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. Successful product innovation typically involves research and development, market analysis, and testing. Businesses may use feedback from customers to refine their offerings. Examples of product innovation can be seen in technology, such as the evolution of smartphones, where each new model introduces advanced features and capabilities.