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 mechanism by which new production units replace outdated ones.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.
Below is one possible definition of creativity: Creativity Definition: Creativity is the development of ideas and products that are both original and valuable. It is essential for something to be both original and valuable to be creative. It is possible that something could be very original but not valuable.reativity Creativity is a very important concept. It is relevant to creating art, music, and fiction. It is important in the workplace.