Chapter 1
What year was the TSA founded
2001
When should a manager delegate a task to a subordinate?
When they are 80% ready for it (80:20 rule).
What are the four P's of marketing?
Product, price, place and promotion
What is social responsibility?
Concept that businesses have a
duty to support the needs of
the community
When was the first sustained man-powered flight?
In 1903 by the Wright Brothers
What does a full-service FBO offer?
Charter operations, Pilot training, Aircraft
rental/sightseeing, Aerial photography
• Crop dusting/application, Aerial advertising/surveying
• Passenger transportation, Aircraft sales/service
• Sale of aviation petroleum products, Repair/Maintenance
of aircraft, Sale of aircraft parts
Planning, organizing, directing/coordinating, controlling
What is marketing orientation?
Profit Realization of understanding that the "customer is always right" or knowing what the customer wants
What are poor communication skills?
This is a failure on being able to connect and communicate clearly, calmly, and effectively with anyone they are working with
What are the 3 FBOs at KBZN
Signature Aviation, Million-Air, Jet Aviation
Getting things done through others
What is fractional ownership like?
A time share
What is reward for effort?
Seeing profits for working hard
This type of Leader/Manager is also known as a Democratic Leader.
Participative leader
What are the two categories of aircraft?
Heavier than air and lighter than air
How many errors of management are there?
12
What is Bozeman Airport's biggest source of revenue?
Rental cars
What is non-monetary profit?
Profit Objective where lowering the profit goal is for the enjoyment of the business itself
Who invented the first jet-powered (turbine) engine
Frank Whittle
1930 (before WWII)
What are the three leadership styles?
Authoritarian, Participative, Delegative
What does market research do?
Helps the business owner understand the trends and the underlying factors causing them
What are the 4 main forms of profit?
Reward for Effort, Reward for Risk, Return on Investment, Profit to Sales Ratio
What did the Airline Deregulation Act of 1978 cause?
Changes in the airline's ability to make more money in their respective markets.