Many authors distinguish product innovation as a key factor leading to long-term competitiveness of companies. This article analyses widely used product innovation development models and also models having distinguished features. The models are examined in the light of success factors for product innovation development discovered during the empirical studies. Based on the analysis the strengths and weaknesses of the models are identified which provide direction for further improvement. As a result of the study it is becoming clear that the analysed models are not properly consider the success factors such as corporate culture, top management involvement and product development strategy. In particular, attention is drawn to the fact that all models are designed for rather big companies having experience in product innovation development. 

Article in Lithuanian