Businesses competing in stagnant or declining industries must

a. resign themselves to performance targets consistent with the available market opportunities, emphasize cash flow and return-on-investment criteria as opposed to growth-oriented performance measures, and concentrate on drawing sales and market share away from weaker rivals (if they want to expand their market share)

b. pursue vertical integration and gain greater operating control over more stages of the industry's value chain

c. initiate deep price cuts to rejuvenate long-term demand and expand into the markets of foreign countries, especially emerging country markets

d. consider selling out and exiting the industry

e. steer a middle course between low-cost, differentiation and focusing and adopt a best-cost producer strategy aimed at the middle of the market sp