Stock Item Attributes allow you to link stock items with various tags that can be used for reporting purposes. By using attributes you can keep stock item descriptions more succinct while still grouping particular items based on this attribute.
Attributes can be used in Stock Item Reports, Listings and to filter items in the Stock Item List. You can also use attributes to group items of the same price and change these prices in a single group when editing one item from that attribute family.
Go to File > Sales > Stock Item Attributes.