ABSTRACT
It is vitally necessary to deploy the various tests and techniques in such a manner as to minimise the risks involved. Risk reduction lies at the heart of new product management. Furthermore the optimal way to reduce risks is to understand the phenomena concerned, that is, to have a working theory of innovative behaviour. Hence the emphasis on integrating techniques within a theoretical framework, and the reference to concepts developed earlier. Without such a theoretical framework or foundation all that would exist would be a set of unrelated techniques, the results of which would be impossible to interpret as there would be no way to connect these results to market behaviour. Such procedures, or more accurately lack of procedures, are
a sure recipe for disaster. Gisser (1973) notes: 'Anyone major decision made wrong can kill the product.' In the course of developing a new product from idea to manufacture there are a very great number of 'major decisions'. The need for a systematic and scientific approach to new product management is apparent. This will be discussed in more detail in Section 6.3.
