There are a number of strategies that maturing or stagnant industries can adopt. First of all, these companies need to sustain their current position, for this they can come up with hybrid products or special product offers, such as buy one get one free etc. Secondly, as an industry practice, two companies operating in a declining industry can merge to make use of their respective competitive advantage, that would sustain their profitability for a little longer. There is also another possibility but it is often adopted at very later stages of declining. This strategy is winding up of business as a whole and invest the funds in some other industry, that is at the growing stage.