Value-only material & (possibly reference material) not fully maintained

What causes this issue?

When you attempt to list a value-only material, the following problems
can arise:
The R/3 Retail status of the material is not maintained to a high enough
level (it should be at least 0, 5 and 6)
No value-only material has been entered in the material group master
The value-only material has not been created

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?

Maintain the necessary data.

Error message extract from SAP system. Copyright SAP SE.