What Philip Morris Learned From Japan

Philip Morris International (NYSE:PM) is seeking to revolutionize the tobacco industry with its iQOS alternative to conventional cigarettes, and so far, performance in test markets has been extremely strong. Philip Morris has high hopes for iQOS, expecting it eventually to contribute to a portfolio of reduced-risk products that could entirely replace traditional cigarettes. Yet in order to do so, Philip Morris will have to be sensitive to the needs of each market it serves while meeting anticipated strong demand. Fortunately, the tobacco company's experience in rolling out iQOS in Japan has taught it some valuable lessons that should improve how it handles introducing the product in other key markets worldwide.
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