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Product and service innovations in emerging markets like India, China, Mexico and Brazil are gaining importance due to their affordability, acceptability and future scope (Govindarajan and Trimble, 2012; and Radjou et al., 2012). However, the literature on the intricate processes involved in developing the products (and services) is quite sparse (Ray and Ray, 2011) in these countries. The present paper is based on the interviews of 100 experienced business executives in 30 organizations based or operating in one of the key emerging markets of the world, i.e., India. The question is: How do these organizations carry out product and service innovations to make an innovative new product or service successful? We explore the path of input, process and output as it happens in the select organizations. Based on the results obtained, a framework of the product and service innovation is proposed.
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