In a bold strategic move, Pepsi has dropped its entire Super Bowl advertising budget to focus on the new Pepsi Refresh Project.

In a bold strategic move, Pepsi has dropped its entire Super Bowl advertising budget to focus on the new Pepsi Refresh Project. Under the Refresh Everything campaign, Pepsi will award grants for community-based projects proposed and selected by consumers. Pepsi has earmarked $20 million of its ad dollars for the grant initiative next year.

The brand is going out on a limb as they were the biggest advertiser during the Super Bowl last year. In the past, Pepsi's advertising strategy used the major televised football event as a way to roll out some of its most memorable spots with celebrities like Britney Spears and Cindy Crawford. The shift aims to focus less on a singular event and more on cause-related marketing. Pepsi has also increased their online advertising budget by 60% for 2010.

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