[duskwuff]

It's the first one.

The vast majority of this strategy document is ridiculous drivel, written to sound profound but conveying no meaning. One early tipoff is the nonsensical timeline on page 6 -- it's basically just rattling off random bits of art history with no relation to the brand or the proposed strategy.

[autoexec]

I'm guessing the guy who made this spent years working for an art degree, getting shackled with decades of debt in the process, only to find that it's nearly impossible to get work as an artist doing anything meaningful so he had to get a shitty 9-5 at a marketing firm and while his dreams of being a true artist have been crushed years ago he just wanted to do something with even just a little of what he learned while studying what he loved.

[barbecue_sauce]

I would say it looks more like it was produced by someone who studied architecture/design, and had fun exploring the aesthetics of Pepsi as a brand.