1. A system for organizing product information in accordance with a catalog taxonomy, said system comprising: an input/output module adapted to allow inputting and outputting of product information associated with a plurality of products; a database storing said product information, said database having a catalog taxonomy structure organized in a tree-like configuration; and a processor configured to: receive input of product information associated with the plurality of products; store at least one of the plurality of products in a catalog; associate at least one first tier attribute with a first tier category, the first tier attribute being common to products in the first tier category and being inherited by products in a second tier category; associate at least one second tier attribute with the second tier category, the second tier attribute being common to the products in the second tier category; retrieve second tier attributes of at least two second tier categories; determine at least one common attribute of the second tier categories; generate a first tier attribute group; and associate the at least one common attribute with the first tier attribute group.