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 short of 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.