Many studies have presented evidence that R&D expenditure contributes to firm performance. However, the relationship between R&D expenditure and firm performance varies depending on the firm's strategy. In this study, a Technology-Value (TnV) matrix was devised and used to analyze the relationship between R&D expenditure and performance. The Technology-Value (TnV) matrix is a tool that classifies firms' R&D performance using R&D expenditure and performance as its two axes. This study used the Technology-Value (TnV) matrix to analyze the relationship between R&D expenditure and performance in major R&D-intensive industries over a 20-year period from 1989 to 2008. Next, focusing on firms in Korea's electronics and electrical industry, the strategies of firms with successful R&D performance were explored to analyze the relationship between R&D performance and strategy. After removing samples deemed unsuitable for the study, 25 samples were used in the final analysis. To classify strategy types, marketing differentiation strategy, product differentiation strategy, and cost leadership strategy variables were utilized. First, using the Technology-Value (TnV) matrix, firm types could be classified into investment return firms, profit-seeking firms, status quo firms, and underperforming firms. Next, firms successful in R&D and those that were not were distinguished, and for each period, the strategies of successful firms and how those strategies changed over time were explored. The analysis results showed that firms employing a dominant strategy or a differentiation-led strategy emphasizing both marketing and R&D consistently belonged to the most successful "investment return firm" group throughout the analysis period. In contrast, firms that initially belonged to the "investment return firm" group but subsequently fell out mostly exhibited simple strategies such as product hybrid, stuck-in-the-middle, or marketing-led types, or showed inconsistent strategies that differed across periods. These findings suggest that for firms to achieve sustained growth, it is effective to pursue a product differentiation strategy centered on R&D in conjunction with a marketing differentiation strategy. Furthermore, the Technology-Value (TnV) matrix developed in this study can serve as an effective tool for identifying firms that are successful in R&D and analyzing them in conjunction with corporate strategy.