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 mechanism by which new production units replace outdated ones.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.
Answer Wiki. âCreative Destructionâ is a paradoxical term introduced to economic theory in 1942 by the Austrian economist Joseph Schumpeter (1883â1950). He used the term to describe the special form of economic growth that entrepreneurs particularly bring to the capitalist system.