For this week’s discussion, please first listen to the podcast episode from Frea

For this week’s discussion, please first listen to the podcast episode from Freakonomics titled “Store-Brand Products,” where they explored the economics behind private label products, their production processes, and their impact on both retailers and consumers. For this discussion, consider the following questions: Production and Costs: What are the key factors that influence the production costs of private label products compared to national brands? How do manufacturers achieve lower production costs while maintaining product quality? Market Competition: Discuss the competitive dynamics between national brands and private label products. How do private labels gain a competitive edge in the market? How do pricing strategies for private label products differ from those of national brands, and what impact does this have on consumer behavior? Managerial Decision-Making: From a retailer’s perspective, what are the strategic benefits of offering private label products? Consider aspects such as customer loyalty, profit margins, and market positioning. What challenges might retailers face when introducing new private label products, and how can they overcome these challenges?