The document discusses the advertising strategies of Coca-Cola and Pepsi in global and local markets. It notes that both companies spend billions annually on advertising, representing a significant percentage of their revenues. The soft drink industry is highly competitive, so brands rely on advertising and branding to sustain their market position. While Coca-Cola and Pepsi are global powerhouse brands, their advertising campaigns have localized over time in India to connect with local audiences and cultural contexts. Localization of branding is a key strategy given lack of product differentiation.