Use of Custom Product Options in Magento

What are custom product options in Magento?Custom options provides an simple way to offer a selection of product variations to your customer.
How to create custom options to products?

• Go to Admin Panel, Select Catalog → Manage Products
• In the product Information panel on the left, Select Custom options
• Click the Add New Option button

Add a Title to be used as a label for product custom option.

• Choose the Input Type for this field, such as Drop-down or Text
• Add Is Required to “Yes” if the customer must make an entry in this field
• To control the sequence of options, enter a number in the Sort Order field to determine the sequence of this option when listed with other options

Now, open product SATCO Test under “Apparel” in Magento front-end.
You should see something like: