The Product Hierarchy is a highly regarded and requested functionality that has been added to S/4HANA Cloud with the 1911 edition.
This blog post is trying to be a bit different by demonstrating via a video the full setup, from configuration through to master data setup - required to begin using this new functionality in your S/4HANA Cloud system. Hopefully this makes it easy to follow along and test in your own system, and also shows how easily and quickly you can begin leveraging the innovation for your business needs.
The example is set against a (fictional) business objective. Since the video is a bit long, approximate time stamps of topics are shown below - please skip forward to any point of interest: