PepsiCo's real product is not cola or chips. It is a portfolio-and-distribution system built to win the entire snack break - then repeat that trick more than a billion times a day.
Keurig Dr Pepper built an unusual empire by pairing supermarket coolers with kitchen counters. Now, after buying JDE Peet's, it is integrating a global coffee business while preparing to turn one sprawling beverage company into two focused ones.