Ch 1
While tickets are expensive, these two specific classes of passengers account for over 75% of the revenue on a typical overseas flight.
What are Business and First-Class?
This is the best strategy for time management:
This concept refers to identifying customer needs and producing goods and services to meet those needs.
What is Marketing?
This form of profit is defined as the reward for the risk of entrepreneurship.
What is Reward for Risk?
The primary regulatory and safety agency for the aviation industry in the United States.
What is the FAA?
This 1978 legislative act led to massive changes in the airline industry, including mergers, buyouts, and bankruptcies.
What is the Airline Deregulation Act?
The 4 Traditional Functions of Management
What is Planning, Organizing, Directing, Controlling
These are the four key components of the marketing mix emphasized in aviation business strategy.
What are Product, Price, Place, and Promotion?
This profitability ratio is calculated by dividing net profit by total sales.
What is the Profit-to-Sales Ratio?
This is the primary definition of management as it relates to a supervisor's responsibility toward their staff.
What is "getting things done through others"?
This heavy bomber still flies today despite its age, even after having an "emissions reduction" system installed on its eight engines.
What is the B-52 Stratofortress?
This common managerial error occurs when a leader fails to stay informed on industry literature or technology and fails to pay attention to societal trends.
What is the Failure to Anticipate Industry Trends?
This process helps business owners understand trends and the underlying factors causing them.
What is Market Research?
This analysis determines the point at which total revenue equals total costs.
What is Break-Even Analysis?
Profit is the only real motive for this profit objective.
What is profit maximization?
This individual was awarded the patent for the jet engine in 1930, a technology that was further refined during World War II.
Who is Frank Whittle?
Parkinson's First Law
Work expands so as to fill the time available for its
completion”
This national trend in general aviation resulted from the September 11th attacks and significantly impacted operations.
What is Terrorism and Its Aftermath?
These two categories of expenses are used when forecasting monthly cash flow.
What are Fixed and Variable Expenses?
These costs go up as the volume of sales goes up (i.e. fuel, oil, MX, crew)
What are Variable Costs?
For an FBO, this event is compared to a retail merchant losing the access road to their store, causing damaging uncertainty for the business.
What is an airport shutdown (or closure)?
This rule suggests delegating tasks to people who are at this specific percentage of readiness to handle them.
What is the 80:20 Rule?
This aviation forecast document identifies airport needs and improvement plans on a biennial basis.
What is the National Plan of Integrated Airport Systems (NPIAS)?
This financial statement summarizes revenues and expenses over a period of time.
What is an Income Statement?
This is typically a company's major asset.
What is Inventory?