What is product class in SAP FS-PM - Policy Management?

SAP Term: product class

• Component: FS-PM

• Component Name: Policy Management

• Description: Element of product model with certain properties. Product classes form an object hierarchy withing the product model. A product class defines a category for product modules. A product class can inherit the properties for another product class. It can also be abstract, in which case it passes on properties to another class but is not actually used to create product modules. The properties for a product class are defined with attributes. Relationships can be created between product classes.

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• Key Concepts: 
  Product class is a feature of the FS-PM Policy Management component of SAP. It is used to group products into categories based on their characteristics, such as type, size, or color. This allows for easier management of products and helps to ensure that the right products are being used in the right places.
  
  How to use it: 
  Product classes can be created in the FS-PM Policy Management component of SAP. To do this, you will need to define the characteristics of the product class and assign products to it. Once the product class has been created, it can be used to manage products more efficiently.
  
  Tips & Tricks: 
  When creating a product class, it is important to consider how it will be used. Think about what characteristics are important for the product class and how they will be used in the future. This will help ensure that the product class is useful and effective.
  
  Related Information: 
  Product classes can also be used in other components of SAP, such as Materials Management and Sales & Distribution. They can also be used to create pricing rules and discounts for certain products or product classes.