There is a term meant to describe the following situation, in business strategy:
Suppose there is a market with a few companies acting as a closed oligopoly, with only full-featured and very pricey offers. Then, you enter this market as a new competitor, providing only a very basic offer for a fraction of the price.
A few examples:
a car market where you could only find 6-airbags, V8-powered, heated-seats cars, and suddenly you enter with a no-airbag 4-cylinders basic car for a fraction of the cost
low-cost airlines when they were still a novelty
a company offering a new bare-bones word processor for $10 in a market previously filled with full-featured over-bloated software like Microsoft Word selling for $200
All in all, this strategy is about entering a market with a less-featured, lower-price offer, hoping that the established competition, being in "cash cow" mode, won't have the flexibility to adapt.
I think the term I'm after has "under" as a part of it. I was thinking of under-cutting, but according to a quick Google search, it's not that.