This document discusses the cola wars between Pepsi and Coca-Cola and analyzes the profitability and attractiveness of the concentrate and bottling industries. It finds that while the concentrate industry remains profitable due to its duopoly structure and low costs, the bottling industry's attractiveness varies over time and by region due to challenges like health debates, environmental issues, and changing industry dynamics. The cola wars had mixed effects, hurting profits initially but later spurring innovation and growth as prices rose after the price war ended.