There are two ways to parse that question.
The usual way is, "How little can I do and not get caught?" Variations include, "Can we do less service? Cut our costs? Put less cereal in the box? Charge more?" In short: "How little can I get away with?"
The other way, the more effective way: "How much can we afford to give away? How much service can we pile on top of what we're selling without seeming like we're out of our minds? How big a portion can we give and still stay in business? How fast can we get this order filled?"
In an era in which the middle is rapidly emptying out, both edges are competitive. Hint: The overdelivery edge is an easier place to make a name for yourself.