Private branding involves a retailer exclusively contracting a manufacturer to produce products that are then sold under the retailer's own brand name at lower prices than name brands. Private brands provide benefits like greater control over quality and marketing, higher profit margins, creating a unique retail image, and improving customer loyalty through exclusive products. Retailers like Walmart, Target, and Costco benefit from increased private labeling, while name brand companies like Coca-Cola, PepsiCo, and P&G benefit when private labeling decreases. Private brands face challenges in establishing brand recognition and competing with the marketing power of established name brands.