The Basics
What are some positive traits for a manager to have?
[Various answers] Problem solvers, visionary, able to lead others, patient, polite, etc
The 4 Ps of marketing
Product, price, place, promotion
Higher risk means...
Higher reward! (Hopefully)
True/False: Cash flow = Profits
False!
Positive cash flow means more money comes into a business than is lost/spent, and Negative cash flow means the opposite.
Profit is the money that remains after operating expenses have been subtracted from revenue.
This ship went out for a 3-hour tour...
What is the S.S. Minnow
How ready should someone be before they are given a new task?
About 80% ready
Why is marketing so important in aviation?
Extreme competition
Why can credit cards sometimes be bad for businesses?
They can create a "lag" in payment, or it could be canceled/revoked entirely if the customer is unhappy with the service!
This ratio is calculated by dividing net profits by total sales
Profit-to-sales ratio
This car (that I drive) was discontinued for being too ugly
What is the Nissan Juke
The 3 leadership styles
Authoritarian, participative, delegative
Helps a business owner understand the trends and what's causing them
(Net profit) / (Cost of investment or equity) = ?
Return on investment (ROI)
The 5 main kinds of profit objectives
Maximization, satisfactory, non-monetary, hobby/business, social responsibility
The best type of Girl Scout cookie
What are Samoas (or Thin Mints)
The four functions of management
Planning, organizing, directing/coordinating, controlling
These curves are helpful for market planning
Supply and demand curves
The 4 types of money
Short-term cash, long-term cash, equity, and employee ownership
These, along with total losses, can have a significant effect on profit
Bad debts
A recent case of film executives ignoring an existing fanbase, resulting in massive profit loss
What is the Halo TV show (It's not even close to the games/books/movies!)
Some common managerial errors are...
[Various answers] Failure to anticipate industry trends, lack of priorities, indecisiveness, poor time management, poor communication, lack of accountability, failure to train and acknowledge people, failure to support company policy in public, failure to acknowledge other's workstyles, failure to focus on profit, failure to recognize the needs of others, failure to establish and adhere to standards
Market breakdown of the US aviation customer base
Poorest 20% - Almost on buying power
Middle 21-88% - Moderate buying power (mass market)
Upper 88-98% - Hgih amount of discretionary income (good customers to have)
Wealthiest 98-100% - Best customers to have
Underreporting your income may get you in trouble with whom?
Internal Revenue Service (IRS)
The 4 main forms of profit
Reward for effort, reward for risk, ROI, profit to sales ratio
He shot first
Who is Han Solo