Chapter 1
On a typical overseas flight, Business and First-Class passengers account for over
75% of the flight’s revenue.
What is Time Management?
Work expands so as to fill the time available for its
completion.
"Four Ps" that form the core of any marketing strategy.
Product, Price, Place, and Promotion?
This form of profit is defined as the "reward for the risk of entrepreneurship."
Reward for Risk?
The "mass market" for aviation ranges from the 21% to 88% income bracket.
True
List a few of the things the aviation industry breaks down to.
Pilots – at all levels and ratings
Other Aviation Support Personnel – flight line / front desk,
maintenance, administration, etc.
The Airport System
The Air Navigation System
Aviation/Aircraft Manufacturers
Scheduled Air Carriers (Part 121)
General Aviation – including aviation service centers
Aviation Interest Groups
The Governmental Regulatory System
Name some Causes to Time Management Issues?
Procrastination – Well…at least I will always have something to do tomorrow
Telephone Calls – New phone, who dis?
Failure to get back to the task being worked on before the interruption – (ADOS) –
Attention Deficit Oooh Squirrel!
Excessive email requiring responses – “per my last email…”
Meetings – We should probably have a meeting about how we have too many
meetings about meetings
Reports – What about the TPS Reports?...red stapler…
This 1994 Act encouraged a rebound in small aircraft production by providing liability relief
The General Aviation Revitalization Act (GARA)?
This financial metric is calculated by dividing Net Profit by the cost of the investment or equity.
What is Return on Investment (ROI)?
In aviation marketing, businesses should wait for customers to come to them.
False
What is the FAA?
The Federal Aviation Administration (FAA) is the primary regulatory and safety agency for the aviation industry in the United States.
What is the best time management strategy
Delegation
Which group represents the wealthiest portion of the U.S. aviation customer base in terms of percentage of population?
The top 2% of the population.
This profit objective describes a love of one's occupation where making money is not the primary concern.
Hobby Business
Marketing includes identifying customer needs and prospecting.
True
What is a “Full Service” FBO?
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
Name a few time management strategies
Various answers
This ownership model is often compared to a "timeshare" and accounts for over 40% of all new corporate jet orders.
Fractional ownership
hese costs, such as rent and insurance, remain the same regardless of the volume of sales.
What are Fixed Costs?
NOAA National Aerospace Forecasts focus only on local, non-towered airports.
National Aerospace Forecasts focus only on local, non-towered airports. (False)
What is the NTSB
National Transportation Safety Board (NTSB)
Independent government agency that reports directly to Congress on safety and accidents,
and provides interpretations of “probable cause” for serious or fatal accidents and incidents.
Responsible for investigating domestic aircraft accidents but typically delegates those responsibilities to
the FAA in nonfatal GA aviation accidents.
What are the FOUR TRADITIONAL FUNCTIONS OF MANAGEMENT
Planning
• Organizing
• Directing / Coordinating
• Controlling
These 2001 events had the greatest single impact on General Aviation operations in history.
September 11 attacks
This term describes the concept that capital assets, like technology, lose their value over time.
Depreciation
Where does foreflight get its weather data from