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Thats not a coincidence

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The price increase affected not only consumers but also retailers

Finally, we used Internet searches and tobacco-related and other reference textbooks2 , 31 to gain greater insight into previously reviewed material

Given the global scale of operations, strong customer loyalty to brander products, high barriers to entry, and strong generation of excess cashflows and excess returns on investment, I believe that BTI has a wide moat ( though most other competitors such as Altria, PMI also spot a wide moat as well) Companies like British American Tobacco can benefit from growth in emerging markets, where smoking is more widespread and declines in smokers are much slower