How to create object in wordpress?

The rule of the thumb is following: term of taxonomy is something group of posts shares, custom field is something individual post has.

Depending on exact context and requirements things might be better saved as one or another. For example group of posts might share general color (term), but if you want each post to have exact unique shade of color then it’s better as custom field with that data.

So I would guess your items break down as following:

  • title — native title
  • picture — native post thumbnail or custom field with attachment ID
  • color — might go different ways as above
  • identifier — custom field

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