price competition
noun[U]
ukusECONOMICS,MARKETING
thesituationin whichcompaniestrytoselltheirproductsorservicesatlowerpricesthansimilarproductsorservicessoldby othercompanies:
Intensepricecompetitionin themid-and large-sizedmarketplacehasresultedinreducedprofitmargins.