Options for Products

I just added Options to one of my Products, but it is not displaying per the instructions and demo site. Do I have to create a content module for Options?

Could you give more details on what is not displaying as in the demo website ?
You don't need to create any module for options.

The Option is not displaying on the Product Page.

tacsbeta.com.previewdns.com/index.php?op...yout=show&Itemid=154

I can see that you edited your product page layout file. Did you do that before updating from a previous version ?
Because if yes, you probably don't have the new code to handle the display of options on the product page.
You would have the delete the customization and reapply it on the new version of that view file.

Is there a specific file that stores the customization?

In your case, you must have edited the file show of the view product.

All the view customizations are stored in templates/YOUR_TEMPLATE/html/com_hikashop