Material number &1 not found in &2 &3

What causes this issue?

Material &V1& does not exist in an FFF class or a supersession chain.

System Response

Material &V1& does not exist in &V2& &V3&.

How to fix this error?

Check and correct, if necessary, the entry.

Procedure for System Administrators

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

Error message extract from SAP system. Copyright SAP SE.