Data Deployment Error: STANDARD_PRICE_NOT_DEFINED:No standard price defined for this product

When doing a data deployment, Salesforce may return the following error:
 
“STANDARD_PRICE_NOT_DEFINED:No standard price defined for this product”

This error occurs when there is a mismatch between the standard and custom price book entries. To fix it, make sure the standard price book is active in the source and destination orgs, and that the corresponding entries exist in the price books.

How did we do?