Identifying Competitive Forces in Pricing Strategy

Consider a company operating within the consumer electronics industry, where technological advances are rapid, and competition is fierce. This company has a strong market presence but faces new entrants that are emerging rapidly with innovative products. Additionally, there are existing competitors who are continuously improving their product offerings. As part of a strategic review, management is assessing the impact of these competitive forces on the company’s future profitability.

Which of the following best describes the competitive force that is most likely to affect this company's pricing strategy?