Aviation Industry Foundations
This federal agency regulates civil aviation safety and manages U.S. airspace.
FAA (Federal Aviation Administration)
What are the four (five) functions of management?
Planning, organizing, directing/coordinating, and controlling
What are the 4 P's
Product, Price, Place, and Promotion
Costs that do not change with production volume.
Fixed Costs
This curve slopes downward as price increases.
Demand Curve
This act removed government control over airline fares and routes.
Airline Deregulation Act of 1978
This managerial error involves unclear expectations and instructions.
Poor communication
A measure of how sensitive quantity demanded is to a change in price.
Elasticity
A financial plan that estimates future revenues and expenses for a specific period.
Budget
The four C’s (character, capacity, capital, conditions) evaluate this.
Credit risk
This organization investigates aviation accidents and determines probable cause.
NTSB (National Transportation Safety Board)
This leadership style involves including employees in decision-making.
Participative/Democratic leadership
Pricing based on what customers are willing to pay.
Demand-based pricing
The process of pursuing payment from customers who have overdue accounts.
Collections
The stages: Introduction, Growth, Maturity, and Decline describe this.
Product Life Cycle
The national system of airspace, airports, navigation facilities, and air traffic control that supports all U.S. aviation operations.
National Airspace System (NAS)
The process of assigning responsibility and authority to others.
The coordinated use of advertising, sales, public relations, and other promotional tools to deliver a consistent message to customers.
Integrated marketing
The financial statement showing assets, liabilities, and equity.
Balance Sheet
Profit divided by investment measures this.
Return on Investment (ROI)
This act limited aircraft manufacturers' long-term product liability.
General Aviation Revitalization Act (GARA)
The structured eight-step process used to solve problems and make decisions.
Decision-making process
What are the four categories of product Classification?
Convenience Goods, Shopping Goods, Specialty Goods, Unsought Goods.
A business can show profit but fail if it runs out of this.
Cash flow
A narrowly defined segment of the market a business specializes in.
Market niche