It's that old adage that some people seem to forget
Cutting prices attracts more people
You do not need to cut the quality of service either.
Thats not an 'old adage'. An 'old adage', my Dark Warrior-like friend, is something that people used to say, back in the day. eg. 'Pride comes before a fall'
What you propose is more commonly known as a 'recipe for bankrupcy', which is totally different. However, in, like, 50 years time, if people are still saying your 'new adage', then, at that time, I will concede your point...