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 mechanism by which new production units replace outdated ones.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 can be blocked by ego. If we become too full of ourselves or overcome by worry, inferiority and self-doubt, our intense self-focus leaves no room for creative insight. Creativity can be thwarted by distractions. When Coleridge was writing Kubla Khan, he was interrupted by a knock on the door from a person from Porlock. Later, when he returned to his desk, his inspiration had fled.