Final answer:
The cloud migration strategy referred to as rebuild and rearchitect is known as Refactoring or Re-platforming, which involves significant modifications to the application's architecture to leverage cloud-native features, often improving scalability and performance.
Step-by-step explanation:
The cloud migration strategy that can also be called rebuild and rearchitect is known as Refactoring or Re-platforming. This approach involves significant changes to the application's architecture to take advantage of cloud-native features. Refactoring is usually undertaken when an organization wants to add features, scale, or performance that would otherwise be difficult to achieve in the application's existing environment.
This strategy often requires a significant investment of time and resources, as it involves re-imagining how the application is structured and how it interacts with other services. The use of cloud-native capabilities, such as serverless computing, microservices architectures, and containerization, is a distinguishing feature of this approach.
Benefits of Refactoring include improved scalability, agility, and often cost-effectiveness. However, due to its complexity and cost, it is crucial to carefully consider whether refactoring is the right strategy for a specific application and business case.