The Basis

Goal:idea of the theory behind how an object is created and the similarity and differences between objects 

Very basic method for creating a magic item:

Raw Material(s) + Several Charms and Other Spells (One or more Forms) = Bewitched Magical Object (Implementation)

Broomstick and a magic Carpet both perform a similar function:move the user from one location to another by flying but Broomstick:great level of fine control and speed Carpet:fit more people but slower and can't make sharp turns or other precise movement.Both flight but different purposes.

Forms:package of spells in which one or more of the spells are applied to physical material.Form is just a grouping of spells that (when cast together) provide some magical effect in the material it's cast on.

Can use more than 1 spell on a form

Spells found within a Form typically don’t do much on their own

Implementation:the end result of taking materials and applying spells to them

Broomstick:wood+twigs usually from magic trees.Wood cut,shaped and then spells laid on

Implementation called by product name:broomstick.

Implementation can be likened to a recipe; the basic materials have spells (the Forms) applied in order to produce the desired magical item.

The skill determines how well the item functions.primary reason why we don’t create our own magical items,possible to make your own broom, but some people are more skilled to find only the best materials and necessary spells to create a great product.

Magical and mundane materials

Spells cast upon mundane materials do not usually last very long. Magic weaker and possibility of failure

Magical materials are  preferable but more expensive

Magical materials are natural items derived from magical sources.Different materials produce different results

Advantage of magical material is longevity. Item crafted from magical materials:able to absorb and retain the magic 

Magical materials:efficient at releasing the magic stored within. 

Quality is determined:the skill and the potency of the material. 

Mundane materials are cheaper and  more useful to create certain kinds of magical items. 

Some items discharge their magic when touched 

Naturally vs artificially

Some magical materials can be combined into a practical object without requiring a single spell to be cast:

Wand.Wandmaker carefully and precisely select wood from the branches of a suitable magical,skill to insert the material into the core of the wand .(magical material)

Invisibility cloaks(one way of making it is soaking a mundane cloak in potions and bewitching it:creates artificially magical material). Another way:Demiguise's hair(magical material) such invisibility cloaks have their limits, as obviously no invisibility cloak can last forever*. 

Most magical materials do not have properties that make them readily useful to everyday wizarding life.

Magical wood is often best for transferring magical energy from the witch or wizard to the item

* Note that Harry Potter, the wizard most famous for the defeat of Voldemort, is purported to have an Invisibility Cloak that does not fade with age or lose its bewitchment. Some even think it might be one of the Deathly Hallows from the Tales of Beedle the Bard, though this is highly speculative and suspicious.