Think HATKE

Should a company try to give “cheaper product, same quality” to increase its market share against the competitors?

I think the better strategy would be to develop a product which is finding the gap.

E.g. Paras Pharma found the problem of back ache among middle aged women and introduced Moov similarly Krack cream. Whenever anyone had back ache the only brand use to come in mind was Moov. They also identified problem of getting stain on shirts due to black and brown balms. But MOOV was of white color which was not having any stain on shirt.
The time for “cut throat competition” is gone. It’s time to find the gaps which do exist. And go and capitalize on the gap.

E.g. Anurag Kashyap found an audience for themselves which appreciate his work commercially as well as critically. Against this many film makers making comedy flicks which are not appreciated by the customers over good comedy film directors like Aneez Bazmee. NICHE is the word.