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Commercial Awareness

Commercial Awareness. Jenny Keaveney Careers Advisory Service. What is commercial awareness?. Best summarised as “an understanding of the marketplace and environment in which an organisation operates” Equally important in both the public and the private sectors.

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Commercial Awareness

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  1. Commercial Awareness Jenny Keaveney Careers Advisory Service

  2. What is commercial awareness? • Best summarised as “an understanding of the marketplace and environment in which an organisation operates” • Equally important in both the public and the private sectors

  3. What is commercial awareness? "At heart, commercial awareness is about being able to talk to clients, finding out what they want, why they want it, what they will do with it and what they are prepared to pay, and then delivering it in the way they want. To do that you need to understand how organisations work, the issues they face and the role of people within them.“ Christopher Stoakes 'All You Need to Know About Commercial Awareness'

  4. Employers look for “commercially aware” applicants who … • understand the organisation’s mission and aims • are aware of the political and economic issues affecting the organisation • are aware of the major competitors • understand the sectors the organisation operates within • understand the commercial priorities of the organisation http://www.youtube.com/watch?v=SDRPHglZhGk

  5. Do they find them? • We [the FSA] were surprised by the number of candidates who were unable to say • why they had applied to us • what we do • what appealed to them about the job • how they could contribute • Candidates who are well-prepared, have done their research and can demonstrate commercial awareness stand out like shining lights in the wilderness! (Solicitors’ firm)

  6. Analysing organisations • What does the organisation do? (make a product, provide a service, etc) • What roles are involved in doing this? (probably more than you might think!) • How is the organisation structured? • What restrictions are there on how the organisation operates? (professional, legal, regulatory etc) • What other organisations do similar things? Are they direct competitors? • What outside factors may contribute to the organisation’s success or failure?

  7. From this …………. to this …

  8. … involves a lot of people and activities Legal

  9. Some key roles and what they involve Human Resource Management: getting the right people with the right skills in the right places Marketing: Finding the most motivating concept & inspiring people to buy the product Finance: Providing financial support to the factories and costing up household brands Supply Chain: Getting a product all the way from raw material state through production to the shelves Sales: “creating unmissable opportunities visibility through all shopper touch points” Manufacturing: Improving efficiency of the production lines through coaching, training and problem solving Engineering: Managing projects, to install the best technology Quality Assurance: Ultimate responsibility for product safety, uniformity and customer satisfaction

  10. Finance My role is to provide financial support to the factory. The main thing that l do is to put together the cost, so when they come up with a new idea "oh let's make a 3 finger KitKat", well l'm the person who has to cost that 3 finger KitKat. I did a multilinear regression analysis where I basically said “how many different types of electricity does it take to produce this KitKat?” That goes into an electricity forecast for the factory, so they can predict how much energy they're going to use based on how many KitKats they're making. Alice – finance graduate trainee with Nestlé

  11. Law • Lindt loses third round of chocolate bunny battle • Swiss chocolate manufacturer Lindt & Spruengli has lost its latest appeal in the decade-long legal case with German Confiserie Riegelein. • Lindt launched the legal process in 2002, alleging that Riegelein’s gold-wrapped chocolate Easter bunny looked similar to the company’s own product. However, the Frankfurt Court of Appeal court has confirmed the judgements from 2004 and 2007 that the Lindt bunny’s little red collar and real bell made it quite different from Riegelein’s smaller product, which only has a brown collar printed on the foil.

  12. Some current issues • What impact has the recession had on this $17.3 billion industry? • How have products changed to reflect evolving consumer tastes and budgets? • Have consumers changed their buying habits in the face of economic uncertainty? • Are consumers’ choices of product influenced by Fairtrade and other ethical issues?

  13. Following up • Read: • The business press. This doesn’t have to mean the Financial Times (unless you are applying for investment banking) but you should read the business pages of a quality daily newspaper • Graduate publications such as Real World magazine, TARGET magazine and sector-specific titles such as Lawyer 2B; Accountancy Age • Watch/listen to: • Business-related programmes on TV and radio such as Working Lunch, the Money Programme, Bottom Line, Law in Action, Dragons’ Den, The Apprentice • BBC podcastswww.bbc.co.uk/podcasts/genre/factual/money

  14. Ways to develop commercial awareness • Get actively involved in student societies • Use your work experience • Research and analyse employers and job sectors that interest you

  15. Student societies • Management/leadership experience • Organising activities and events • Financial planning/budgeting/fundraising • Marketing and promotion • Sourcing materials e.g. T-shirts

  16. Work experience • Think about your work experience • Who did you work for? • Who are their competitors? • What do they do well/not so well? • How is the company run? • Present it in a positive and relevant way to employers

  17. Researching employers • Follow a company in the press for a month or so • Review a company’s annual report • Perform a SWOT/PEST analysis on a company or sector of interest to you • Analyse the market sector in which a specific company works – what are the current issues? • See www.kent.ac.uk/careers/EmployerSearch.htmfor some useful information resources • The British Library produces “industry guides”– covering everything from Advertising to TV & Film http://www.bl.uk/bipc/dbandpubs/Industry%20guides/industry.html

  18. Further advice • Book: “All you need to know about Commercial Awareness” – in Careers Information Room • www.kent.ac.uk/careers/sk/commercialawareness.htm • Some advice for law students from Herbert Smith www.herbertsmithgraduates.com/apply/application_and_interview_advice/commercial_awareness.htm • A useful article from Target Jobs http://targetjobs.co.uk/news/206850-what-is-commercial-awareness

  19. Moodle Careers Employability Module • Develop and test your commercial awareness • Go to www.kent.ac.uk/careers/moodle.htm • Use the search box at the bottom of page to search for careers &/oremployability • This module includes a “how commercially aware are you?” test and an assignment to produce a report on a company or organisation of your choice • By successfully completing this assignment you can gain 12 of the 80 points required for this award

  20. THE CAREERS ADVISORY SERVICE … • Open 9-5, Monday-Friday • Careers Information Room • Careers Advisers – book an appointment or just drop in • Networked PCs and IT resources www.kent.ac.uk/careers

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