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 mechanism by which new production units replace outdated ones.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 process of creative destruction has two common interpretations, one more microeconomic, the other more macroeconomic. The difference is based on cause and effect. The microeconomic view is that innovations cause the destruction of existing activity. The automobile destroys the horse and buggy industry.