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 mechanism by which new production units replace outdated ones.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.
The definition of creative is having or coming from original thought or imagination. An example of creative is the quality of a unique painter. Creative is defined as the work produced with originality in expression or imagination. An example of creative is the drawings of a fashion designer. creative.