It's distibution channel.
不要盯着上面的算术，至少不要就此下结论。
It's about branding, it's about supply chain management... These are more valuable / important than the product itself, which of course an important part. More important than brick and mortor, which is important to bank.
Thinking about MCD, it's not about their burgers, which are garbage. It's about their branding power. It's about their location. It's about they suck up space to thrive, which means only Wendy and BK can survive.
In retail like WMT, Sam's... "shelf space" is cut-throat commodity for vendors.
COGS is just a small part of overall picture.
