HOWTO change the Materials Type of a material master

SAP version used for this post: SAP ECC (ERP Central Component) 5.0
In some cases it is possible to change the Material Type of a Material Master.
Prerequisites:
Configuration of
There should be
There should be
There should be

both material types must be similar (see transaction OMS2 - Material Type configuration)
no open POs against this material
no valuated stock against this material
no open line items against vendors for this material (see transaction FBL1N - Vendor Line Item display)

Material Type can be changed using transaction MMAM

Menu: Logistics > Material Management > Material Master > Material > Change Material Type (tcode MMAM)

Type in material master number

Indicate new Material Type
Execute

A message will indicate if it was successfull or not. And if not why. For example here it failed due to valuated stock and open purchase
orders that exists.