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What is the functionality of defining a Trading Partner Item Relationship?

in Product Master Data Management

Summary:

We have a couple of questions regarding the Item Relationships that are that under Product Management. Firstly, is defining a new Trading Partner, New Trading Partner Item and New Trading Partner Item Relationships covered with the Inventory License? Currently, we do not have the PIM license and we want to make sure if using this functionality is possible with having the Supply Chain Execution License for Inventory.
Secondly, we have defined a few Trading Partners, few Trading Partners Items and linked the same for a item in the Trading Partner Item Relationships work-area with different uses as Preferred, Alternate & Spare. We wanted to know exactly where these relationships will be leveraged for there use. Will it show up in the Procurement transactions (PR, PO, etc.) or Inventory Transactions or Manufacturing Transactions? What is the functionality behind defining these relationships or is it just for maintaining relationships for Reporting purposes?

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