The modern‐day industry has become increasingly turbulent, requiring firms to create a long‐term vision that innovates their internal and external processes. Firms, nowadays, must consider strategic and technological growth as fundamental factors for cultural change and a source for decision‐making. Achieving this requires the creation of differentiated strategies involving the development or acquisition of intangible assets, which depend on the innovation and creativity capabilities of the firm. Such assets include patents, engineering designs, and technological improvements to existing products. The intellectual capital of firms offers the most significant value to the economic development of modern society, and as we enter the Industry 4.0 era, firms possessing substantial intellectual capital are considered knowledge‐based firms. Roadmapping is a critical tool that allows firms to develop products with short, medium, and long‐term objectives, allowing them to engage their stakeholders throughout the entire lifecycle of a product. As product managers, we use technology roadmaps to steer our firms toward their strategies and to establish milestones for product development that will prepare us for meeting market and consumer requirements.This chapter outlines some traditional management strategies (e.g. strategic planning and direction, business models, technological management, and process analysis) to enable the creation of technology roadmaps, including a set of actions. A structured sequence of actions is proposed to develop indicators linked to specific technologies depending on the problem(s) being experienced by firms. Such indicators aim to improve the competitiveness of the firm. The proposed approach applies holistic strategies, which include internal and external analysis; part of this approach involves examining the existing capabilities and skills of the firm and the marketplace competition to better position the firm in the market. Finally, the social impact and cultural change required by a firm for planning a strategic approach are explained, including competitive, holistic, and influential entities in its environment.