What is master data?: Master data are basic objects used in CRM for processing business transactions. Product, Business Partner and Pricing are considered master data. They exist in the system and can be used in any business transaction that is setup for doing so. So, master data are “basic” objects in the SAP CRM system and are stored in the system on a long-term basis and which are primarily used in creating transactions.
Product master data: Product master data includes data for the products or services which an organization typically sells.
Business Partners: A company’s customers, employees, vendors and suppliers fall under Business Partners.
Pricing Master Data: All data related to pricing of products and services fall under the pricing master data.
Other Examples of Master Data: Data on other subject areas like installed bases (the specific instances of a company’s product which is installed or is available at the customer end), accounts and the company’s organization model (the data on a company’s offices and factories and where they are located etc.) are also examples of master data.