Q.Do I need to learn all of the models?
A. Yes, you need to know the models in order to apply them to the scenario. You should know how to draw them (although a diagram is unlikely to gain any marks it can be a useful structure for a plan) but more importantly how to apply them to case.
Q. How to I get business awareness?
A. Read a quality newspaper, watch the news and listen to BBC Radio 4.
Q. What models should I use in the exam question?
A. Always start with common sense and then see if you can turn a common sense answer towards application of a model. For example, an issue for most businesses is competition. This means using 5 forces and see if the case study gives a clue to whether there is a threat of new entrants and if there are barriers to entry in place.
Q. How do I start answering a question?
A. Always start with identifying what the question is asking of you and not what you know!