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  "documentTitle": "PepsiCo (PEP)",
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      "text": "PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012",
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      "text": "PepsiCo's advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012. We believe the lack of consistent advertising investment is another indication of the challenges and conflicts in resource allocation that arise when managing businesses with inherent structural differences",
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      "text": "Under-Investment In Brands",
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