A company's capabilities can be categorized into business networks, knowledge acquisition, and strategic management. These capabilities are influenced by the constructs of the following orientations: EO (Entrepreneurial Orientation), MO (Market Orientation), LO (Learning Orientation) and TO (Technological Orientation). The authors propose an Innovation Conceptual Model to explain the relationship dynamics between innovation and capabilities as influenced by each orientation. The model is qualitatively applied to case studies on each key branch (manufacturer, distributor and retailer) of an international value chain in the professional aesthetics industry. Their findings show that innovation does not always have an effect on the achievement of a firm's goals.