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Given the fact that every major consumer product company is restructuring their business, why should tobacco companies be any different? Somewhat less charitable was the tone from Bernstein Research in September 1993: would Marlboros share gains post April 2 be permanent or just rented?9 But to be fair, the evidence of the impact of Marlboro Friday was still just coming in Summary When Philip Morris published its 1993 annual report in early 1994, management restated its rationale behind the repricing of its brands: Our new pricing strategy and actions had a simple objective: to narrow the price gap between our premium product and discount competitors to a point where consumers would once again base their purchases on brand quality, imagery, and preference, rather than on price alone

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