Please answer these questions in a four (4) page paperDEVELOP A PRIVATE LABEL BRAND “During Hard Economic Times, Shoppers Tend to Trade Down to Store Brands” WSJ, May 2, 2003 Imagine that you work for a store as a Merchandise Buyer (whatever you want it to be). You have been tasked with developing a line of product labels to compete with branded goods.• Why did you select that particular category to create your private label• Determine ways in which your private-label products could create greater value for consumers than competing manufacturers brand products (i.e. lower prices, more features, association with the store’s reputation).• Develop a name and why did you select it.• What does the consumer gain by purchasing your private label item?• What does the store gain by being successful in developing a private label business?• Can you create brand loyalty with a private label brand? ( Private label store brands are growing and replacing national brands- for inspiration look at Costco, Trader’s Joe, Macy’s, Wal-Mart, CVS as examples. Many of their brands are branded under their own label) YOU MUST DOCUMENT YOUR SOURCE MATERIAL USING FOOTNOTES AND BIBLIOGRAPHY. Please answer these questions in a four (4) page paper. Any questions, JUST ASK.1.5 spacing 11 pt font. Submit this assignment on time.