Apply style to groups of info or to things that need the style?

I mean that I've been applying styles in two ways:

1) if I want to center some text, I wrap it in my "center" style:
      <.div class="center"> Some text <./div >
where center is defined: 
.center {text-align:center;}

2) But if I have a group of info, like product names, that need
centering, I might wrap it in its own style:
       <.div class="product"> Complex for Mac <./div>
where product is defined:
.product {text-align:center; font-size:12pt;}   
for example.

Which of these is right? And is that just your preference, opinion, or
do you have some resource backing you up (that is, W3C or someone
else's opinion)?

I started out doing #1, but I'm now leaning towards method #2, but I
wanted to ask my peers. If I go with method #2, then I may have a lot
of different styles that all do the same thing. But then I'd be able to
change any one of them without affecting the others. (haven't had much
need of doing so, but it only has to happen once...)

Thanks for giving me your answers,
complex

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