bargain item; special-priced product
Refers to goods sold at a reduced or special price, often in retail contexts.
あの店では毎週特価品を出している。
That store puts out bargain items every week.
特価品 emphasizes the special reduced price of an item, while 特売品 stresses that it's part of a store's promotional sale.
Compound of 特価 (special price) + 品 (item, goods).