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 mechanism by which new production units replace outdated ones.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 creative solution. Creative problem-solving usually begins by defining the problem. This may lead to a simple non-creative solution or finding a textbook solution. The process may also lead to the discovery of prior solutions by others. In such cases, the process may then be abandoned if the discovered solution is sufficient.