Definition of “Fare Basis”
Fare Basis refers to the unique combination of letters and numbers that are assigned to a specific airfare. It serves as an identification number that distinguishes the fare from other pricing options and allows airlines to identify the ticket type, restrictions, and other fare-related information.
The Fare Basis code typically consists of up to 8 characters and provides a standardized system for airlines to price their fares based on different factors such as the route, cabin class, seasonality, and booking class. This code is displayed on the ticket and allows passengers to identify the type of ticket they have purchased and the rules that apply to their travel.
Fare Basis is an essential component of airline pricing strategy, as it allows airlines to offer different fares for the same route and flight, based on the traveler’s needs and preferences. It also allows airlines to differentiate their fares from their competitors and offer promotions, discounts, and other incentives to attract customers.
In summary, Fare Basis is a unique combination of letters and numbers that serves as a standard identification code for a specific airfare. It helps airlines to price their fares based on different factors and offers passengers a clear understanding of the fare rules and restrictions.
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