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Defining Function Space Pricing Rules

Function space pricing rules must be defined for each function space for quote prices to be generated. The pricing rules provide both the benchmark and threshold pricing for each day part and each day of the week. The benchmark rental price for a function space is the normal price at which the function space is rented out to a customer.

Some hospitality companies only accept function space business when an event on their properties meets a required amount of profit. This profit threshold is used to qualify an event opportunity according to the profit potential of the event. Thresholds indicate how much profit must be made to complete the booking. The aggregate function profit of the quote must be compared with the threshold defined for the function space for the indicated time period. If the quote falls below the minimum threshold, the sales representative cannot change the quote status to anything higher than prospect. Any inventory being held is released after a predefined time interval if the function status is still at Prospect.

When setting up prices for function spaces, the administrator first sets up the default rates and then creates exception pricing.

This task is a step in Administering Function Space Pricing.

Creating Default Function Space Pricing Rules

The following procedure details how to create the default function space pricing rules.

To create default function space pricing rules

1. Navigate to the Property Pricing Admin screen, then the Properties view.
2. In the Properties list, select the required property and click the link in the Property Name field.
3. Click the Function Space view tab.
4. In the Function Space list create a new record, complete the fields, and save the record.

   The following table describes some of the fields.

   Field	Comments
   Function Space	Select a function space to which this rule will apply.
   Start Date	The date from which this rule will apply.
   Start Day	This field is automatically populated when the Start Date field is completed.
   End Date	The date on which this rule will no longer apply. There is some validation on the Start and End Dates as follows: End Date >= Start Date + 365 This means that a function space pricing rule can only run for one year at the most.
   End Day	This field is automatically populated when the End Date field is completed.
   Day Part	The day part for which this rule is applicable. You must create an individual rule for each day part.
   Type	The type of pricing rule, that is, whether the rule is a benchmark rental rule or is a threshold rule. You must create a set of Rental rules (that is, a rental rule for each day part) and a set of Threshold rules.
   Cascade	Select to apply this rule to all components (or specific spaces) of category or suite functions spaces. Selecting this check box means that you do not have to create a separate rules list for each specific space associated with the category or suite. This check box is enabled only for Categories and Suites. This check box is read-only for specific spaces.
   Monday - Sunday	These fields represent: The benchmark rental price of the function space for each day of the week or The profit threshold for each day of the week If the pricing rule runs for less than one week, then it will only be possible to edit the fields for the relevant days.
   Comments	Comments on the rule.

5. After you have created a pricing rule, click Apply. The Function Space Pricing Controls list is populated with the rules that you have created. Multiple rules can be applied at once by multi-selecting them and clicking Apply.

   You can make direct changes to the prices in the Pricing Controls list. These prices take precedence over the originally created rules.

NOTE:  If you make changes to the function space pricing rules in the Function Spaces list, you must click Apply after making the changes to make sure that they are reflected in the Pricing Controls list.

Creating Exceptions to the Default Function Space Pricing Rules

Administrators sometimes define exceptions to the pricing of a function space. For example, during certain busy periods, the administrator might increase the price of the function space, but allow the price to revert to the benchmark rental rate after the busy period is over. An administrator can define an exception by creating a rule that has effective start and end dates. This new rule takes precedence over the existing rule when the quote price is calculated.

To create exceptions to the default function space pricing rules

1. In the Function Space list, create a new record with similar values to the rule for which to create an exception.
2. Set the Start Date and End Date fields, and the rental price from Monday to Sunday as appropriate.
3. Click apply. The new rule appears in the Function Space Pricing Controls list.