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Error "SM3PRODUCT" while trying to activate Planning Area (supply planning enabled)

Error while trying to activate my planning area:

I encountered an error while trying to activate a planning area which is being configured for Demand-Supply Planning . This Planning Area is configured to be supply planning enabled (Check box Y) - this is done so that while defining key figures for supply planning , I can define them as I/O for Supply Planning (which will be not an editable field otherwise). When I try to activate the planning area, I get the following error: SM3PRODUCT attribute is not enabled for this planning area.

This attribute SM3PRODUCT does not exist in the attributes / master data. Request you to please advise how to resolve this error.

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