TECHNOLOGY STRATEGY AS A DETERMINANT OF COMPANY SUCCESS ON THE MARKET

Abstract

The article discusses the main provisions on the selection and application of technology strategy at the corporate level and in particular business settings. Based on the in-depth analysis of international best practice, it is argued that a technology strategy is part of an overall comprehensive strategy that penetrates into all other strategies of a company strategic set and sets an imperative for innovative development in the market. Apparently, in some cases, a company business strategy actually makes its competitive management plan. Diversified companies run their own corporate strategies by a synergistic combination of different business strategies along with taking into account the specific coordination strategy, diversification or restructuring of company portfolios, if such exist. It is proved that technology vision, which entails technology policy and related objectives, drives the implementation of a company technology strategy and is a key determinant of company success on the market. It is also argued that the core of technology management concept is full harmonization of technology and the overall business strategy. The study has revealed that the aim of technology strategy is a competitive technology edge which means gaining specific outcomes needed to consumers. A focus on technology strategy and efficient embodiment of decisions are particularly important for technology-intensive types of production. However, time and financial horizons in conventional business realia promote such level of competition that allows for creating new exclusive competitive advantages which is a synergistic formation of new qualities based on extensive experience of many managers.