No authorization for product/transaction type &2 in company code &1

What causes this issue?

You do not have authorization for:
Company code &V1&
Product type / transaction type &V2&
Function &V3&
Activity &V4&

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Error message extract from SAP system. Copyright SAP SE.