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I vaguely remember from Jobs' biography by Isacson that if you are not willing to cannibalize your own market share with a cheaper product someone else will do that for you. I am not 100% if it was Jobs who said that though.

“One of Job's business rules was to never be afraid of cannibalizing yourself. " If you don't cannibalize yourself, someone else will," he said. So even though an Iphone might cannibalize sales of an IPod, or an IPad might cannibalize sales of a laptop, that did not deter him.”[0]

The idea being pushed is cannibalization by a better product, not lower prices.

[0] https://www.goodreads.com/quotes/908575-one-of-job-s-busines...

But for many people the iPhone mini would be a better product than todays iPhone mega.

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