Commercial Awareness

The term 'commercial awareness' has become a bit of a business buzzphrase and, for employees seeking a move into a management career, is an attribute that is increasingly sought by recruiters and interviewers. In reality, commercial awareness is also a useful trait for established business leaders and managers to possess, but it seems to be regarded as an abstract concept. Maguire Training's course, 'Commercial Awareness' tackles the subject in detail and provides delegates with a detailed explanation of what commercial awareness is, how to achieve, maintain and demonstrate it and why it is such a beneficial trait for the modern business leader or sales manager.

Here Maguire Training provides a brief overview of commercial awareness, giving you the answers to the most commonly asked questions.

What is commercial awareness?

In simple terms commercial awareness is knowledge of what is currently going on in the business world and can usefully be applied at three levels; company level, industry sector level and global level. Commercial awareness is the ability to acknowledge, understand and evaluate current factors which affect business at these three levels. These factors might include the global economic climate, environmental sustainability, customer satisfaction, cost control, legislation and countless others.

Why is commercial awareness important?

Commercial awareness enables the astute businessperson to assess risks, spot opportunities and make informed decisions based on prevailing trends and circumstances in the wider business world. Armed with commercial awareness, business leaders can assess how a particular industry is faring and how customer requirements for products and services may be changing or will change in the future based on current events. Commercial awareness tells a business who their target customer is, who their chief competitors are and where their own business stands in relation to others. This knowledge enables businesses to adapt and compete in accordance with changing circumstances at the company, industry and global level. It allows a business to continue to fulfil its customers' requirements and expectations, ensuring survival and profitability.

How do I achieve commercial awareness?
At a fundamental level, gaining commercial awareness can be achieved by following the news and development of companies within your business sector, networking with business professionals in your own and similar feeds, keeping up to date with local, national and international news, business news and current affairs and subscribing to industry newsfeeds, newsletters or periodicals.

Greater commercial awareness can be developed via appropriate and relevant industry analysis. This is one of the key skills that delegates of Maguire Training's Commercial Awareness course will be equipped with.