MANAGEMENT

Detailed explanation-1: -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-2: -Specialty products require targeted promotions with exclusive distribution; they are found in select places. Sports cars, designer clothing, exotic perfumes, luxury watches, and famous paintings are all examples of specialty 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: -Product: A specialty product is a high quality or unique for the consumer to purchase and solve a specific challenge they’re experiencing.