gistfile1.txt

add_filter ( 'bp_blogs_record_post_post_types', 'activity_publish_custom_post_types',1,1 );
function activity_publish_custom_post_types( $post_types ) {
    $post_types[] = 'product';
    return $post_types;
}

add_filter('bp_blogs_activity_new_post_action', 'record_cpt_activity_action', 1, 3);
function record_cpt_activity_action( $activity_action, $post, $post_permalink ) {
    global $bp;
    if( $post->post_type == 'product' ) {
        if ( is_multisite() )
            $activity_action = sprintf( __( '%1$s added or updated the product %2$s', 'buddypress' ), bp_core_get_userlink( (int)$post->post_author ), '<a href="' . $post_permalink . '">' . $post->post_title . '</a>', get_blog_option($blog_id, 'blogname'));

        else
        $activity_action = sprintf( __( '%1$s created a new Videos post, %2$s', 'buddypress' ), bp_core_get_userlink( (int) $post->post_author ), '' . $post->post_title . '' );

    }

    return $activity_action;
}