Published by MBA Skool Team, Last Updated: August 10, 2021
What is Specialty Goods?
A specialty good is a type of consumer goods that is important enough to motivate people to make a special effort to acquire it.
When buying consumer goods, a consumer almost always has a predetermined notion or need or pattern for buying both convenience and specialty goods. The major difference in buying pattern of the two is that whereas convenience goods require low involvement, specialty goods require high involvement. For example, a consumer while buying a convenience good would not display high levels of brand loyalty and would pick whichever product is easily available under budget, whereas while buying a specialty good, a consumer shows high level of brand loyalty, and may go an extra mile to find the brand he wishes to buy, the consumer may also pay a premium to acquire that brand.
Many a time such specialty goods are sold in specialty stores where nothing but a specific brand or a specific set of brands is available. Consumers go to these stores, even if they’re not the closest, most accessible ones to find the preferred products. Specialty goods are less likely to lose consumer loyalty and hence can demand a price premium.
Specialty goods can be bought in multiple ways either with the convenience products at convenience store or at the specialty store dedicated to the specialty goods.
Example of Specialty Good
A good example of a specialty good would be a designer clothing line. If you want to buy a Manish Malhotra wedding gown (specialty product), then you would most likely visit a Manish Malhotra outlet (specialty store). You may be a resident of Chandigarh but would not mind visiting Mumbai to buy a gown at a Manish Malhotra specialty store.
Hence, this concludes the definition of Specialty Goods along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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