Product Option allows for a specific set of similar product items to be grouped online. The products would all basically have the same setup with the exception of a single variable, such as finish or size. This gives the appearance online of a single product with a drop-down for the individual products based on that variable. 

The product option Name refers to the name that will be visible online for this specific set of products (ie. Banners) 

Label refers to the list label the user will see on the portal that can allows the individual products to be selected (ie. Finish).

• Example: Product Option for 'Banners' with a label for 'Finish'. This means the customer would see an individual banner product online but with a selectable option for the different finishes, one for each individual product added to the product option.

If a product has been setup as a product option, it will appear under Product Options section on the online tab of the product.

Online, the products will appear as a single item 'Banners' with a drop-down to select the individual products option items by 'Finish'. 

For more information on setting up product options, see Settings - Product Options.