Industry History + Ops
What year was the first successful fixed-wing flight.
1903
The number of primary functions identified for management
What is 4? (Planning, Organizing, Controlling, Directing)
These are the "Four P's" of marketing
What are Product, Price, Place, Promotion?
The 1978 Act that significantly changed the aviation market.
What is the Airline Deregulation Act?
This is defined as "what is left over after the bills have been paid."
What is the reward for effort? (Profit motive)
These businesses provide fuel, maintenance, and aircraft storage at airports
What is an FBO?
The management function involving grouping activities and resources
What is Organizing?
This is the process of identifying customer needs and promoting goods to meet them.
What is Marketing?
the 1994 Act that encouraged a rebound in small aircraft production
What is the General Aviation Revitalization Act? (GARA)
Net profit divided by the cost of the investment
What is Return On Investment? (ROI)
This federal agency governs civil aviation in the U.S.
What is the FAA?
A leader that employs "Laissez-Faire" or lack of leadership
What is a Delegative Leader?
An analysis tool used to identify internal and external business factors.
What is a SWOT Analysis?
This type of ownership accounts for over 40% of new corporate jet orders
What is Fractional Ownership?
These expenses allow a business to open. (rent, labor, insurance)
What are Fixed Costs?
The entity responsible for aircraft accident investigations
What is the NTSB?
This happens when a manager does not focus on the appropriate tasks
What is a lack of Priorities?
These categories of goods include convenience, shopping, specialty, and unsought
What are Product Classifications?
This certification allows pilots to qualify with fewer barriers and lower costs
What is a Sport Pilot Certificate?
What are Variable costs?
The FAR part that defines general operating and flight rules
This person brings a team together to focus on a task as a team
What is a Manager?
A document that helps estimate sales and revenue as part of a business plan
What is a Marketing Plan?
This document shows airport needs and improvement plans
What is the NPIAS?
The concept that capital assets lose their value over time.
What is depreciation?