This study investigates which technology management (TM) tools are used in practice, what determines their usage, and whether they affect the user firms' performance. Based on a survey of 52 electronics and machinery firms in Turkey, the study shows there are significant relationships between the number of TM tools and techniques that a firm uses and (i) the hierarchical level of the chief technology officer (CTO) or most senior manager responsible for technology, (ii) his/her field of education, and (iii) the size of the firm. The findings indicate a significant and linear relationship between the extent to which the firms have reached their growth targets and the number of TM tools and techniques used. This relationship is, however, not observed between firm profitability and the number of TM tools and techniques. The findings have important implications for the practice of TM.