80s, the company began a program of rationalization of its operations, with the result that sporting goods, long distance motor freight, and beer subsidiaries were divested. In the 1990s, PepsiCo operates in three major product areas soft drinks, snack food, and fast food restaurants.6
In the soft drinks product area, Pepsico's major product brands are Pepsi Cola, Diet Pepsi, Mountain Dew, and Slice.7 Caffeine free versions of Pepsi Cola and Diet Pepsi are also
4Steven Sanborn, "Pepsico, Inc.," Value Line Investment Survey, 23 August 1991, 1541.
5Moody's Investors Service, "Pepsico, Inc.," Moody's Industrial Manual (New York: Moody's Investors Service, 1991), 4162.
7Ibid.; Sanborn, 1541.marketed, as are minor soft drink brands lower sales levels owned by Pepsico.
In the snack food product area, the company's major product brands are Fritos corn chips, Lay's potato chips, Ruffles potato chips, Cheetos cheese flavored snacks, Doritos tortilla chips, Tostitos tortilla chips, Funyuns onion flavored snacks, Baken ets fried pork rinds, Grandma's cookies, and Frito Lay's popcorn in the United States and in many of the company's foreign markets.8 In Great Britain, the company markets Munchos potato crisps, Smartpops popcorn, and other snack foods produced by its acquired subsidiaries in that country Smith's Crisps and Walkers Crisps.9
In the fast food restaurant product area, Pepsico provides fast food restaurant service through its Pizza Hut, Taco Bell, and Kentucky Fried Chicken subsidiaries.10 All three restaurant subsidiaries operate both in the United States and in foreign markets.11 Approximately one fifth (20.6 percent) of the company's restaurants are company owned, while more than one half (57.5 percent) are franchise operations.12 The remaining 21.9 percent are joint venture operations, in which Pepsico is one of the joint venture partners.13
8Moody's Investors Service, 4162; Sanborn, 1541.
10Moody'...