Management
What is the definition of Management?
Management is defined as getting things done through others
When did aviation begin?
Began in the late 1700’s when aviators took to the sky for the ”intentional” first time
who covers most of the flights revenue on overseas flights?
Business and first class passengers
what are the four P's of aviation marketing?
Product, Price, Place, and Promotion
how do you calculate the profit to sales ratio?
Calculated by dividing the net profits of the business by its total sales
what are the four basic functions of management?
Planning
Organizing
Directing and Coordinating
Controlling
When was the first untethered flight?
1783
how much would a flight from BZN to grand rapids Michigan cost in a cessna 210?
32,000
how many markets are there in aviation marketing?
4
what is a hobby business?
what is one mistake managers often make?
Poor communication skills
when was the first ever sustained flight?
1903
what is the average cost of an airliners jet?
anywhere from 80 million to over 200 million
what is the most elite market?
The top 2%
what is the first step in the information system?
Records
Authoritarian Leader
Participative Leader
Delegative Leader
when was the jet engine patented?
1930
what is the cost of the typical trainer aircraft?
$100,000-$300,000
what is the benefit of market research?
helps the business owner understand the trends including the underlying factors causing them
what is cash flow?
the net cash flowing in and out of a business
what is the 80/20 rule
essentially delegating tasks to people who are 80% ready to handle them
what happened in 2001 that drastically altered the aviation industry?
9/11
what is the typical cost of jet fuel?
$6.47 a gallon
what is the general trend in the aviation market?
upward trend
what are the four types of money?
Short-term cash
Long-term cash
Equity
Employee ownership