Cutting price of product to remain in the competition? Is it really a best strategy to remain in the competition? If not what are other alternatives

If the Market is Competitive in that case you have to react actively and look forward to cut price if it is required to gain Lost Market Share, Ideally this is short term strategy, other alternative would be like bringing product in right price, that is, your initial pricing should be appealing to customer to buy, also right product in right quantity in right location. If your first pricing is perfect it may help you to sell it faster but sometime market as well as competitor is running discount or sale, in that case you may also have to go with same strategy to remain in the competition.