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| | Value Investing Encyclopedia |
 | | Of these three factors, spending lots of money on advertising is by far the least important. |
| | Examples of true franchises built on some or all of the above factors would include some seemingly very different companies such as: Microsoft, Google, eBay, Amazon, WD – 40, Clorox, Church & Dwight, Wrigley, Disney, Lucasfilm, The New York Times, GEICO, and Mars. |
| | If you test each of these companies for the three aforementioned factors, you’ll see that in each case a unique product or service (usually artistic content or a brand name) or customer complacency is the reason for the company’s success. |
| www.gannononinvesting.com /glossary (6195 words) |
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