The process of changing the appearance or performance of a product or service is known as Product  innovation.
The required details about product is mentioned in below paragraph.
The thing being sold is known as a product.. A service or an object both qualify as products. It could take on a physical, virtual, or cyber form. Every product has a cost associated with it, and each one has a price. The market, the quality, the marketing, and the group that is being targeted all affect the price that can be charged.
What does "product innovation" mean?
A new product or service that has been significantly improved in terms of its features or intended applications is referred to as a product innovation.
Product innovation is crucial since it can assist you in carving out new niches in a market that appears to be overcrowded. Finding an audience can be accomplished by seeing the holes and forcing your way into a different setting.
Thus, the right answer is product innovation.
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