Specialty Product: Definition & Overview

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  • 0:01 What Is a Specialty Product?
  • 0:53 Focus on Brand and Features
  • 2:15 Distributing Specialty…
  • 3:08 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
Most people buy at least some specialty products. In this lesson, you'll learn about specialty products and related concepts. You can also look at examples of specialty products for a clearer understanding.

What Is a Specialty Product?

A specialty product is a product that certain consumers will actively seek to purchase because of unique characteristics or loyalty to a specific brand. Consumers who seek specialty products know what they want and will spend the time and effort to get it. Typically, these consumers will not easily accept substitute products. For instance, you may seek out a specific brand of dark gourmet chocolate to the exclusion of all other types of candy.

While specialty products are not necessarily expensive, they often cost more in comparison to substitute products. For example, a particular brand of single malt scotch may be a bit more expensive than other scotches on the shelf. Price is usually not an important factor for loyal consumers. They are looking for specific brands or products that match their personal preferences.

Focus on Brand and Features

So what kind of unique features and special brands attract consumers? It can be anything from a famous athletic wear brand to obscure beers from small-town breweries.

When a consumer seeks out a product based on brand, they might be looking for designer label clothing or expensive Italian sports cars. Consumers loyal to these brands are willing to pay a premium price for the designer clothing or the Italian auto, and they're often unwilling to settle for a cheaper alternative. Other consumers would be more willing to shop around and buy any car or piece of clothing that best matches their criteria at the lowest price.

Consumers may be similarly flexible when seeking out a product because of special features. If a preferred brand is not available or too expensive, they may be more inclined to settle for an alternative, as long as it meets all their criteria.

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