Business
What is the precise definition of profit?
What is reward for the risk of entrepreneurship
4 P's
Product, price, place, promotion
What is an airport.
A place where planes land and takeoff.
What is product?
What is being sold.
Management definition
Getting things done through others.
ROI
Return on Investment
Fractional Ownership
Having a time share with a plane
Can state and local governments influence the aviation market?
4 types of product?
Convenience goods
Shopping goods
Specialty goods
Unsought goods
What are the 4 traditional functions of management?
Planning
Organizing
Directing and coordinating
Controlling
What are the 4 types of money?
Short-term cash
Long-term cash
Equity
Employee ownership
Aviation Marketing
Aviation and Aerospace marketing is the use of strategic communications to promote a
company with decision-makers
2 types of Torts.
Negligible and intentional.
What are the 3 methods for pricing?
Cost-based
Demand-based
Price-based
Will every circumstance be the same within management?
No
What are fixed expenses?
Allows business to open.
Rent, utilities, labor, insurance
Market Research
Helps the business owner understand the trends including the underlying factors causing them.
Where can you find workload and facility need forecasts.
National Plan of Integrated Airport Systems (NPIAS)
Terminal Area Forecasts
National Aerospace Forecasts
Elasticity
How often does the average manager get interrupted?
8 minutes
What are variable expenses?
Goes up as volume of sales increases.
Fuel, oil, crew
What had the greatest impact on General Aviation operations
9/11
General Aviation Revitalization Act of 1994 (GARA)
encouraged a rebound in small aircraft production in an industry that otherwise might have all but ceased to exist.
What are promotions?
Used to get the product out in the market.
Should managers be solely focused on profits?
No! They should focus on profits and the business aspect.