Ideally you will want to map each page to the most relevant page. Most relevant doesn't always mean identical or even "all that similar" but even the Matt Cutts video on the same topic says get as close as possible.
Sometimes a 301 is done as the brand is changing part of what they do. Again, all you can do if you don't offer a particular service is come close. Think about the user - if you were a wedding, portrait & commercial photographer and you stop doing weddings where would you direct these visitors? Well nothing on the site is going to be completely relevant so ... should you direct them to portraits? Maybe create a new page that says "we no longer shoot weddings but recommend these 4 photographers:" or should you just redirect to homepage?
If your goal is to keep as much of the SEO juice as possible, direct it to the closest page - this maybe homepage or portraits page in the above case. If you want to provide the best user experience, perhaps the "We don't shoot it" page - so it depends on your goals.