Go to 'Settings' --> 'Solutions'

Open the RAMCOSubscriber Solution

Expand the entities and go to 'Product' --> 'Fields'

Note: If this entity does not exist, please click 'Add Existing' --> 'Entity'

Add the product entity:

Go the the 'Fields' tab and add the 'Product Type Code' field:

Expand the entities and go to 'Product' --> 'Fields'

Open the Product Type Field:

Click the green + to add a new option:

Once you do, click 'Save & Close'

And then click 'Publish All Customizations'

Your new product type will now appear as an option in the drop down product type field on the product record:
