With the fast pace of technological change, the role of innovation on a firm’s survival has received increased scholarly attention. This study investigates the relationship between a firm’s strategic orientations, exploration and exploitation, on innovation activity. Also, the synergy effects of four types of innovation: product, process, marketing, and organizational innovation are examined with the consideration of the level of innovativeness and the firm’s industrial category. The OECD Oslo Manual (2005) and the standard of OECD (2011) classification are used as a main source to define four different types of innovation and the industry category into high-tech and low-tech. This study uses data from 856 firms taken from the Korea Innovation Survey (KIS) 2014 which is the Korean version of the Community Innovation Survey (CIS). Since most of the measures are composed of multiple items, their reliability and the underlying dimensions of each measure are tested by principal component analysis (PCA). Structural equation modeling (SEM) is then used to carry out a simultaneous test the relationships among the constructs. The moderating effects of marketing and organizational innovation are examined through multi group analysis. Results indicate that exploration and exploitation have positive impacts on the product innovation and process innovation respectively. Also, a new process encourages firms to develop radical product innovation. In case of the moderating effect of marketing and organizatioanl innovation, there are some differences between high-tech and low-tech industry. For high-tech firms, the positive relationship between a new product and firm performance is increased with the introduction of marketing innovation. In case of low-tech firms, process innovation has direct and positive impacts on a firm’s performance with organizational innovation. The findings show that the synergy effect of innovation exists and its significance could be changed depending on an industrial category.