The Clone button on a product quickly creates a new product with the same information as the existing product. Cloning products also creates any price book entries in price books that you can view.
Note:
1. Price book entries in price books that you do not have sharing access to will not be created.
2. If you have read-only access to a field, the value of that field is not carried over to the cloned record.
Steps to Clone:
1. Click Clone on an existing product.
2. Enter or change any information for the new product.
3. Click Save.
Cheers!!!