Well, I haven't done this recently but if I recall correctly, the basic idea for the sequence would be:
- Unit Groups
- Units of Measure
- Products
- Price Lists
- Price List Items
- Separate job to populate the Price List lookup and publish each Product
Since you're on 2011 you won't have to worry about existing product hierarchies, but if you want them in 2016, you should create the families before importing the products and then use some mechanism to map each product to the proper family either in the
source views or during the import.
Bundles are a whole other ball of wax. If you want those you have to create the Bundle Product records as well before publishing.
Overall a lot has changed with the Product Catalog from CRM 2011 to 2016, so being aware of the new functionality will be critical.
For example, CRM 2015 introduced the whole concept of "publishing" products: https://msdn.microsoft.com/en-us/library/dn817887.aspx
For the sake of argument, how many products are we talking about?
