Shelley, an investor, is researching Alpha Corp.'s stock for potential inclusion in her portfolio. She has identified that the company has experienced stable growth in sales over the past few years, with consistent positive cash flow. She struggled with identifying any unique aspects of the company's product lineup and has noted that profit margins are trending downwards. For these reasons, Alpha Corp. has started researching new business opportunities. In what stage of the life cycle is Alpha Corp.'s industry operating?

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b. Mature.
c. Emerging growth.
d. Growth.