Meaning of "patent pending" and possibility of patenting first

"Patent pending" means that the entity, having "patent pending" on their product or literate or advertisement re the product, has filed a patent application for that particular product or technology. The patent has not as yet issued - hence, patent pending - meaning, again, a patent application for such product technology is on file and currently being prosecuted/examined by a patent examiner or getting ready for examination by a patent examiner. You may still get a patent on your independently developed product/technology if you can patentably distinguish your product/technology, not only from prior patents, known as prior art, but also from your competitor's patent application because his patent application disclosure will probably be relevant to the patent examiner when the patent examiner examines your patent application.