What does it mean?
Like the rest of the modern automobile, the most basic of which have more processing power than the original Space Shuttle, the modern automatic transmission is monitored by numerous sensors and controlled by a number of solenoids and regulators. The TCM (transmission control module) houses all the electronics required for proper automatic transmission operation.
Like the ECM (engine control module) and other vehicle modules, the TCM looks for feedback, within certain thresholds, when it activates a solenoid, for example. Anything outside the expected parameters is determined to be a fault, at which time the TCM sets a DTC (diagnostic trouble code). The ECM, with which the TCM may or may not be integrated, depending on year, make, and model, sets a TCM informational DTC and illuminates the MIL (malfunction indicator lamp).
DTC P0701 refers to a generic transmission control system fault, but not to a specific fault, such as a solenoid or brake, for example. On encountering DTC P0701 in ECM memory, further diagnosis will be required to determine the nature of the fault.