1. A system for organizing product information in accordance with a catalog taxonomy, said system comprising: a processor; an input/output module adapted to allow inputting and outputting of product information associated with a plurality of products; and a database for storing said product information, said database having a catalog taxonomy structure organized in a tree-like configuration having: at least one first tier product category having at least one first tier attribute associated with products in said at least one first tier category; and a plurality of second tier product categories branching from one of said at least one first tier product category and defining subcategories of said at least one first tier product category, at least one of said plurality of second tier product categories having at least one second tier attribute associated with products in a subcategory defined by said at least one of said plurality of second tier product categories; wherein each of said second tier product categories inherits said at least one first tier attribute of said first tier product category from which said plurality of second tier product categories branches.