Final answer:
In the Decline Stage of the Industry Life Cycle, managers can implement cost-cutting measures or focus on a niche market to maintain profitability.
Step-by-step explanation:
The Decline Stage of the Industry Life Cycle represents a period where an industry experiences a decrease in sales and may face overcapacity, increased competition, and declining demand. Managers in this stage have several strategies to consider. Firstly, they can opt for cost-cutting measures to stay profitable, such as downsizing or outsourcing. For example, a manufacturing company may close some of its factories or outsource production to reduce expenses. The second strategy is niche market focus, where a company identifies and serves a small segment of the market that remains profitable. An example of this would be a computer company that specializes in providing maintenance and support for legacy systems that are no longer widely used but still necessary for certain customers.