What is the hit and run entry theory?

Assumptions: › Potential entrant can identify customers that will purchase product at lower price › Entrant has time to sell to these customers before incumbent has time to react › Entrant covers fixed and variable costs at quoted price Examples for (potential) contestable markets: › Low cost airlines, e.g. Tirstrup-London or Cologne – Pisa  Ryan Air's original concept › Service business without high fix costs › Consulting business in general?