The aim of this theoretical paper is to introduce a holistic view of innovation and its interconnections with other phenomena, such as value, value creation, and processes needed to create new value. Consumers use the concept of value, as a function of benefits versus sacrifices, when making their buying decisions. Product value creation and product value changes are consequences of some type of applied innovation. Innovations might have a technical dimension, when resulting from some type of technological advancement, or a cultural dimension, when it results as a behavior change of consumers, induced by the product. To understand the phenomenon, for scholars' benefit or firms' applications, this paper proposes a theoretical path to understand how value is created or modified, always through some innovation process, and how innovation tools can be applied, and when are of most applicability, in order to develop a culture of systematic innovation in firms. Some empirical observations using the presented concepts and some experimental applications in firms have, so far, provided indications for the validity and robustness of the argument.