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The CIPS L4M5 exam covers a range of topics related to commercial negotiation, including the principles of negotiation, negotiation planning and strategy, the use of power and influence in negotiation, and negotiating with suppliers in different cultural contexts. L4M5 exam also evaluates the candidate's ability to apply negotiation techniques to real-world scenarios, including resolving disputes, managing conflicts, and negotiating contracts. By passing the CIPS L4M5 Certification Exam, procurement and supply chain professionals can demonstrate their expertise in commercial negotiation, making them more attractive to potential employers and helping them to advance their careers in the industry.
CIPS Commercial Negotiation Sample Questions (Q177-Q182):
NEW QUESTION # 177
Different types of relationships impact on commercial negotiations. At a negotiation, which one of the following sources would help to support leverage for the buyer?
- A. Friends power
- B. Personality power
- C. Legitimate power
- D. Powerful colleagues
Answer: C
Explanation:
Legitimate poweris derived from theposition or authorityheld within the organisation. It supports the buyer's ability to influence negotiation outcomes based on formal responsibility, legal rights, or contractual mandates.
"Legitimate power stems from formal roles, authority or responsibility. It enables negotiators to assert terms backed by organisational policy or legal mandate." (L4M5 Commercial Negotiation, 2nd edition, Section 3.1 - Organisational Power Structures in Negotiation)
NEW QUESTION # 178
Whenimplementing 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. SAMOA
- C. SMART
- D. STOPS WASTE
Answer: D
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 andinformation 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 # 179
If a negotiation results in an offer which does not meet the buyer's minimum requirements, which of the following could the buyer pursue?
- A. STEEPLE
- B. BATNA
- C. PESTLE
- D. ZOPA
Answer: B
Explanation:
Explanation
Best alternative to a negotiatedagreement (BATNA) is the plan B or back-up plan in the event of a 'walk away'. In case of no deal, buyer (or supplier) may switch to this option.
The zone of potential agreement (ZOPA) is considered an area where two or more negotiating parties may find common ground. It is this area where parties will often compromise and strike a deal. In order for negotiating parties to find a settlement or reach an agreement, they must work towards a common goal and seek an area that incorporates at least some of each party's ideas.
STEEPLE offers an overview of various external fields. It is an acronym for Social, Technological, Economic, Environmental, Political, Legal and Ethical.
PESTLE is a mnemonic which in its expanded form denotes P for Political, E for Economic,S for Social, T for Technological, L for Legal and E for Environmental. It gives a bird's eye view of the whole environment from many different angles that one wants to check and keep a track of while contemplating on a certain idea/plan.
LO 1, AC 1.2
NEW QUESTION # 180
Why is rapport building with the supplier important during the opening phase of a negotiation?
- A. To assert dominance and to show who is in control of the meeting
- B. To establish trust and common ground between the parties
- C. To persuade the supplier to accept concessions more readily
- D. To test the other party on their position and willingness to collaborate
Answer: B
Explanation:
Building rapport sets apositive tonefor the negotiation and encourages openness. It is particularly vital during theopening phase, where first impressions are formed, and trust begins to build. Trust facilitates moreconstructive dialogue, enhances collaboration, and helps parties exploremutual interests.
"Developing rapport at the start of negotiations helps to foster trust and cooperation. This enhances the likelihood of reaching agreements that are mutually beneficial." (L4M5 Commercial Negotiation, 2nd edition, Section 3.4 - The Opening Phase and Relationship Building)
NEW QUESTION # 181
When is the best time for buyer to propose the negotiation agenda to potential supplier?
- A. At testing stage
- B. At preparation stage
- C. At opening stage
- D. At conclusion stage
Answer: B
Explanation:
A business negotiation agenda is a formal agreed upon list of goals to be achieved or items to be discussed in a particular order during a meeting or negotiation. Agendas can be formal and obvious, or informal and subtle in negotiations.
The agenda is one of the main structural elements of negotiation, in addition to such questions as site, identification of participants, and elements of timing. Together, they answer the who, what, when, and where questions. As with other aspects of negotiation, the agenda can be used either manipulatively to enhance leverage or to improve the prospects for agreement and the possibilities for mutual gain. In most cases, it will be used both ways, reflecting the nature of negotiation as a "mixed-motive" situation.
Although it can be instrumental to [research] volunteer as a sole source to write the agenda, in most cases it becomes a joint activity to construct a consensual basis for subsequent negotiation. In these situations, agenda- building becomes one of the pre-negotiation activities that set the tone for the relationship (Saunders, 1985).
In other situations, the parties may engage in actual negotiation without a formal or written agenda. When this occurs, the risks and uncertainties may be high but the party who appreciates the importance of the informal agenda has a tremendous advantage.
Whether one plans it or not, during the course of negotiation the parties will discuss a finite set of issues in some sequence and from a particular perceptual framework. Consciousness of the universality and centrality of the agenda is prerequisite to guiding negotiation to a successful conclusion.
NEW QUESTION # 182
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