Each product that you add in Magento can be configured thanks to a set of attributes. These are the options, both required and optional, that can be edited when adding/editing a product. The first thing that is done when you add a new product is to select its attribute set.
From the Magento admin panel you can add and edit attribute sets using the available attributes. In case you need some particular attributes that don't come preconfigured with Magento, you can create any attribute that you want. For more information on this read the article on adding and editing attributes.
To add and edit attribute sets, log in to the admin panel of your Magento and go to Catalogmenu>Attributes>Manage Attribute Sets. This will display the existing attribute sets in a table. To edit a set click on its row in the table. To add a new one click on the Add New Set button in the top right corner. After you do that you'll see a text field in which you can type the name of the set, and a drop-down menu from which you can select the set on which you want to base the new one. When you configure these options click on the Save Attribute Set button in the upper right corner. On the following page you'll see a list of attributes that are included in the base theme that you selected, and another list with unassigned attributes. To include attributes in the set or to exclude ones that are included just drag and drop the particular attribute from one list to the other.
The included attributes are collected into different groups. You can move unassigned attributes to an existing group or you can create a new one with the Add New button that's above the list. When you're ready with the changes click on the Save Attribute Set button in the upper right corner.
Now you can select the attribute set when adding products and configure the newly assigned attributes.
