New technologies are hitting the marketplace every day. In trying to make sense of these new technologies, consumers perceive a series of risks and benefits of consumption and use those perceptions to form product judgments. One way for managers to mitigate organizational related risk is to understand how consumers perceive consumption‐related risk. To illustrate this point, the case of genetically modified (GM) food is examined and a series of focus groups is conducted in which participants examined different product labels that either framed the technology as a benefit gained or as a risk avoided. The results indicate that consumers do indeed form very different product evaluations based on how the new technology is framed, but these evaluations vary based on the level of the consumers’ preexisting knowledge. This study provides support for the contention that a better understanding of consumer risk perceptions is an important first step in developing marketing strategies for new technology‐oriented products.