(FORTUNE Magazine) – The soft drink industry in the 1980s tended toward the mindless pursuit of market share. Managing share without profit is like breathing air without oxygen. It feels okay for a while, but in the end it kills you. So in the Nineties you'll see a greater emphasis on operational excellence and cost control. We're telling every employee: Yes, market share is important, but only as a measurement of the sustainability of the profit stream. In 1992 we may still be No. 2 to Coke in U.S. volume, but we expect to be No. 1 in share of domestic industry profit. * Pepsi's biggest challenge in the 1990s is its international business. I expect ours to grow twice as fast as in the Eighties. Being in a market first is very important, and we're decades behind Coke in Germany and Japan. But in southern Europe and southern Asia we see demand expanding fast enough for us to build a healthy business. In less-developed countries, the key is recognizing the need to adapt and innovate. We use countertrade. That is, we provide export markets for these countries so they can generate hard currency and turn around and pay us for Pepsi products. In China we export canned tomatoes from Beijing and toys from Guangzhou. Pepsi was the first American product to break into Rumania and Bulgaria. We export their wines to the U.S. When you go into these countries, you recognize they may not have hard currency now. But you're betting that one day they will. Remember, Japan had no hard currency in the Forties and early Fifties.