Decision framing and critical success factors of new product development

Abstract

In the current business word, developing a new product successfully is a factor for growth and survival of companies, and deficiency in product development process especially in small medium size enterprises which possess limited resource will have disappointing consequences. In order to present a solution for each of the product development problems, scholars have introduced some critical success factors. These critical factors will be entirely more effective when the entrepreneur, well organized structure, and cross functional teams are provided with a relative awareness of framing effects. This awareness enables them to make more rational decisions in risky and certain circumstances, and their judgments are less affected by the values that are imposed by problem manipulation. Therefore, the awareness of framing and its effects on the subjective values is investigated not only as a critical success factor but also as a gorge between these factors and new product success. By employing framing, companies can provide the winning condition for themselves in business environments. The present study's research data is qualitative and is retrieved from reviewing the literature of critical success factors in product development, investigating frames and their effects, heuristic and cognitive biases in each of the critical success factors. Ultimately, based upon the discussion, the proposed model would be presented.

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