Pepsi spoofed the advertisement of my favourite soft drink Thums Up at
Youtube. Its really funny

Having said that, I see a deeper implication in the way the big tickets spend their advertisement budget.
First from the brand value prespective, Pepsico has hit Thums Up for the first time with its flagship brand. This implies that it recognises that Thums Up has bigger brand equity in India, than coke's flagship Coke brand.
Second, the innovation Pepsi did was to leverage Youtube and viral email campaign and news inserts to promote this subvertive ad. Thus bringing Internet into the mainstream advertisement media channels.
This is a milestone in the Internet advertisement montization.
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