Answer:
Value innovation
Explanation:
Value innovation was created or formulated by Renne Mauborgne and W Chan Kin.
Value innovation can be explained as a process where companies introduces upgrades which are designed or created to achieving product diffenciation and low cost. It can also be explained as where the values are created through innovation, which subsequently add value to the existing market.
In this case, Jet Blues decision in replacing cloth seats with leather is considered as value innovation, because it increases their value and lower the cost the airline will be spending on replacing the cloth seat, because the leather seats will last longer.
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