A specialty product or good is a type of consumer product with unique attributes and an easily recognizable brand image. In other words, the product is unique and attractive enough to entice a buyer into owning the good. These are products a consumer does not compare with the competition before purchase as the buyer has already made the purchase decision. As a result, specialty product brands enjoy strong brand loyalty. Price is also typically not a major point of consideration. Designer clothing, specific brands of smartphone, high-end cameras, audiophile headphones, famous paintings, etc. are specialty goods.
A specialty good is not as widely available as a convenience product or a shopping product. Buyers usually end up spending more effort and time to locate a store that offers specialty items. Manufacturers usually prefer positioning their products in outlets or stores that are known for selling premium products. These are typically small outlets selling limited units.
And since buyers are not complaining much about product location, the dealers aren’t necessarily trying to make the specialty product locations buyer-convenient. Specialty goods marketing therefore focus more on promoting what the product has to offer.
Compared to convenience and shopping products, specialty products are priced at the higher end of the spectrum, thanks to the product’s brand or image, quality and reliability. These products don’t have a huge market. They don’t sell in huge numbers, as a result. But the larger margins keeps manufacturers and sellers interested in the products.