do a str_replace on the variable
str_replace(" ", "_", $row_rs_brandmenu['Brands']);
and use that in your value field, but keep the
$row_rs_brandmenu['Brands']
part in between the open and close option tags
then change your images to coca_cola, and it will look from the value of coca_cola after it is replaced, so basically the option will look like this once the browser renders it
<option value="Coca_Cola">Coca Cola</option>
then when you use the image, you use Coca_Cola.jpg or whatever