What is entitlement product in SAP SRD-CRM-ORD - CRM-Orders & Contracts?

SAP Term: entitlement product

• Component: SRD-CRM-ORD

• Component Name: CRM-Orders & Contracts

• Description: A type of product, in addition to services and expenses, that can be sold in a contract. An entitlement gives the account a future right or claim to a service in specific circumstances.

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• Key Concepts: 
  Entitlement products are a type of product in SAP that are used to define the rights and privileges associated with a customer or user. They are typically used in the context of customer relationship management (CRM) and order and contract management (OCM). Entitlement products are used to define the terms of a customer's relationship with a company, such as discounts, payment terms, and other privileges. 
  
  How to use it: 
  In SAP, entitlement products are created in the CRM-Orders & Contracts component. To create an entitlement product, you must first define the product type, which can be either a service or a material. Then you must define the product characteristics, such as pricing, discounts, payment terms, and other privileges. Finally, you must assign the entitlement product to a customer or user. 
  
  Tips & Tricks: 
  When creating an entitlement product in SAP, it is important to ensure that all of the necessary information is included. This includes pricing information, discounts, payment terms, and any other privileges associated with the product. Additionally, it is important to ensure that the entitlement product is assigned to the correct customer or user. 
  
  Related Information: 
  For more information on entitlement products in SAP, please refer to the official SAP documentation on CRM-Orders & Contracts. Additionally, there are many online resources available that provide tutorials and tips on how to use entitlement products in SAP.