I don't know what Pentax needs to do. I've been a photographer for 5 decades, both as a way of partially earning a living, mostly just as an avid photographer. Like many shutterbugs my age I have lots of camera equipment...some Pentax...some not, have used lots of various stuff and greatly appreciate the fact that I'm living in the digital age. IMO, things photographic for the most part are much better in this age than the film age.
I've gone from the days when Pentax was flying high, in every camera store, well known and promoted by camera store salespeople...to the present days of...is Pentax still around.
In the past I've thought they should advertise more, work harder to get their equipment in stores...all that kind of stuff that Canon does so well.
Now, I think their apparent strategy seems to work ok and I say apparent because I don't know for sure if they have a marketing strategy ....and really my guess is only as good as yours.
But anyways, having essentially no advertising while continuing to develop and produce really excellent photographic equipment, selling online and via a few large camera store companies, seemingly catering only to their brand loyalists, like me...seems to keep the venerable Pentax brand treading water, sometimes enjoying the swim in an increasingly difficult camera market.
Is it workable long term ? I dunno. I hope so, but I dunno. I did recently (2 months ago) buy a K-1, 28-105, battery grip and extra battery....so it worked on me. But then, I'm an easy sell.