For Microsoft I really don't know. Sony has completely pilaged their 3rd party deals that the 360 thrived on and I HIGHLY doubt Sony will let up. Halo has not been the juggernaut everyone expected this gen with one buggy collection and 5 being less well received sales wise than they hoped. The only thing MS can do is keep trying to build up a stable foundation of in house exclusives and keep fighting and hope they get a second wind.
Nintendo, on the other hand, has the foundations but they key word is *aggression*. Bold titles, aggressive advertising, aggressive pursuit of 3rd parties. Nintendo needs to go into every gen the same way they did with the NES, SNES, N64, and Wii: big and bold, with hits out of the gate and big advertising pushes. This whole timid approach like with Wii U cannot and will not ever yeild a win. Nintendo needed to kick down the door in 2012 not E3 2014, that's way too late. Nintendo also needs to balance their game releases to have broad appeal immediately. Have your Fire Emblems (which should be a freaking graphical showcase on home consoles; it would NOT be hard given the mechanics), F-Zeros, Metroid, Xenoblades, and Zeldas mixed in with your Marios, Kirbys, Mario Karts, and Donkey Kongs. And keep reaching out to devs looking for homes. Last Story, Bayonetta 2, and Wonderful 101 represent brilliant uses of that strategy to bulster their already formidable stable. Nintendo has the arsenal, they just need to USE it and it would be them and Sony duking it out rather than their current situation.
HOWEVER, this is all future. As for now, all they can do is hold on. Nintendo can and should cut the Wii U's price but other than that they've done about all they can.
