What are Speciality Products?
The products with some special features for which the consumers make special efforts, while purchasing them are known as Speciality Products. Demand for speciality products is relatively inelastic. It means that even though the price of speciality products rises, their demand does not reduce. For example, antique paintings, exotic perfumes, expensive watches, branded sneakers, etc.
Some of the features of Speciality Products are as follows:
- Speciality products are usually expensive and are available at a few selected places.
- Because of their high cost, only a few people purchase these products which make their demand limited.
- An organisation need to perform aggressive promotion activities for these products.
- The job of the marketer of speciality products does not end with the sales. They have to provide after-sales services to the consumers also.
Difference between Convenience Products, Shopping Products and Speciality Products
|
Basis |
Convenience Products |
Shopping Products |
Speciality Products |
|---|---|---|---|
| Meaning | The products which are purchased immediately, frequently, and with the least effort and purchasing time are known as Convenience Products. | The products to which consumers devote considerable effort and time in shopping are known as Shopping Products. | The products with some special features for which the consumers make special efforts while purchasing them are known as Speciality Products. |
| Price | The price of convenience products is low. | The price of shopping products is high. | The price of speciality products is very high. |
| Shopping Efforts | Least time and effort are required in purchasing convenience products. | Considerable time and effort are required in purchasing shopping products. | Special efforts are required in purchasing speciality products. |
| Availability | These products are available at convenient locations. | These products are available at specified shops. | These products are available in a few places. |
| Nature of Demand | As these products are essential products, they have regular demand. | As these products are usually durable, they have no regular demand. | As these products are bought by a few people, they have limited demand. |
| Profit Margin | There is a low margin in convenience products. | There is a high margin in shopping products. | There is a very high margin in speciality products. |
| Role of Promotion | These products require heavy advertisement and sales promotion schemes. | These products require personal selling. | These products require aggressive promotional activities. |
| After-sales service | After-sales services are not required for convenience products. | After-sales service is required in some cases. | After-sales services are very crucial for speciality products. |
| Examples | Salt, Medicines, Newspapers, etc. | Shoes, Refrigerator, Clothes, etc. | Expensive watches, Antique Paintings, etc. |
Difference between Convenience Products, Shopping Products and Speciality Products
Based on Shopping Efforts there are three types of products; namely, Convenience Products, Shopping Products, and Speciality Products.