As pointed out in my SAP Master Data Management – Info Update, SAP’s portfolio in Master Data Management covers embedded MDM (that is, domain-specific, central MDM on top of SAP Business Suite applications) and enterprise MDM (that is, MDM for use in the application-agnostic world comprised of very heterogeneous system landscapes)
In embedded MDM, SAP Master Data Governance is used for out-of-the-box, domain-specific master data governance to centrally create, change and distribute master data with a focus on SAP Business Suite.
In enterprise MDM, SAP NetWeaver MDM is a key constituent, providing a generic (application-agnostic), multi-domain infrastructure supporting all domains and use cases in the enterprise.
Embedded MDM and enterprise MDM are complementary, with enterprise MDM adding incremental capabilities by reaching out to the application-agnostic world. In this overall context, SAP MDM provides out-of-the-box solutions and preconfigured business packages while laying out a common foundation with shared data quality services etc.
For more details,
Exchange ideas and comments in the SAP NetWeaver Master Data Management, as you can already see in this thread