MANAGEMENT

Detailed explanation-1: -Speciality products are consumer products and services with unique characteristics or brand identification for which a significant group of consumers is willing to make a special purchase effort.

Detailed explanation-2: -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-3: -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-4: -Consumer goods, or final goods, are goods sold to consumers for their use or enjoyment. Consumer goods can be classified as durable, nondurable, or service goods. Consumer goods are categorized based on consumer behavior and marketed by type of good, such as a convenience product or specialty item.

Detailed explanation-5: -(iii) Speciality goods: Speciality goods are those consumer goods which have certain special features because of which people make special efforts in their purchase.