Add a custom attribute
Go to Catalog > Attributes > Manage Attributes. Here is the list of all product attributes used, both default and custom. Click on Add New Attribute.
Next, fill the Attribute Code you wish to use (custom_field in this case, must be unique) and change the options to fit your needs (Yes/No select field in this case). Click on Manage Label / Options on left menu and set your attribute name. Save it by click on Save Attribute.
Go to Catalog > Attributes > Manage Attributes. Here is the list of all product attributes used, both default and custom. Click on Add New Attribute.
Next, fill the Attribute Code you wish to use (custom_field in this case, must be unique) and change the options to fit your needs (Yes/No select field in this case). Click on Manage Label / Options on left menu and set your attribute name. Save it by click on Save Attribute.
Add your newly created attribute to Attribute Sets: Catalog > Attributes >Manage Attribute Sets. Click the attribute set you wish to modify (Default in this case) and then drag the custom attribute (custom_field) from Unassigned Attributes column to Groups column. Click Save Attribute Set.
You should now see the new field in product edit. Magento might also ask you to refresh Indexes, to do so click on Index Management link from the notification bar.
Show custom attribute on product page
For drop-down attributes:
echo $_product->getAttributeText('custom_field');
For all other attribute types:
echo $_product->getCustomField() ;
* notice the relation from the red text and attribute name.