In today’s world, products are designed, manufactured, distributed across multiple countries and boundaries. The implementation of Product Lifecycle Management (PLM) in a global marketplace faces new challenges in structurally different, yet closely interconnected economies. This paper first details the challenges on language differences, culture gaps, multiple standards and customization in the global arena. The scope of PLM in an outsourced manufacturing environment is introduced as well. The implication and impact on intellectual property as well as knowledge and asset management in virtual enterprise environment are also discussed.