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 mechanism by which new production units replace outdated ones.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.
Creativity is the ability to create items that inspire and inform others, often in aesthetically pleasing ways. Aldo Sarellano. Creativity is thinking outside of society's norm. It is being able to express oneself in different varieties of arts - painting, poetry, sculpture, style, fashion, etc. Brenda Mezquita. Creativity is not common among people. It is the ability to do or create something that others find intriguing.