This objective of this paper is to identify the key continuity and change related processes involved in managing innovation in firms that result in enhancing their competitiveness. Further, the interrelationships among these processes are drawn out with a view to proffer firms a practical approach to deal with the complex scenario they are doubtless faced with in their pursuit of achieving sustained competitiveness. Previous research has indicated a large emphasis on change management aspects concerned with competitiveness enhancement. Of late, there has been a fair amount of interest on aspects dealing with continuity management. Managing continuity and change, seen as separate processes in these studies, are, hence, treated individually. Managing both continuity and change in synchronism is becoming important and this subject has been evoking some interest only now. This paper contributes to this body of research. The central idea pursued is that firm competitiveness requires management of both continuity and change simultaneously. The key innovation management processes have been identified through study of literature to relate to technology, organization, learning, managerial and networking. Opinion survey of Indian manufacturing firms has been carried out and the data thus collected has been analyzed using stepwise regression analysis to derive the interrelationships among the continuity and change dimensions of these identified processes. It is drawn out that continuity related processes are among the dominant ones seeking greater attention in firms aspiring to enhance competitiveness. Besides, processes targeted towards enhancing of learning capabilities influence, directly or indirectly, many of the other innovation management related processes in the firm.