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 mechanism by which new production units replace outdated ones.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.
Self destruction is usually defined as âThe voluntary destruction of something by itself.â. In human personality terms, we are really talking about counter-productive and self-defeating habits which deny oneself happiness but can instead cause pain, either deliberately or inadvertently.