If the data element is specific to a product or a class of product, you...

When the data element is specific to a product or a class of products within Salesforce Industries CPQ, it should be created as an "Attribute". Attributes in CPQ are used to define specific characteristics or properties of a product that can vary based on customer selections or product variations. This enables a more dynamic configuration process where product offerings can be tailored according to specific customer requirements or market segments.