When Diet Coke surpassed Pepsi to become the No.2 soda in America, it was as if the Cola Wars had finally declared a winner: Coca-Cola.

Some may argue that the Cola Wars were over long ago. Fortune Magazine thought that Coke won the war back in 1996. And in some respects it was right.

PepsiCo may have brought in 38 percent more revenue in 2011 than Coca Cola. But its archrival sold $28 billion worth of soda while PepsiCo only sold $12 billion.

This is the result of PepsiCo diversifying its business and increasingly relying on the other brands it owns -- Frito Lay, Quaker, Tropicana -- to keep the company's revenue up.

Unfortunately, it also has to do with the astronomical number of gaffes Pepsi has made in the past few years, particularly in its brand management and the way it has branded its flagship product.