yet have varying sensitivity to sensory factors like aroma, must also be taken into account. This helped me realize that creating for emotional comfort requires balancing many wants and experiences rather than being a neutral procedure.
I also realized that these stakeholders are not separated because of Freeman’s concept of interdependence. Cultural background, environmental design, and emotional well-being are all related. I should look at more inclusive design strategies that let different experiences coexist rather than favoring one group over another.
This viewpoint changed how I perceived the project. I started to consider my work as a negotiation between other users, situations, and emotional reactions rather than just expressing my own feelings. This has inspired me to approach design with greater responsibility and inclusivity.
Freeman, R. (2010) Stakeholder Theory: The State of the Art. Cambridge: Cambridge University Press.
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