Recently, Korean companies have begun to show great interest in creative management. Many Korean firms that have grown through fast-follower strategies can no longer sustain growth through cost efficiency alone, caught between advanced nations and latecomers. For manufacturers in particular, creativity in product development has become a paramount management challenge. However, research on product development creativity remains limited, making it difficult for firms to apply in practice. The purpose of this study is, first, to examine the effects of technology orientation on product creativity—composed of product novelty and product meaningfulness—and subsequently on firm performance, and second, to reveal the effects of environmental factors on the relationship between product creativity and performance. The results of structural equation modeling analysis supported the hypotheses that technology orientation enhances product creativity in terms of both novelty and meaningfulness, ultimately improving firm performance. Hierarchical regression analysis results showed that environmental factors—market turbulence, competitive intensity, and technological turbulence—exert moderating effects on the relationship between product meaningfulness and performance. These research findings have the following practical implications. First, they suggest that firms can adopt technology orientation as a useful strategy for enhancing product creativity and thereby increasing business performance. Second, they indicate that as environmental changes intensify in terms of market turbulence, competitive intensity, and technological turbulence, investment should be concentrated on product meaningfulness rather than product novelty. Particularly in rapidly changing market environments where customer preferences shift quickly, it is difficult to identify customers' changed needs, making investment in product novelty potentially wasteful of resources. Therefore, the findings suggest that investment in product meaningfulness may be more effective than investment in product novelty in enhancing business performance.