Playing the Same Game, Only Better
Over time, the strategy positioning map of any industry tends to fill up. This means that most potential customer segments have been defined and are being served, most possible products and services are being offered in one form or another, and most possible distribution or manufacturing methods or technologies are being utilized. Once the potential for finding unexploited who/what/how positions in the industry space has been exhausted, companies shift their attention to making operational improvements that is, they invest their resources in improving their "value-for-money" proposition to entice customers away from their rivals. This shift in the nature of competition leads to aggressive rivalry in the business, which eventually degenerates into pure price competition, at which point no competitor makes much money.