You must prepare for your assessment looking at the products of Hoover and Dyson, and the simialrities and differences between the businesses. You should look at:
A SWOT analysis - what does each one mean and what are the differences (e.g. influences on a business - internal / external)
The stages in the product life cycle - what happens in each stage? What decisions could be made in the decline stage?
Appropriate methods of primary and secondary research.
A marketing mix - you will be asked to develop a basic marketing mix (4ps) for a given business / product.