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 mechanism by which new production units replace outdated ones.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.
Creative destruction relays on the view that the economy is in a state of flux, frequently changing, rather than tending toward a state of equilibrium. Disequilibrium, not equilibrium, is what best characterizes the day-in and day-out status of the economy.