Adding a new admin settings field type

I would like to add a new field type option to the admin settings.

I applied the action hook along with the following code but I do not see the field type option showing.

Could I have some assistance please to get this to work. Thank you.

Code below is what I have so far.

/* New field type - single_select_product */
add_action('woocommerce_admin_field_single_select_product', 'single_select_product_field');

if(!function_exists('single_select_product_field')){
	function single_select_product_field($value){

		switch($value['type']){

			// Single product selects
			case 'single_select_product' :

			$args = array(
						'name' => $value['id'],
						'id' => $value['id'],
						'sort_column' => 'menu_order',
						'sort_order' => 'ASC',
						'show_option_none' 	=> ' ',
						'class' => $value['class'],
						'echo' => false,
						'selected' => absint(woocommerce_settings_get_option($value['id'])),
						'post_type' => 'product'
			);

			if(isset($value['args'])){
				$args = wp_parse_args($value['args'], $args);

			?><tr valign="top" class="single_select_product">
				<th scope="row" class="titledesc"><?php echo esc_html($value['title']); ?> <?php echo $tip; ?></th>
				<td class="forminp">
				<?php echo str_replace(' id=', " data-placeholder='".__('Select a product&hellip;', 'wc_auctions')."' style='".$value['css']."' class='".$value['class']."' id=", wp_dropdown_pages($args)); ?> <?php echo $description; ?>
				</td>
			</tr><?php
			}

			break;
		}
	}
}

http://wordpress.org/plugins/woocommerce/