With reference to Strategy Capsule 3.1, use the five forces framework to explain why profitability has been so high in the US market for smokeless tobacco. Please explain in 2 to 3 paragraphs. STRATEGY CAPSULE 3.1 Chewing Tobacco, Sausage Skins, and Sports Cards: The Joys of Niche Markets US Smokeless Tobacco Company earned an operating margin of 62% during 2014-2017, making a major contribution to the 122% return on equity earned by its parent, Altria Inc., over the same period. What's the secret of USSTC's profitability? It accounts for 57% of the US market for smokeless tobacco, and its long-established brands (including Skoal, Copenhagen, and Red Seal), its distribution through thousands of small retail outlets, and government restrictions on advertising tobacco products create formidable barriers to would be competitors. Devro ple, based in the Scottish village of Moodiesburn, is the world's leading supplier of collagen sausage skins ("casings"). "From the British Banger to the Chinese Lap Cheong. from the French Mergue to the South American Chorizo, Devro has a casing to suit all product types." Its overall world market share is around 60%. During 2014-2017, Devro's return on equity exceeded 20%-about three times its cost of equity. Panini Group, based in Modena, Italy, is the world leader in sports trading cards and collectable stickers, With an exclusive licence with FIFA, it dominates soccer cards and, with licences to supply NBA. NFL and NHL trading cards, it has become market leader in the US. It is believed to have earned an operating margin of over 20% on its 2016 revenues of $631 million SUPPLES Barber INDUSTRY COMPTE Throl POTENTIAL ENTRANTS SUBSTITUTES Borgerf buyers BUYERS