You can manage alternate options on items through what are called Alternate Sets. These are sets or groups of items that you can apply on one or more products.
Example:
You have 3 different speaker options
Round In-Ceiling Speaker
Rectangle In-Wall Speaker
Standard Speaker (not in-wall)
Instead of having to add the different options to each item above, you can create an alternate set and save. Then for each item, choose the set you want to add.
Some good examples for when to build alternate sets are for different colors, shapes, or other variations. It may not be as good for sets that have pricing differences between the options, but you still can (because would you want to include only cheaper items on the highest quality product, probably not).
There are two ways to manage and create these sets.
Build your options (set) in the quote and save for future.
Go to the Alternates tab in the catalog
Quote
When adding options onto an item in a quote, you can check the option to save for future use. This will make you give a name so when you go to apply the alternate set in the future, you can easily find this set.
Catalog
In the Catalog, locate the Alternates tab. Here click the New Alternate Set button. This will give you a similar looking screen as above where you can provide a name and options.
Apply Alternate Sets to Items
Select a product you want to apply an alternate set to. Go to the altnerates tab in the product modal, and click to add an alternate set
You can either select from the available alternate sets in the list, or create a new alternate set on the item from within the catalog.