What steps should be taken to promote sales of a declining product?

Every product have a life cycle and after a certain point the product becomes obslete or comes to the verge of being forced out of market which can be delayed for certain time span(b'coz its an irreversible phenomenon of market).first of all company should make harvesting calls to eliminte extraneous cost it can be done in terms of cutting down on sales force,storage or shift in feedback mechanism,et al.if company is equipped with surplus funds then it can revamp its product which can be done by either changing mode of packging or introduce it with new attitude.foremost,a committe should be formed in order figure out the required action plan which should consist of members coming from all departments and research personnel and this committe should be left alone to carry out their task and make necessary recommendations.