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The main purpose of this study is to provide a relatively integrated perspective on the role of market orientation, strategic flexibility and technological capability as multiple organizational capabilities and their potential effectiveness in promoting business model innovation (BMI) and business performance.

To achieve this objective, an empirical survey was conducted among 379 firms in Greece. Initially, exploratory factor analysis and then confirmatory factor analysis were applied. Finally, the structural relationships among the latent factors were determined through structural equation modeling.

The results show the positive effect of market orientation on strategic flexibility and technological capability. Strategic flexibility drives firms to BMI and then business performance. Furthermore, it is essential that firms build up technological capability to be effective in BMI and business performance.

Data were collected at only one point in time from one country, Greece. This might pose limitations on the generalizability of our results. Future research could also explore how organizations develop strategic flexibility and BMI capabilities in different environmental contexts and organizational structures.

This study sends the message that companies focusing on market orientation and technological capability can led to higher strategic flexibility and BMI capabilities, which in turn act as a catalyst for business improvement.

The proposed model provides plausible guidelines that advance the research on multiple organizational capabilities in companies.

Innovation plays an important role in the process of regional development and even more in an Industrial and Manufacturing environment. This paper analyses the process of innovation and the models that proposed in the past to explain that process. Furthermore describes the development of a simple new model of the innovation process, which could become the base of the analysis of Innovation Management Techniques (IMTs), techniques which are a necessity to the manager of Small and Medium Enterprises (SMEs) as well asLarge Companies in order to sustain the innovative edge of their business.