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 mechanism by which new production units replace outdated ones.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.
Examples of Creative Destruction. Creative destruction has long characterized the economies of the U.S. and other industrialized countries, and there are countless examples of entire manufacturing industries that have been greatly reduced in size or virtually wiped by it.