What Is Freeman`s (1984) Definition of Stakeholder

Stakeholder theory was first described by Dr. F. Edward Freeman, a professor at the University of Virginia, in his groundbreaking book “Strategic Management: A Stakeholder Approach.” This suggests that shareholders are just one of many stakeholders in a company. The stakeholder ecosystem, according to this theory, includes anyone who invests and is involved or affected by the company: employees, environmentalists near the company`s factories, suppliers, government agencies, etc. Freeman`s theory suggests that a company`s true success is satisfying all of its stakeholders, not just those who could benefit from its actions. Once you`ve identified your broader group of stakeholders and their biggest needs, interests, etc., you can also start creating a communication plan. Second, managers must determine the purpose of the business by “articulating a common sense of the value that [an organization] creates and what brings together its key stakeholders” (Freeman et al., 2004, p. 364). The purpose of an organization goes beyond simple solvency and includes creating value for individuals.

Every organization must have a moral vision that reflects where it has been, where it should go, and what decisions and actions are needed to get there (Freeman 2010). A next step in stakeholder management is to identify individuals and groups who will benefit from the SWG. There are many stakeholders for this rapid research on CMS and include regulatory bodies, laboratory and hospital staff, health authorities, equipment manufacturers and others. But the main interest groups, in the case of Soden et al. (2012), are the newborn, parents and attending physician. These researchers have a direct duty or moral obligation to each of these key stakeholders, as these stakeholders are closely linked to the diagnostic and clinical objectives of rapid CMS research. Because gene sequences are conserved, these key stakeholders continue to have a personal interest in how the sequences are used even after initial commitments have been fulfilled. In other words, he says, corporate responsibility and business ethics don`t need their own special attention within the company, as long as the company applies a true stakeholder theory to all its stakeholders, from suppliers and employees to factory workers and environmentalists.

In the case of Soden et al. (2012), stakeholders should contribute to decisions on the use of stored sequences. It is clear that stakeholders continue to be interested in these sequences, even after they have been used for their primary purpose. Many suggestions for involving stakeholders in decisions regarding the use of stored sequences suggest that decisions can be made at a specific time, usually at the beginning of the study. Therefore, they can ask research participants for permission to use these sequences for future research. From this perspective, these future research projects are an integral part of how the company brings value to stakeholders. These stakeholders must remain both involved and invested in the project. Stakeholder theorists have developed several steps to take into account stakeholder values and preferences (Parmar et al. 2010). First, managers must recognize that it is counterproductive to separate the “ethical” aspects of decisions or policies from the “commercial” aspects (Gilmartin and Freeman, 2002). Managers tend to analyze stocks such as acquisitions, mergers, transactions, and payments as if they were somehow free of ethical or human dimensions – that they are strictly commercial.

Stakeholder theorists view this separation as misleading because ethics and economics are engaged in creating something of value to the individual (Freeman and Mushnik 2013; Gilmartin and Freeman, 2002). One of the major tasks of stakeholder theory is to find pragmatic and logical ways to reconstruct “business” and “ethics” (Freeman et al. 2004). This project covers all commercial enterprises, including those working in the health sector (Gilmartin and Freeman, 2002). Stakeholder theory aims to put the creation of value for people at the forefront of all business considerations (Freeman et al. 2010). [[Example of an extended stakeholder grid, with lines of communication added, here]] Creating this healthy ecosystem, Freeman says, “is necessary for the company to truly succeed in the long run. If a company compromises with one of these stakeholders, it won`t work in the long run.

“Whole genome sequencing (WGS) may be a cost-effective and effective diagnostic tool for some children, but it also raises a number of ethical concerns. One such concern is how researchers draw and communicate the results of the WGS, including future requests for further analysis of stored sequences. The purpose of this document is to reflect on what is at stake and for whom, in any solution developed to deal with such requests. To accomplish this task, this article will use stakeholder theory, a common method used in business ethics. Several scenarios that combine stakeholder concerns and the SWG are also postulated and analyzed. This article concludes with the development of criteria consisting of a set of questions that researchers can answer more effectively to meet requests for further analysis of stored sequences. Finally, managers must decide how to allocate assets and resources to the organization. This involves asking a number of questions, including: How do the organization and its managers interact with stakeholders? What values, social issues and stakeholder expectations are that the organization is now ready to meet; when might the organization be prepared to act at the request of an intervener; and how should the organization proceed to fulfill a stakeholder`s wish (Freeman, 2010; Minoja, 2012). . .


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