Final answer:
Private labels are products offered under a store's brand, typically sold at lower prices and contributing to consistent customer experiences through 'McDonaldization'. The reputation of such brands is a valuable asset built up over time.
Step-by-step explanation:
Private labels, also known as store brands or in-house brands, are products that are manufactured or provided by one company for offer under another company's brand. These are usually sold at a lower price compared to national brands and are found across a variety of categories including groceries and apparel. Their emergence has been influenced by factors like the advent of mail-order houses, marketing advancements, and the development of national markets, as seen with companies like Sears and A&P retail outlets. Over time, companies have recognized the value in creating a well-respected brand name that conveys consistency and quality to consumers, which aligns with the definition provided in option e: A well-respected brand name that has been carefully built up over many years. This consistency works hand in hand with the concept of 'McDonaldization,' where efficiency, predictability, calculability, and control become key attributes in offering a uniform customer experience, likely at the expense of variety and uniqueness.