Make BeatBox beverage company's industry analysis as a below instruction.  *The Industry analysis provides the context for a more detailed analysis of competition, the company and customers of the company. An industry analysis should enumerate and discuss the most important aspects of a given industry or the supply side of the supply-demand equation. This section will include Macro Forces including cultural analysis, demographic trends, political/legal, regulatory, and economic forces. Focus on developments and trends within an industry and on any other factors that may make a difference in how a marketer proceeds with an marketing plan

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Product and Service Innovation

Product innovation is the introduction of either a new product or an existing product with significant improvements related to its characteristics. Improvements could be in various specifications and areas such as technical, technological, physical use, software updates, overall size and texture, and so on. For instance, consider the Apple Watch; they release different series every year with significant updates and improvements such as using cellular technology, monitoring your heart rate, acting as your fitness partner, measuring blood oxygen level, and so on. We see the addition of features in every series, and these improvements make them a different product altogether.