ATG - How to enable priceLists to store prices?

Oracle Commerce users do not have a price list functionality available by default. By default prices are stored directly in the product catalog and OOTB configured using below component.

Component Path: /atg/commerce/pricing/ItemPricingEngine
Configuration:   /atg/commerce/pricing/ItemPricingEngine/?propertyName=serviceConfiguration

preCalculators=\
        calculators/ItemListPriceCalculator,\
        calculators/ItemSalePriceCalculator,\
        calculators/ConfigurableItemPriceCalculator


How to enable priceLists? 
To add price list functionality, configure the ItemPricingEngine to use the appropriate precalculator. 
Here is how you can override ItemPricingEngine component:
Component Path: /atg/commerce/pricing/ItemPricingEngine

preCalculators=\
    calculators/ItemPriceListCalculator,\
    calculators/ItemPriceListSaleCalculator,\
    calculators/ConfigurableItemPriceListCalculator,\
    calculators/ConfigurableItemPriceListSaleCalculator

This means the prices are retrieved from the PriceLists repository 
Price Lists created through BCC 
Price can be defined at Product, SKU or Product/SKU pairing