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Siebel Hospitality Guide > Setting Up Pricing and Property Pricing > Administering Function Space Pricing > Defining Function Space Pricing RulesFunction 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 RulesThe following procedure details how to create the default function space pricing rules. To create default function space pricing 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 RulesAdministrators 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 |
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