A business that can compete successfully will retain its existing customers and attract new ones.
A business that cannot compete successfully will lose customers and sales to other more competitive business.
For consumers to buy the products of one supplier rather than those of a competitor that supplier's product must be:
the right product - what consumers wants
the right price - a price consumers are happy to pay
in the right place - where consumers want and expect to be able to buy the product.
The supplier must know:
the price customers and prospective customers are happy to pay for its product.
exactly what customers want so that it can design the product to meet their needs.
how to attract customers and sales through marketing and promotion.