Some of customers are focusing on price and completely ignore the high quality to minimize the product value , what is your reaction in this case ?

If selling a product or a service and dealing with a customer who is only focusing on the cost/price, always offer the highest level of customer service, during and after sale. The probability of customers being loyal to your brand/service and spreading their satisfaction within their circle, is higher if, meanwhile the customer is focusing on cost, you always focus on excellency in customer service. During his next shopping experience with any other brand, he will not only compare the price. He will remember the way you made him feel while buying "a cheap" product/service.

Identify one of the customers, and ask them what it is that they look for in the said product, and others like it. Give them five reasons why the product is perfect for them, and convince them of the great quality that is the said product and how convenient and reasonable the pricing is.

Make the customer understand the value of high quality product which will get them high profit for long term and low quality product will just save penny now and feel regret in future.

ignore such type of customer.. the just waste your time and you know time is money..

Educate the customer why he is going to pay the extra amount for quality and the benefits he is going to get in long-term 

find the reason of his interest in the product and show him the difference between my high value product and the other cheap products my product's price is high for a reason and he have to be convinced by this reason

It seems you're targeting the wrong segment, try to change your customer. 

To be involved in a price war, this may not my way. If I could have a chance I will produce a product which will have the price that customer expected. So she could compare all differences and she will decide which product that she is going to buy. At the end this will be her decision. Also this price war depends on the product what you are selling. Sometimes some products are unique and you are the best so You may have to insist on the real price. She will walk around at other products and she will decide at the end. 

Will continue Producing High Quality, and will find the clients what search for quality, and then the Sales volume will be less, but profit will be higher.

Customers always tend to ask for low prices irrespective of the perceived quality. The case is entirely different while coming to well known brands. We should try to convince them by showing how our prices are lower in the market (show them the players in the market who charges them more) and talk about the other benefits that may save him money in the long run. For example, if our product is more durable, that may keep his reordering cycle long, through which he pays less over a long period of time.

Differentiate  the difference of high price with good quality value than low price with less/poor quality value. Long benefits is also well explained to the customer.