A Close Look at the Stellar Pricing Engine
The Stellar pricing engine makes it easy to determine the right price, operating cost and margin for any itinerary and rate type. The pricing engine is a user-defined, rules-based system that allows operators to create quotes based on pricing formulas that match their business needs.
The pricing engine is centered around four main building blocks which we’ll describe in more detail: components, conditions, formulas and minimums.
- Components describe the individual line items that constitute pricing. Examples include fuel, catering, and crew and landing fees.
- Conditions describe the context in which a particular component is applied, such as specific dates or locations.
- Formulas combine different components together to yield a final price. A simple example: Price = fuel + catering + crew + landing fees. Formulas can also be used to calculate operating costs and margin. Formulas are considered based on a priority ranking you assign to them, ensuring the system knows which price to put in the quote accurately and seamlessly.
- Minimums ensure trip profitability by applying a floor to one or more components, such as a minimum daily aircraft rate.
When orchestrated together, components, conditions, formulas, and minimums allow operators to detail highly complex business rules in a simple, efficient, and accurate way. In essence, they help automate how a sales rep would approach a sale in order to win business.
Whether you’re looking to do something as simple as charging different rates for different aircraft models, to something as complex as tracking contracted rates based on flight or block hours, the Stellar pricing engine helps automate your needs.
An example formula consisting of four components:
Example_Price = Aircraft_Rate + Cabin_Attendant + Cabin_Attendant_RON + Landing_Fee
An example of creating a pricing component
The pricing engine uses these rules to calculate the price for a quote.
If you’re interested in learning more, we’d love to hear from you! Fill out a demo request form here: https://stellar.aero/request-demo/