Chapter 1
What type of aircraft are gliders, fixed-wing, rotor-wing, and parachutes all apart of?
Heavier than air
Getting things done through others.
Management defined
"helps the business owner understand the trends including the underlying factors causing them."
Market Research
What are the 4 types of money?
Short-term cash, long-term cash, equity, and employee ownership.
What are fixed costs?
Expenses that stay the same, such as rent, insurance, and salaries.
The FAA (Federal Aviation Administration), NTSB (National Transportation Safety Board), and TSA (Transportation Safety Administration)
4 traditional functions of management
Planning, organizing, directing/ coordinating, and controlling
The process of identifying costumer needs, purchasing or producing goods and services to meet those needs, determining the price and place dispense items, prospecting, promotion, and selling is identified with what type of process?
Marketing
Reward for risk
High risk - highly profitable and low risk - low yield
What is satisfactory profit?
Setting a fair enough profit goal rather than maximizing profit.
What is a FBO?
A Fixed-Base Operator, a private business authorized to provide fuel, parking, and maintenance to general aviation aircraft at an airport.
What are some managerial traits and responsibilities?
Problem-solvers, visionary leader, leads followers, caretaker, seek to create and sustain a smoothly running system, practical and organized, well-mannered and even-tempered, and patient.
National trends that may affect general aviation are...
Terrorism and its aftermath, fractional aircraft ownership, encouraging new pilots, sport pilot certification, airport closures, technology, and tort reform.
What is a return on investment (ROI)?
Profits measured in this way are examined as a percentage earned on the equity the owner holds in the business.
Benefits of delegation are...
builds teamwork, increases pride, frees up time, and improves efficiency.
Air navigation system, airport systems, pilots, aviation/ aircraft manufacturers, and scheduled air carriers are all components of what?
Components of the Modern Aviation Industry
What are the three leadership styles?
Authoritarian leader, participative leader, and delegative leader
"Uses the following components to remain current on each marketing technique, method, project, and maintaining a good relationship with the customers."
Marketing controls
Profit objectives...
Profit maximization, satisfactory profit, non-momentary profit, hobby/ business, and social responsibility.
Time Management Strategies…
Plan your work and work your plan, organize papers relating to future dates and projects, sort tasks into priorities (urgent, important, or not), work out 6– 7 goals with your manager, list goal-related tasks with Start and Finish dates, use an electronic task organizer, use a notebook or electronic note keeper, eliminate avoidable distractions, identify Energy Vampires within your work group
Extra long range, fuel efficiency, quieter aircraft, extra capacity, increased speed, comfort/ luxury, snd avionics systems that do not require a pilot, all contribute to what advancement in aviation?
Aircraft advancement in technology
What are the objectives of delegation?
Leaving details to others, getting the job done with a teamwork-based mindset, allowing ket management staff to take initiative, keeping things going the boss's absence, raising the level of employee motivation, etc.
7 main pricing policies
Fixed vs. flexible, relation to market level, relation to product life cycle, promotional policies, geographic policies, and channel pricing.
How do you calculate profits to sales ratio?
Calculated by dividing the net profits of the business by its total sales.
What is Parkinson's first law?
"work expands so as to fill the time available for its completion"