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: -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: -Specialty goods have particularly unique characteristics and brand identifications for which a significant group of buyers is willing to make a special purchasing effort. Examples include specific brands of fancy products, luxury cars, professional photographic equipment, and high-fashion clothing.