Chapter 1
What is the average percentage of flight expenses that first-class and business travelers cover for an overseas flight?
Over 75%
Laissez-faire or Delegative
4 Ps of Marketing
Product, Place, Price, Promotion
4 main forms of profit
Reward for effort, reward for risk, ROI, Profit to Sales ratio
What are some examples of civil aviation and military aviation
Military - Search and Rescue, Attack Operations, Troop Transport, etc.
Civil - Construction, Surveying, Police, etc.
FAA
4 traditional functions of management
planning, organizing, directing/coordinating, and controlling
NetJets, FlexJets, ect.
Is high risk associated with a higher or lower profit yield
Higher profit yield
What might cause an airport closure?
weather, construction, accidents, etc.
What is included in a full service FBO?
1. Charter operations, Pilot training, Aircraft rental/sightseeing, Aerial photography
2. Crop dusting/application, Aerial advertising/surveying
3. Passenger transportation, Aircraft sales/service
4. Sale of aviation petroleum products, Repair/Maintenance of aircraft, Sale of aircraft parts
What is one method to improve upon the failure to anticipate industry trends?
remaining current with the best information and adapting to those changes.
Why are sport pilot certificates growing in aviation
Fewer barriers to be qualified to pilot an aircraft.
Difference between a non-profit and hobby business
A non-profit business does not punctuate on ROI, therefore the expectation of profit and ROI is lowered for the enjoyment of work. A hobby business is simply done for the love of the work and profit is not considered.
Why are inventors constantly coming up with new aviation technology?
Increased speed, efficiency, safety, comfort, etc.
Globalization
The act of allowing the world to become "a smaller place" through efficient travel.
What is one of the best and most common ways for a manager to manage time?
Delegation.
Analzying Contribution
Ability to examine what contribution each sale makes towards the profit or overhead
The idea that businesses have a duty to support the community and their consumers
What are the 3 managment styles?
Authoritarian, Participative, and Delegative
What national event introduced TSA?
The Terrorist Attacks on September 11, 2001.
Definition of Management
getting things done through others
What are methods of marketing used in aviation?
Loyalty programs, safety, destination travel, etc.
What is cost control?
Identifying and eliminating unneccesary costs of a company
How long did Frodo stay in the shire after Gandalf left to research the ring before embarking on their journey in The Fellowship of the Ring.
17 Years.