Guacamole Doritos, Wasabi Funyuns, and Mountain Dew Code Red (which is targeted to African-Americans) are three fruits of PepsiCo Inc.’s diversity initiatives. These initiatives, which include mentoring programs and support groups, attempt to harness employees’ racial and ethnic heritages for competitive advantage. So far, the company’s efforts seem to be paying off: For instance, PepsiCo attributed part of its 8 percent growth in 2004 revenues to its diversity programs, report…

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