GENERAL KNOWLEDGE

Detailed explanation-1: -Sports cars, designer clothing, exotic perfumes, luxury watches, and famous paintings are all examples of specialty products.

Detailed explanation-2: -Specialty products are those that have unique characteristics or are associated with a particular brand. People who purchase specialty products carefully source these products and develop loyalty to the company that produces or sells them. Specialty products are typically priced higher than other types of products.

Detailed explanation-3: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

Detailed explanation-4: -Convenience Products A convenience product is an inexpensive product that requires a minimum amount of effort on the part of the consumer in order to select and purchase it. Examples of convenience products are bread, soft drinks, pain reliever, and coffee.