L4M5 - High-quality Valid Commercial Negotiation Test Forum

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CIPS L4M5 Exam covers a range of topics related to the negotiation process, including communication strategies, tactics for building relationships, and methods for resolving conflicts. L4M5 exam also explores the legal and ethical considerations that are involved in commercial negotiations. Candidates will be required to demonstrate their ability to apply these concepts in real-world scenarios, making use of case studies and practical exercises.

CIPS L4M5 (Commercial Negotiation) exam is one of the most important exams for procurement and supply chain professionals who want to develop their negotiation skills. L4M5 Exam is designed to help professionals gain a comprehensive understanding of the principles and practices involved in commercial negotiation. It covers a wide range of topics that include the negotiation process, strategies, and tactics, as well as the legal and ethical issues involved in negotiation.

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CIPS Commercial Negotiation Sample Questions (Q126-Q131):

NEW QUESTION # 126
When implementing value analysis or value engineering, which of the following acronyms reminds both buyer and supplier of ideas on removal, substitution and design-out of cost elements?

A. OWN-IT
B. STOPS WASTE
C. SMART
D. SAMOA

Answer: B

Explanation:
:
Ray Carter coined the mnemonic STOPS WASTE to remind buyers of 10 cost-reduction ideas they can ask for themselves and their suppliers in any situation when considering a key purchase input. Stop Waste by:
Standardisation - is there a standard specification?
Transportation - is the inbound transport classification appropriate
Over-engineered - is the specification too tight?
Packaging - can packaging be reduced or eliminated?
Substitutes - is there a cheaper substitute material
Weight - is there opportunity to reduce weight of the product?
Any unnecessary processing - is there any unnecessary design or feature?
Supplier's input - are suppliers able to assist with the cost reduction To make - is it more economical to make or buy?
Eliminate - if no one uses the feature, can it be eliminated?
SAMOA is a useful acronym for checking and testing the information gathered from the Internet:
Source
Audience
Methodology
Objectivity
Accuracy
OWN-IT is acronym for 5 steps in the process of collecting and analysing the data and information needed in any field:
Outline
Wide search
Narrow search
Increase your stockpile of information
Transform your stockpile into new knowledge
A SMART goal is used to help guide goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Time-bound.

NEW QUESTION # 127
Under EU public procurement directives, which of the following are procedures in which there is no commercial negotiation allowed?

A. Innovation Partnerships
B. Competitive Dialogue
C. Competitive Procedure with Negotiation
D. Open Procedure
E. Restricted Procedure

Answer: D,E

Explanation:
Under the European Union public procurement directives, all public sector bodies must abide by certain rules when they procure goods and services over a threshold value. These rules are codified under 5 procurement procedures:
1. Open Procedure
2. Restricted Procedure
3. Competitive Dialogue
4. Competitive Procedure with Negotiation
5. Innovation Partnerships.
Under normal circumstances, there is no commercial negotiation allowed under the two most commonly used procedure, Open and Restricted. Under these procedures, the prices and terms and conditions of contract should be decided via reference only to the tenderers' responses to the buyer's requests for tenders, and not through 'post-tender negotiation'. Under the other procedure, negotiation within the rules is permitted.
Interested learners can read more about these procedures here.
LO 1, AC 1.1

NEW QUESTION # 128
A buyer is approaching a negotiation where the company is in a low-power negotiating position in relation to the supplier. How can the buyer improve leverage and power with the supplier?

A. 1 and 2 (Consolidate expenditure and understand supplier costs)
B. 2 and 3 (Understand supplier costs and take a distributive approach)
C. 1 and 4 (Consolidate expenditure and limit communication)
D. 3 and 4 (Take a distributive approach and limit communication)

Answer: A

NEW QUESTION # 129
Which of the following is NOT a barrier to entry in a monopolized market?

A. The government gives a single firm the exclusive right to produce some good
B. The costs of production make a single producer more efficient than a large number of producers
C. A single firm is very large
D. A key resource is owned by a single firm

Answer: C

Explanation:
Monopolies exist in many markets in real life for very different reasons:
Ownership of a Key Resource: When one company exerts sole control over a resource that is necessary for the production of a specific product, the market may become a monopoly. For example, the only medication deemed acceptable to treat a disease comes from a particular ingredient X, and knowledge of this ingredient X is owned by a single family owned company. The company can, therefore, be said to have a monopoly over ingredient X that is needed to cure the disease because it is the only company that can produce a product deemed acceptable.
Government Franchise: In certain instances, a monopoly may be explicitly created by the government if it grants a single company, whether private or government-owned, the right to conduct business in a particular market. For example, when a national railways transportation service is created by the government, in most cases they are granted a monopoly on the operation of passenger trains in the country. As a result, other firms are only able to offer passenger train services with the cooperation and/or permission of the government- owned provider.
Intellectual Property Protection: Extending intellectual property protection to a company in the form of patents and copyrights is yet another way in which monopolies are created. When a government does this, it is in fact giving a single company an exclusive right to provide a particular product / service to the market.
Patents and copyrights work in providing owners of intellectual property with the right to act as an exclusive provider of a new product for a specific length of time. This creates a temporary monopoly in the market with regards to new products and services.
Natural Monopoly: A market may also become a monopoly simply because it may be more cost-effective for one company to serve the whole market than to have several smaller firms in competition with one another. A company with virtually unlimited economies of scale is referred to as a natural monopoly. Such firms become monopolies due to their position and size, which makes it impossible for new entrants in the market to compete price-wise. Natural monopolies are common in industries with high fixed costs and low marginal costs of operation such as providers of television, telephone, and internet services.
In this question, 'A single firm is very large' is not enough to tell whether this market is monopolistic.

NEW QUESTION # 130
If the price of a good is above the equilibrium price, which of the following will happen?

A. The quantity demanded is equal to the quantity supplied and the price remains unchanged
B. There is a surplus (i.e. an excess supply) and the price will rise
C. There is a surplus (i.e. an excess supply) and the price will fall
D. There is a shortage (i.e. an excess demand) and the price will fall

Answer: C

Explanation:
:
In microeconomics, equilibrium price is determined when the quantity demanded is equal to the quantity supplied at equilibrium price in a market, there will be no shortages and no surpluses. If we combine our supply and demand curves on one graph, the point at which they converge determines the equilibrium price. If the price is set above this price and you read across the graph you will see the supply excess demand and there will be a surplus. In order to reduce this surplus, the price will need to fall. The scenario is illustrated in the graph below:
Chart, line chart Description automatically generated

NEW QUESTION # 131
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