Definition (1):
Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Definition (2):
Buyers consider these products as unique and they don’t mind making greater efforts to purchase them.
Examples include specific brands of cars, high–priced photographic equipment, designer clothes, exotic perfumes, men’s suits, sporting equipment, hi-fi components, fancy foods, famous paintings, and the services of medical or legal specialists. Many people are fond of having unique hairstyles by specific hair stylists, which is also an example of this product. A Lamborghini automobile is another example of this product because buyers are usually willing to travel great distances to buy one. Buyers normally do not compare these products. They invest only the time needed to reach dealers carrying the wanted products.
Use of the Term in Sentences:
- Buyers don’t mind paying high while buying specialty products.
- Many people are engaging in the business of specialty products.
- Generally, the elite class of the society is the buyers of specialty products.