Final answer:
The term 'strategic alignment' describes the harmonious integration of technology with a company's business strategies to facilitate growth and success, enabling companies to capitalize on technological advancements to achieve their business objectives.
Step-by-step explanation:
The term strategic alignment is defined as the situation when a company's current and emerging business strategy is enabled, supported, and not constrained by technology. This concept implies that technology should seamlessly integrate with the business plan, allowing companies to fully leverage technological capabilities to achieve their strategic goals.
Whether it leads to the growth of small or large firms, the key takeaway is that technology should enhance, rather than inhibit, a company's ability to compete and succeed in the market. Evidence of successful strategic alignment includes technology centers such as Silicon Valley fostering innovation and entrepreneurship, as well as larger firms utilizing technology to manage global operations effectively.