Introduction

Essence Drinks started its operations in the UK market offering mangolassito the local customers.The companygainedtremendousgrowth in the initial period, resultingin highsales. However, in theirinitial period of sales, the company started facing high competitiondue to which, thesales dropped, resulting in low market share and sales.In such a situation, the companyisplanning to pursue innovation in the organizational structureand operations to keep the sales high and maintain the market share.

Such can be done by initiating innovation intheir products through producing different variants of Essence drinks, natural in flavor.Moreover, since the company aims to continue the lassi product as the main theme product. It may pursue it by introducing new flavorsincluding the seasonal fruit flavor, increasing the product penetrationand pursuing the innovation strategy.

Difference between Innovation and Invention

According to (S, 2018), invention refers to discovery. Somethingthat has never beenproduced, discovered before and has totally disrupted the markets through its uniqueness. Basically,invention is to find and unleashthe market needs anddemands by offering something that hasnever been offered before such as the invention of touch phones in the market.

On the other hand, innovation refers to the usingof the existing invention to develop new ideas, or methods of developing the product or services that havebeen never been offered before.The line to distinction between these two types is the uniqueness of the idea developed for the first time. Since under invention, the idea or process is discovered for the firsttime, however under innovation,the innovation is developed in the process of the new methods or ways to develop products, but using theexisting invention base.In addition to this, invention is creating something new in the market, but it does notimplythat it may offer great value to the consumersin the market.However, innovation is something that is pursued in the market to offer value tothe customer such as the inception of the internet that has taken the hold of the market to caterthe development of telegram and other means of communicating through Gamma waves.

Lastly,innovation is something that takes the combination of process and procedures to developsomethingnew in the market, whereas invention is uni-directional and uses the single product or process to pursue a new idea in the market. (Prabhu, 2014)

Importance of Innovation for Organization

Innovation is extremely important forthe organization to sustain its market position, operation viability and attractiveness in themind of thecustomers.It is due to the fact that, since with passing time,more andmore competitorstend to imitate thebusinessoperationandstrategy, maintaining the value proposition in such a market situation is complex and hence,innovating the business processes and products, becomes an important part of the organizational strategy.

In addition to this, since the customer needs and demands are always changing, shiftingfrom one thing to another, maintaining the coherence withthe customer through innovation has become an important part of the organization’s sustainability.Also, since in many cases, the business offersunique services and products such as some technological support or consultancy services supportedby different process.Maintaining the innovation in such business is important, as imitating the business model is easier such business, thusleads to reduce value offering andmaintenanceof the competitive edge........

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