This paper extends our understanding about strategic renewal by bringing in the concept of value constellation. This concept denotes an organization’s particular set-up of actors that aligned to a certain role performs social transactions to extract value from existing business and emerging business. The concept requires attention because the value constellation has long-term effects on competitiveness, which in turn is the key issue about strategic renewal. We develop a novel scenario model that explains how the strategic renewal attribute of value constellation plays in practice and out in the field. The main contribution is a more social and less aggregated perspective of renewal than earlier research has offered us. In addition, by using the concept of value constellation we show how both radical and incremental renewal can co-exist and how internal and external processes are both significant in the renewal initiative. Our argument is derived from prior publications of empirical studies by other scholars, and moreover supplemented by empirical examples from Ericsson and Saab based on in-depth case study data from an on-going research project.