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An industry in an early phase of existence marked by an end to technological innovation and the beginning of an attempt by different companies in the industry to gain larger market shares. That is, even if two competing companies make exactly the same product, they will use marketing, pricing, and other methods to become a leader in that product's market. These companies experience high earnings and/or revenue, though they often reinvest their profits into further growth of the company and as a result tend to pay out low dividends. See also: Industry Life Cycle, Three-Phase DDM.