To guarantee that your cover letter is the best it can be, and to guarantee that you are as prepared as possible for a potential interview, it's a good idea to develop an overall business understanding of the industry, business type, and workplace you're applying to.
At a basic level, business understanding is about context. The work you'll perform at your future job is part of a larger context, and it will differ depending on the workplace, type of organisation, and industry the organisation or business is part of.
For example, a communications position at Danfoss will be very different from one at the Efterskoleforening (an association of boarding schools), even though there is some overlap in the tasks to be performed.
When building your business understanding, there are three levels of research to do:
The particular workplace
Examples of industries
Below, you can draw inspiration from videos about members that work in different industries: