Custom post type and custom taxonomy in wordpress

add_action( 'init', 'cb_create_custom_postype_taxonomies', 0 );  // call function to create custom post types and taxonomy

function cb_create_custom_postype_taxonomies(){
    global $wp_rewrite;

//create custom post types
    register_post_type('product',
            array(
                'label' => 'Product','description' => '','public' => true,'show_ui' => true,'show_in_menu' => true,'capability_type' => 'post','hierarchical' => false,
                'rewrite' => array('slug' => 'products', 'with_front' => true),
                //'rewrite' => false,
                'query_var' => true,
                'supports' => array('title','editor','trackbacks','custom-fields','comments','thumbnail','author'),
                'labels' => array (
                      'name' => 'Products',
                      'singular_name' => 'Product',
                      'menu_name' => 'Products',
                      'add_new' => 'Add Product',
                      'add_new_item' => 'Add New product',
                      'edit' => 'Edit',
                      'edit_item' => 'Edit Job',
                      'new_item' => 'New Job',
                      'view' => 'View Job',
                      'view_item' => 'View Job',
                      'search_items' => 'Search Jobs',
                      'not_found' => 'No Jobs Found',
                      'not_found_in_trash' => 'No Jobs Found in Trash'

                ),
            )
    );//end register custom post type Products

    //create custom taxonomy  and associate with post type

   register_taxonomy('installtype',
            array (  0 => 'product',),
            array( 'hierarchical' => true,
                'label' => 'Installation Types','show_ui' => true,'query_var' => true,
                'rewrite' => array('slug' => 'installtypes'),'singular_label' => 'Installation Type') );





}