A generic lifecycle of products. In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.
Creative destruction refers to the incessant product and process innovation. mechanism by which new production units replace outdated ones. This. restructuring process permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, structural adjustment. and the functioning of factor markets.
Moving production offshore could also be considered a type of creative destruction, at least if the negative externalities are not greater than the benefits. Externalities occur when an activity results in costs or benefits to individuals or groups other than the person or group engaging in the activity.