A catalog taxonomy organized in a tree-like configuration including at least one first tier product category having at least one first tier attribute associated with products in the first tier category, and a plurality of second tier product categories branching from the first tier product category and defining subcategories, at least one of the plurality of second tier product categories having a second tier attribute associated with products in a subcategory defined by the plurality of second tier product categories, wherein each of the second tier product categories inherits the first tier attribute of the first tier product category from which the plurality of second tier product categories branches. In addition, a system and method utilizing such catalog taxonomy.