Meaning And Features Of Specialty Goods

The special goods for which the customers need specific effort and long time to buy is called 'specialty goods'. Customers make plan for buying specialty goods. Since they know everything about the goods they need to buy, they do not accept alternative goods. They do not compare alternative with specialty goods, rather wait for time. They give priority only to the special brand. As such goods are generally costly and durable, customers do not buy them every time.

Specialty goods should be of certain quality and special brand identity. Consumers give importance to special brand or producer. Price of the goods is secondary. Watch, stereo, motors, restaurant services, electric goods, electronic equipment, instruments, TV, old tickets and coins, ornaments, tailoring service, photography etc. of special producer or brand are the examples of specialty products.

Very short channel is used to sell specialty goods. Some producers sell such goods from their own retain stores. For selling specialty goods, only a certain market or area or certain numbers of retailers are used. Most of the retailers are found to sell specialty goods of particular producer or certain brands. Branding, packaging and shop decoration play only a nominal role. The sale of such goods may be very low in quantity, but per unit profit stands high. The responsibility for conducting promotional activities and advertising the specialty goods lies with both producer and retailers. Sometimes producer may bear certain portion of advertising expenses made by retailer. In such advertising, the name of retailers is also included in the advertisement made by producer.

Features Of Specialty Goods

1. Purchase Plan
Consumers take considerable time, think well and make plan and effort to buy specialty goods.

2. Infrequent
Such goods are not bought every time or frequently.

3. Particular Outlet
Consumers buy specialty goods only from particular shop or store. So, they have strong store or shop loyalty.

4. Brand :Loyalty
Consumers have strong brand loyalty . They do not accept alternative goods.

5. No Price And Quality Comparisons
Consumers do not compare quality, service and price of specialty goods.

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