Once a business has worked out a successful strategy, it attempts to offer its products or services to a wide range of customers--expanding first to other states and regions and then often internationally and globally. This is the growth phase when successful companies can turn in increasing earnings year after year. Eventually, all possible customers have the product or service. They may still buy parts or replace their product with newer models, etc, but growth slows. Hence, as the product line matures the business evolves to the mature stage.
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