You can manage product options at Kentico CMS Desk -> Tools -> E- commerce -> Product options.
Here you can either create a new option category
or edit 
and delete 
the existing one.
Every option category has following properties:
General
Category name - category name displayed to the customer
Selection type - type of selection, a customer use to choose the product option
Display price - if enabled, product option prices will be displayed next to product options
Default option(s) product options which are selected by default before a customer chooses her own one(s)
Description - the description of the category as it is visible to customers
Default record text - the caption of the default option, which is added to the product options collection
Enabled - indicates if the category is enabled
Options
Here you can either add a new product option
to the current option category or you can edit or delete existing options or change their succession 
within the current option category.
Product options have the same properties as Products with the exception of the volume discounts which cannot be assigned (as well as discount coupon) to a product option.
On contrary with the product price, the product option price can be negative. The product option price is the amount that is either added to or subtracted from the given product price. The product option is sold as an addition to the given product, not as its replacement. If certain discount level applies to the given customer, this discount level applies for the chosen product option as well.