What is the best way to approach studying a novel?

With any novel I would firstly advise that you have an extensive knowledge of the plot. For each chapter, as you read it, it may help to write yourself a short summary of what happened, which characters are introduced and the key themes presented. It may also be helpful to write out all of the characters in order of appearance, their defining features and how they are connected to the other characters. As you read the text, ensure that you are highlighting things that create the storyline (such as setting) and key quotes that may be useful in any exam. Additionally, I would advise looking through past paper questions so that you are aware of common themes the examiners use in questions. This will help your note taking as you read the novel because you will already be aware of what may be asked in an exam question.