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 mechanism by which new production units replace outdated ones.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.
To destroy is defined as to damage, ruin or spoil something beyond repair. When you drive a truck into a house and totally demolish it, this is an example of a situation where you destroy the house. 1  to tear down; demolish. 2  to break up or spoil completely; ruin. 3  to bring to total defeat; crush.