• Conciseness
• Materiality

Key observations:

Vodafone’s market review has a clear future focus. This is achieved through examining the current market under the heading ‘where the industry is now’ and providing an outlook on future market trends under the heading ‘where the industry is going’. Key top-line trends are reviewed in further detail under sub-headings. 

Vodafone clearly evidences a future focus through the use of quantitative data and graphs, crucially demonstrating predicted market customer growth from 2010-2014 in key emerging markets. This discussion helps to set up the ensuing review of strategy as it helps to set the context of the expected operating environment.