The paper aims to reveal how innovations are perceived in Lithuanian companies, and, how their efficiency has been evaluated. The first part of the research was devoted to the indication what activity is considered as innovative. The results would let us to asses if prevailing in practice understanding complies with theoretical definitions. The second part of presented research tackles innovation activity metrics used by Lithuanian enterprises. 429 companies have been questioned; probability

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... pling by simple random technique has been applied. Obtained results lead us to generalizations about innovation management specifics, what, in its turn, lead to revelation of companies' susceptibility to exogenous environment, e. g., such as market signals and state policy.