What is 'life cycle stage' in SAP CRM-MD-BP - Business Partners?

life cycle stage - Overview

• Component: CRM-MD-BP

• Component Name: Business Partners

• Description: A particular phase in an account's life cycle.

life cycle stage - Details

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  Key Concepts: 
  Life cycle stage is a term used in SAP to describe the different stages of a business partner's life cycle. It is used to track the progress of a business partner from the initial contact to the end of their relationship with the company. The stages are divided into four categories: Prospect, Customer, Supplier, and Partner. Each stage has its own set of attributes and activities associated with it. 
  
  How to use it: 
  In SAP CRM-MD-BP Business Partners, life cycle stage is used to track the progress of a business partner from initial contact to the end of their relationship with the company. The stages are divided into four categories: Prospect, Customer, Supplier, and Partner. Each stage has its own set of attributes and activities associated with it. To assign a life cycle stage to a business partner, go to the Business Partner Master Data screen and select the Life Cycle Stage tab. From there, you can select the appropriate stage for that business partner. 
  
  Tips & Tricks: 
  When assigning life cycle stages to business partners, it is important to keep in mind that each stage has its own set of attributes and activities associated with it. For example, when assigning a customer life cycle stage, you should ensure that all customer-related activities are completed before moving on to the next stage. Additionally,