Specialty Product Analysis

737 Words3 Pages
Specialty product can be defined as products and services with unique characteristics or brand identification for which a specific category of consumer who are willing to make a special purchase effort. Specialty products are products that are not purchased on a regular basis and consumers do extensive research before purchasing these items which are typically expensive at the same time unique in nature which mean they are not easily being substituted.
First and foremost, the product mix is one of the main elements of the marketing mix for specialty products. Individual needs or the brand represents significant high quality relative to market competitors are concerned by the corporation when the product is offering for specialty product. In other words, the product offering is almost seen as a monopoly to the consumer. A high level of quality needs to be maintained by making innovation and product improvement because it is the reason for the consumer to seek out for a specialty product such as Samsung. The company always need to have necessary flexibility towards the product to be a strong recognizable brand.
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For example, consider a high luxury cruise liner, where well-to-do people are seeking luxury, comfort and social engagement with similar people. This proven that they are far less likely to make a purchase decision based on the price attribute by putting the attention on the quality instead. Therefore, specialty products are generally priced higher than shopping products. Obviously, the prices still have to be within a consumer’s reference price range. Price reducing is sensitive in the marketplace for specialty product due to discounting and other forms of price incentives are generally ineffective since the consumer with think that it is a signal of a reduced level of
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