Difference between and Product and a Product Family
Product Family defines the kind of category your product belongs to. For example: A 'white mobile cover' belongs to the product family of mobile accessories, whereas a 'white Apple I-phone' would belong to 'mobile devices'.
Adding a Product Family
Step 1:-
Click on product families under 'Manage Stock'
Step 2:-
Enter the name of the product family and click on 'Add'.
Step 3:- Assigning Products to Product Families
Select the items you would like to assign to the 'product family' and click on the family name under 'select a product family'. This will the products to an existing family.
You may also chose to create a 'New product family'
How is it useful?
Creating a product family would help you categorize the products as per their type.