Both Pepsi and Coke did make beverages people preferred. The Pepsi challenge did make some dent in their market share (but Coke is doing just fine) and New Coke

Both Pepsi and Coke did make beverages people preferred. The Pepsi challenge did make some dent in their market share (but Coke is doing just fine) and New Coke ended up just selling more old Coke. So your story checks out