Please note, this process can also be done while creating a new product.

1. Select Products from the Store menu.
2. Search for your product and click the Edit link next to the product name.
   
   
3. In the Properties section, select the product type from the Product Type dropdown menu.
4. Click the Add button to create a new product type. This opens a popup window and lets define the product type name.
5. Select the vendor from the Vendor dropdown menu. 
6. Click the Add button to create a new vendor. This opens a popup window and lets you define the vendor name
7. Click the Update button.