Chapter 1
What are the 3 aviation regulatory agencies?
Federal Aviation Administration, National Transportation Safety, and Transportation Security Administration
Four functions of management
Planning, organizing, directing/coordinating, controlling
Four P's of marketing
product, price, place, promotion
Four types of profit
Reward for effort, reward for risk, return on investment, profit to sales ratio
When was the airline deregulation act
1978
What are the FBO's at Bozeman
Jet Aviation, Yellowstone Jet center, and Million Air
Characteristics of a manager
problem solvers, visionary leaders, practical and organized, patient, caretaker, etc.
What is Market research
Market research is used to help business owners understand trends, including what causes them
Different types of businesses in terms of their profit goals
Profit maximization, satisfactory profit, non-monetary profit, hobby business, social responsibility
Componenets of modern aviation industry
Pilots, airport system, aviation manufacturers, scheduled air carriers, etc.
When was the first manned flight, and how long was it?
1783, 5.5 miles
How many managerial errors are there
12
National trends affecting GA
Different elements of realizing profit
Profit orientation, cost control, planning, records, inventory, cash flow, etc.
What is fractional ownership
Owning a small portion of a given aircraft and can use it for a certain amount of time (comparable to time shares)
Forms of Jet powered aircraft in civil and military operations?
Civil - personal and private GA, corporate, commercial service
Military - Fighters, Bombers, cargo, etc.
3 types of leadership styles
Authoritarian, Participative, Delegative
What are the 3 methods for pricing
Cost based, demand based, and price based
Part 1: Planning for positive cash flow
Part 2: Planning for profits
Part 3: Budgeting
Part 4: Other considerations
What is time management
Consciously planning out your time for different tasks to increase how efficient you are
How is the internet being utilized in aviation?
Airline tickets, learning and exploring more about aviation, advertising, pilots checking important weather information
Delegation commonly used rule
80/20 rule
Components of marketing control
Marketing plan, contribution analysis, quality control, budgeting, etc.
Four types of money
Short term cash, long term cash, equity, employee ownership
Successful areas in the local aviation market
Airline flight training, airport hotels, airport barbershops, restoring antique aircraft, airport snow removal, etc.