What is price determination strategy in SAP PLM-PLC - Product Lifecycle Costing?

SAP Term: price determination strategy

• Component: PLM-PLC

• Component Name: Product Lifecycle Costing

• Description: A rule that is used to find valid prices during automatic price determination.

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• Key Concepts: 
  Price determination strategy is a component of Product Lifecycle Costing (PLM-PLC) in SAP. It is used to define the pricing rules for a product or service, such as discounts, taxes, and other factors that affect the final price. The strategy is based on the product's characteristics, such as its cost, quality, and availability. 
  
  How to use it: 
  To use the price determination strategy in SAP, you must first define the pricing rules for the product or service. This includes setting up discounts, taxes, and other factors that affect the final price. Once these rules are set up, you can then use the strategy to determine the final price of the product or service. 
  
  Tips & Tricks: 
  When setting up the pricing rules for a product or service, it is important to consider all factors that could affect the final price. This includes any discounts or taxes that may apply, as well as any other factors that could influence the price. Additionally, it is important to keep track of any changes in pricing rules over time so that you can adjust your strategy accordingly. 
  
  Related Information: 
  For more information on price determination strategies in SAP, please refer to the official SAP documentation. Additionally, there are many online resources available that provide tutorials and tips on how to use this feature in SAP.