Overview
In Business Central, an item record is the basis at which functionality related to holding and setting up items is located. From an item record, you can view or edit special prices, set up multiple vendors for an item as well as manage categories, attributes and variants.

Item Variants
Inventory items which are sold in multiple variations, with distinct traits can be recorded in Business Central. Groups of the same products, categorised by colours, size, etc., can be associated and defined on a record card in the system:

Item Attributes
Items in Business Central can be assigned Attributes as standard which are user defined classifications such as material, model year or colour. For ease of searching, filtering, and reporting, items can be classified by multiple criteria and added to Item Categories:

Assigning and viewing item attributes associated with item records in Business Central:

Item Substitutions
A business practice which allows an organisation to provide a subsequent item with similar specifications or functionality, item substitute functionality is included in Business Central as standard. Items in the system can have Substitutions defined, allowing alternative Items which can be used in place of the original Item.
Additional Information & Useful Links
For additional information from Microsoft about Item Characteristics, please see the following links:
Manage Product Variants – Business Central | Microsoft Learn
Set Up Item Attributes and Assign Them to Items – Business Central | Microsoft Learn
Create Item Cards for Goods or Services (contains video) – Business Central | Microsoft Learn