The document discusses the history and strategies of Pepsi and Coca-Cola in their competition, known as the "Cola Wars". It provides background on the founding and growth of each company over the decades. Pepsi struggled early on and declared bankruptcy twice, while Coca-Cola saw steady growth. Both companies established nationwide bottling networks and used franchising agreements with bottlers. The document also analyzes the companies' market share and strategies over time in competing for consumers in the liquid refreshment beverage industry.