Strategic renewal can be understood as the adaptive choices and actions a firm undertakes to alter its path dependency and maintain a dynamic strategic fit with changing environments over time

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This statement is true. Strategic renewal involves making deliberate choices and taking actions to shift a firm's trajectory and stay relevant and effective in a constantly evolving business landscape. It requires a willingness to challenge assumptions, explore new opportunities, and embrace change as a means of maintaining strategic alignment with external shifts and internal capabilities.

Strategic Renewal Can Be Understood as the Adaptive Choices and Actions