Product innovation refers to the process of developing new or improved products to meet customer needs and preferences. This can involve creating entirely new items, enhancing existing products, or introducing new features that make a product more appealing. Companies often engage in product innovation to stay competitive in the market and to attract more customers. The process of product innovation typically includes research, design, and testing phases. Businesses may use feedback from customers and market trends to guide their innovations. Successful product innovation can lead to increased sales, brand loyalty, and a stronger market position for companies like Apple or Tesla.