What does it mean?
If you think about it, the modern automatic transmission does everything that a manual transmission does, modulating throttle position, clutch position, and gear position, all on its own, and the brains of the operation is the TCM (transmission control module). The TCM uses a number of actuators, such as solenoids and pressure regulators, to shift into different gears, depending on vehicle speed and driver demand. The TCM also uses feedback from a number of sensors to verify proper operation.
If a fault is detected, such as shaft revolutions out of range for a specific gear position, a DTC (diagnostic trouble code) will be set in memory. The ECM (engine control module), which is in constant communication with the TCM, will also set a DTC, referencing the TCM, and illuminate the MIL or CEL (malfunction indicator lamp or check engine light).
DTC P0702 refers to a general transmission control system electrical fault, but not to a specific fault, such as a solenoid open circuit, for example. On finding DTC P0702 stored in ECM memory, further diagnosis will be required to determine the nature of the fault.