You're getting it wrong. They are able to make a FF camera. They are willing to do it. It's just that
we are not willing to buy it - at what they would ask us to pay for it, and in sufficient numbers
Will they survive? Yes, they will. I'm actually more worried about players like Sony, who made a FF camera regardless of the consequences.
Will they "win"? Define "win". We still didn't see most of the Hoya new strategy, but so far, it looks good. So, they may very well "win" - make a profit, gaining brand awareness, maybe slightly increasing their market share.
Will they care if you'll start another anti-Pentax "crusade" on your blog, let's say "Pentax will die because they don't have a FF camera?" Nope, not at all. They will simply ignore you.