Provide a Definition of Strategic Renewal

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The Answer is Strategic renewal can be understood as the adaptive choices and actions an organization undertakes to alter its path dependence and maintain a dynamic strategic fit with changing environments over time. Path dependence is the constraining influence of part stages of organizational development on future decisions and outcomes. Two conflicting forces are apparent here: the need for efficient, stable structure enabling exploitation of exiting knowledge; and, flexibility to transform business through exploration of new learning. Strategic renewal takes place in the context of modern-day organisations operating in extremely challenging environments. Selection and adaptation can be identified as two main theoretical perspectives on strategic renewal. The key difference between these perspectives relates to the extent to which organizations are able to renew in the face of environmental change. In addition, three dimensions of strategic renewal can the identified: content, context and process. Strategic renewal can involve both incremental and discontinuous transformations of core attributes, and requires the management of organizational learning trajectories.

Provide a Definition of Strategic Renewal

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