What is standard price in SAP MM - Materials Management?

SAP Term: standard price

• Component: MM

• Component Name: Materials Management

• Description: A constant price at which a material is valuated without taking goods movements and invoices into account.

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• Key Concepts: 
  Standard price is a pricing element in SAP Materials Management (MM) that is used to determine the price of a material. It is the price that is used for all transactions involving the material, unless otherwise specified. Standard prices can be set up for a single material or for a group of materials. 
  
  How to use it: 
  Standard prices are set up in the SAP system by entering the material number, the currency, and the price. The standard price can be changed at any time by entering a new price. The standard price can also be set up to be valid for a certain period of time. 
  
  Tips & Tricks: 
  When setting up standard prices, it is important to consider the currency in which the price will be entered. This will ensure that all transactions involving the material are priced correctly. It is also important to consider any discounts or surcharges that may apply to the standard price. 
  
  Related Information: 
  Standard prices are used in conjunction with other pricing elements such as discounts and surcharges. It is important to understand how these elements interact with each other in order to ensure that all transactions are priced correctly. Additionally, it is important to understand how taxes and other fees may affect the final price of a material.