A Product Type is a "template" for building new products for merchant creation. Product types consist of a "name" and the "elements" called "type properties" that make up fields to define a new product.
A Product Type can be changed for any product. Once the Product Type for a product is changed, the properties for the type will appear on the product page.
Creating a new Product Type
In order to create a new Product Type, navigate to the Store Catalog > More > Product Types menu.