Product, price, placement, and promotion. These are the elements of marketing and I think they are also the field of competition.
If can compete in one of them successfully you can stay in the game. Otherwise? You’ll be out sooner or later.
While being in competition is a success one should be carefull on price competition. Always try to avoid price competition. Price competition can trick you: you may think you are in the game but actually loosing blood (money). Think more then once entring in such competition and choose to compete in others.