I think Altria has a huge moat, one of the biggest I can think of. Smokers preference for Marlboro is overwheming and they won't smoke anything else. I smoke Marlboro, my siblings do too, my roomate, my officemates and I assure you that we won't smoke Camel, Winston or any other brand no matter how cheap they are relative to Marlboro. If someone gives me a gift and is a pack of another brand of cigarrettes, I will throw it away and still pay $6 (retail price in AZ) for a Marlboro Light's pack.
Is Altria's Moat Wide Enough Now? [View article]