Custom Post Type featured option

Question

I have created a Custom Post Type called Products.

Now I need a functionality that will allow me to select or check a product as featured.
There can be only one featured product.
When one product is selected the others are deselected automatically.
This featured product will be displayed on homepage.

Question:

What is the best way to store the featured_product_id to identify the one that is featured?

Answer 1

There is no need to store product setting product wise as there will be only one featured product. You can store the featured_product_id in options table. And whenever a product is featured you just override the record in the options table, that why you can avoid the deselecting hassle of previously selected featured product.

Answer 2

I create an options page and then have a list of all products there where I can choose the product to be featured.