The international Coca-Cola company offers many different versions of their classic Coke. For example Diet Coke, Coke Zero, and Coca Cola Light. Prices vary from as cheap as 75 cents to as expensive as 3 dollars.
The international Pepsi company, like Coke offers a lot of different versions of their original drink. Diet Pepsi, Pepsi Zero, and Pepsi Max. Prices averaging about $1.75.
Coca-Cola has lots of people endorsing their products. From athletes to famous singers and actresses. Targeting all groups for their products.
Pepsi also has many endorsement deals with popular stars.
One of Coca-Colas strengths is that is has great marketing, such as their holiday bottles, or their "share a Coke" campaign. They spent a total of 3.3 billion dollars on marketing in 2015.
Pepsi also focuses on advertising for example endorsing the Super Bowl half time show. But definitely not as much as Coca-Cola . They spent 2.4 billion dollars in 2015, almost 1 billion less then Coke.
The healthy lifestyle trend hurts both companies, both companies are targeted as unhealthy and "bad" products.
Both products could benefit from adding more products, more product diversity. For example, healthier products, more natural ingredients. That would appeal to many more people, making their customer base much larger.
Overall Coca Cola is a more successful company than Pepsi. Their advertising, and customer loyalty results in a competitive edge over Pepsi.