After being outsold by Sony's PlayStation 4, Microsoft has dropped the price of its flagship gaming console, the Xbox One (originally priced at $499), for the second time in 2014. The first price drop came in June 2014, when the tech titan offered the console for $399, and now its price has been cut again and consumers can purchase the device for $350 starting next week.

The $50 price drop is applicable to all Xbox One systems, and now the console is $50 less expensive compared to its main rival, the PS4.

However, the offer stands for a limited period of time and lasts from Nov. 2 to Jan. 3, 2015. Moreover, to avail the discount, the customer will have to locate a participating retailer. While this might seem like somewhat of a challenge, it's not, as Microsoft's retailer list is rather extensive.

Customers purchasing the Xbox One during the above-mentioned period will not only get the device at a discounted price, but also one high-profile game of their choice absolutely free. They may select from any of these games - the 'Sunset Overdrive', 'Call of Duty: Advanced Warfare', or the upcoming 'Assassin's Creed Unity'.

The temporary price drop of the Xbox is a sign of Microsoft's desperation to try and increase the sales of its flagship console. At the same time, it is an indication that the Microsoft is willing to do more than its competition to make that happen. In fact, the common perception is that the Xbox One is getting outsold by the PlayStation 4 worldwide.

A recent report by Gamespot quotes Video Game Journalist Eddie Makuch saying that while "pricing is always important, it's heightened during the holiday shopping period, and Microsoft is smart to launch this promotion so early in November."