One of the first things you are required to do when adding a new product to your catalog is to specify the product type. Magento’s product catalog is based upon six product types, which are divided into two groups which can be called “Simple” and “Complex.” In this case, the word “complex” conveys the meaning of compound, or one-to-many.
A Simple product is a physical item with a single SKU. Simple products have a variety of pricing and input controls, which makes it possible to sell many variations of a product. Simple products can be used in association with Bundle, Grouped and Configurable Products.
To create a Simple Product the first step is to choose the attribute set, which determines the fields that are included in the product record. The product can be based on the Default attribute set, which includes the standard set of fields used by most products.