Strategic Management: Formulation and Implementation

Technology Defined

Because the technology is loosely used to cover different meaning it is necessary to identify some of the concepts in common use. The business literature refers at least three types of technology: product, process, and management.

Product technology
is the knowledge used to produce any product the information that specifies the product's characteristics and uses.
Process technology
the knowledge used in production to organize the inputs and operate the machinery it relates to the techniques and process by which a given product or service is produced.
Management technology
the knowledge used in operating a business the managerial skills that enable a firm to compete by using its resources effectively.
There are three stages of technology: invention, innovation, and diffusion.

is the creation of new knowledge that may have application to business or industry.
is the introduction of the new knowledge into the marketplace.
is the spread of the new knowledge throughout the market, including markets in different countries, and to different products application.

The following are some of the main distinctions made by scholars.