Despite the critical importance of maintaining a balance between exploitation and exploration for organizational survival, little consensus has been reached on how to achieve this balance. This study seeks to explore how organizations achieve a balance between exploitation and exploration. Based on the analysis, comparison, and evaluation of prior research, this study analyzed the various methods that organizations select to achieve and maintain a balance between exploitation and exploration activities, and presented an integrated framework. Furthermore, building on this analytical framework, it was investigated how organizations pursue a balance between exploitation and exploration activities, and moreover, whether organizations use only a single method to achieve a balance between exploitation and exploration activities or whether it is possible to use multiple methods simultaneously in an overlapping manner. For the research investigation, Woongjin Thinkbig—a company successfully conducting innovation activities—was selected as the case firm, and an analysis was conducted on how the company uses each of these methods to maintain a balance between exploitative innovation and exploratory innovation.