They shouldn't, they're never going to gain sales parity so they shouldn't be chasing it, but will they? probably.
As is the norm in the games industry companies just aren't happy with making some money, they want all the money. Microsoft didn't put put out the Xbox one to be a distant second, they wanted TV TV TV and Kinect to try to rope the casuals and to keep their 360 "gamer" userbase, and to lead.
So they're probably going to try to and cut further, i dont see it working, the PS4 has the lead, has the better first party studios, the better performing mutiplats has a current broader offering between AAA, F2P and indie games, a price cut might help, but lacking in every other area compared to the PS4 isnt easily fixed.
The should realise where they are, sell it as is, give people some value out of the Kinect they bundled in with some games and try to take back their previous gen strong holds in the UK and US over time, with a strong first party offering.