Introduction to commercial awareness

Question 1

How to structure discussions around current affairs

Answer 1

• SUMMARISE: main points
• IDENTIFY: key issues, background, why this topic
• SUGGEST: potential outcomes or courses of action - pros and cons
• CONCLUDE: consider prioritising a suggestion and explaining why

Question 2

Ways in which a business can succeed/improve?

Answer 2

• build and maintain client relationships
• keep costs down
• efficiency
• legal tech

Question 3

Structuring answers to case study questions

Answer 3

• EXECUTIVE SUMMARY: overview of key findings
• INTRODUCTION: summarise instructions
• FACTS: outline material facts (if appropriate)
• KEY ISSUES: identify and summarise key legal/commercial issues (risks, obstacles, options)
• APPLICATION OF KNOWLEDGE: critical analysis for each issue (course of action, way to tackle/mitigate issue), apply knowledge and link to facts
• ENDING: summarise conclusion, highlight additional info, explain ambiguities, offer to carry out further work for client

Question 4

SWOT analysis

Answer 4

used to conduct an internal review of how a business is performing and how well it is positioned to take advantage of present/future opportunities, and tackle any present/ future challenges
- Strengths (internal, positive)
- Weaknesses (internal, negative)
- Opportunities (external, positive)
- Threats (external, negative)

Question 5

PESTLE analysis

Answer 5

• POLITICAL: influence of gov. policies on overall economy and industry. Will politics impact profitability?
• ECONOMIC: how is the local/global economy performing, how will this impact firms
• SOCIAL: consider social factors influencing demand and business operation
• TECH: innovations on which the industry relies on/may rely on - do they impact favourably? IP?
• LEGAL: consider legislation that affects businesses within the industry - consumer, employment, health and safety? is change likely?
• ENVIRONMENTAL: consider how environmental factors may impact upon an industry - policies or weather