An acute knowledge of what is around them, coupled with the requisite know-how of what to do with that knowledge is instilled in every great captain- of industry as well as football. I view commercial awareness similarly. Knowing the elements of the commercial world is one thing, but to then make connections between those elements is where, I believe, true commercial awareness lies.
Knowing that the sovereign debt crisis exists is good; knowing how it has consequences for the legal and commercial world is better- A impacts B which impacts C. Now i'm thinking like Socrates [the footballer, that is- although the philosopher was probably no dope when it came to making simple deductions]. He would know the elements on the pitch, identify the connections and execute the necessary [with all the aplomb and swagger that came to be expected of a Brazilian maestro, I should add]. For an incredible book on commercial awareness, I recommend All You Need to Know about Commercial Awareness 2011 (All You Need to Know Guides)
For more information on the legend that is Socrates take a look at Giants Of Brazil: Soccer World Cup History 1950-1994 DVD