Pricing enables you to rapidly set up pricing structures. Pricing comprises of price lists and price list items. A price list controls which products are visible to the end user. A price list contains several price list items; each linked to a product. You can associate price lists to a product and create price list items for products at the product level as well. You cannot create a price list at the product level.
Most of the pricing features are available Admin UI. However, some features are currently not available in Admin UI. In such cases, you must use CPQ Console.