Aviation
Abbreviated
Abbreviated
FAA
What is the Federal Aviation Administration?
This error in management describes a condition where trends within the industry are not kept in mind when making decisions.
What is a failure to anticipate industry trends?
This should answer the following questions:
Who we are
What we do
Why we are different
What is the mission statement?
This area describes whether the pricing is fixed to all customers, or if it varies from customer to customer.
What is Fixed vs. Flexible Pricing?
This part of credit describes two aspects:
The individual consumer to raise their standard of living, and the manager/business to sell more goods.
What is Nature and Reason for Credit?
NTSB
What is the National Transportation Safety Board?
This error of management involves a failure to focus on important matters while tending to focus on the small, non-important matters.
What is a Lack of Priorities?
This segment of the business plan discusses the niche that the business wants to serve, as well as the total market for the company's goods and services.
What is Market Niche and Goal?
This area describes whether the price point is set above or below the market level.
What is Pricing in Relation to Market Level?
These are:
Maximize sales and profit, minimize debt losses, efficient utilization of invested funds, among others.
What are the Functions of Credit Management?
TSA
What is the Transportation Security Administration?
This error of management involves a failure to decide upon a task in a timely manner, as well as rescinding decisions that were made in the past.
What is Indecisiveness and Lack of Systems
This part of a business plan describes how staff may need to perform more than one job, as well as what each individual will need to perform.
What is Personnel
This area describes the pricing set either high or low to "skim the market cream" or to "pierce the market."
What is Pricing in Relation to Product Life Cycle?
This is made up of 5 elements:
Determining the acceptable credit risk, setting the credit limits, handling credit transactions, maintaining controls and efficiency, and collections.
What is the Credit Process?
AOPA
What is the Aircraft Owners and Pilots Association?
This error of management involves allowing distractions grab ahold of the managers attention and keep it for an extended period of time.
What is Poor Time Management?
This segment of the business plan can be divided into four sections:
No Growth, Maintenance of the Market Share, Growth to a specific higher market volume/share, and growth to a perceived point of diminishing returns.
What is Growth Strategy?
This area describes the use of coupons, multiple unit pricing, loss leader pricing, and introductory pricing.
What is Promotional Pricing Policies?
This should consider the following areas:
Authority for granting credit, terms of the sale, sealing with delinquent customers, classification of risks, and helping customers obtain financing.
What is Creating a Credit Policy?
NATA
What is the National Air Transportation Association?
This error of management involves the manager placing blame on someone else when a task is not completed in time or completed incorrectly.
What is Lack of Personal Accountability and Ethics?
This part of the business plan describes key people, their strengths and weaknesses, and available resources.
What is Management?
This area deals with pricing based off of distribution channel activities.
What is Channel Pricing?
These two questions are a part of this aspect of the Credit Process:
"Can the customer pay?"
"Will the customer pay?"
What is Acceptable Credit Risk?