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To identify the factor that is both a reason for Moutai’s success and a potential threat, we could consider aspects that currently drive demand while also holding the potential to hinder it in the future. Looking at the given choices, Option a may be a contributing factor to Moutai’s success, as cultural practices around drinking play a role in its popularity. However, the passage does not explicitly frame this as a threat, especially since it is deeply ingrained in Chinese society, making this option less fitting. Option c is also a significant reason for Moutai's success, as it targets the super-wealthy, but the passage does not indicate that this would become a threat in the future. Option b is presented more as a hurdle to Moutai’s success, while the explicit benefits remain to be discussed.
On the other hand, we can deduce that Option d is both a key reason for Moutai’s success - by tapping into the spending power of older consumers - and a potential threat, as the younger generations, with different healthconscious lifestyles, could move away from the heavy drinking culture that has driven Moutai's demand. The passage specifically highlights this generational shift as a risk to Moutai’s long-term success.
Hence, option d is the best choice.