L4M5 EXAM OUTLINE, LATEST L4M5 EXAM CAMP

L4M5 Exam Outline, Latest L4M5 Exam Camp

L4M5 Exam Outline, Latest L4M5 Exam Camp

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CIPS L4M5 (Commercial Negotiation) Exam is designed to assess the knowledge and skills of procurement professionals in the area of commercial negotiation. L4M5 exam focuses on the key principles and techniques of negotiation, which are essential for procurement professionals to achieve the best possible outcomes for their organizations. L4M5 exam covers a wide range of topics, including negotiation strategies, tactics, and techniques, as well as the legal and ethical considerations that must be taken into account during the negotiation process.

The CIPS L4M5 exam covers a wide range of topics related to commercial negotiation, including the principles and techniques of negotiation, the legal and ethical considerations of negotiation, and the role of communication in negotiation. It also covers the various stages of the negotiation process, such as preparation, opening, bargaining, and closing. L4M5 Exam is designed to test the candidate's ability to analyze a situation, identify objectives, and develop a negotiation strategy that is in line with the organization's goals and objectives.

CIPS L4M5 Commercial Negotiation exam is structured into two parts, with the first part emphasizing knowledge and understanding, while the second section focuses on application and analysis. Candidates are required to prepare adequately by studying the exam content and taking practice tests to master the mainstream negotiation strategies that can be implemented to close a commercial deal effectively. Candidates who pass the L4M5 exam are certified to coordinate and arrange all aspects of a commercial deal and ensure that the negotiations are carried out effectively and ethically.

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CIPS Commercial Negotiation Sample Questions (Q151-Q156):

NEW QUESTION # 151
A negotiation is coming to the end. Both parties haven't had any official commitments. Right before leaving the room, the buyer strongly disagrees with supplier's set up prices and requests a discount. The supplier doesn't reply but nods and smiles. Can the buyer consider these actions as an acceptance?

  • A. Yes, because negotiator should rely on non-verbal communications only
  • B. No, because nodding and smiling are not clear signs of neither acceptance nor rejection
  • C. No, because nodding and smiling are etiquette of polite rejection
  • D. Yes, because smiling shows supplier's readiness in signing the deal off

Answer: B

Explanation:
Good negotiators are attuned to all stimuli and not just the verbal and written information exchanged. Tone of voice, body language, facial expressions and other clues from TOP are noticed, and with experience and knowledge, interpreted correctly. This interpretation may also involve knowledge of culture norms and values.
A smile, a 'yes' and the type of hospitality received, (in thebusiness context), can mean very different things in different international business cultures.
Trained negotiators will consider non-verbal communication (such as nodding and smiling) and body language as one source of signal from TOP, but will rarely rely wholly on this as a guide to what TOP is thinking or feeling. Furthermore, international and regional cultural considerations must be included here to avoid errors in interpretation. Emotional intelligence also has an important role in forming a more holistic perspective of what TOP may be thinking or feeling.


NEW QUESTION # 152
The buyer's bargaining power tends to be relatively higher than supplier's bargaining power in which of the following circumstances?

  • A. The buyer is large in size relative to its suppliers
  • B. The buyer's spend takes up a small proportion of supplier revenue
  • C. The buyer demand is so urgent that it can't be postponed
  • D. The buyer does not have the option to move to an alternative supplier

Answer: A

Explanation:
:
Buyer power gives customers/consumers (buyers) the ability to squeeze industry margins by pressuring firms (the suppliers) to reduce prices or increase the quality of services or products offered.
There are four major factors to consider when determining the bargaining power of buyers:
1. Number of buyers relative to suppliers: If the number of buyers is small relative to that of suppliers, the buyer's power will be stronger.
2. Dependence of a buyer's purchase on a particular supplier: If a buyer is able to get similar products
/services from other suppliers, buyers depend less on a particular supplier. Therefore, the power of the buyer would be greater.
3. Switching costs: If there are not many alternative suppliers available, the cost of switching is high.
Therefore, buyer power would be low.
4. Backward Integration: If the buyer is able to integrate or merge suppliers, the buyer has greater bargaining power over the existing suppliers.
When is Bargaining Power of Buyers High/Strong?
There are fewer buyers relative to that of suppliers
The switching costs of the buyer are low
If the buyer is able to backward integrate
The buyer purchases product in bulk (high volume)
The buyer is able to get similar product/services from other suppliers
The buyer purchases the majority of the seller's products
Several substitutes are available on the market
Product is not differentiated


NEW QUESTION # 153
Which of these personal power bases stems from the manager's position in the organisation and the authority that lies in that position?

  • A. Reward power
  • B. Expert power
  • C. Coercive power
  • D. Legitimate power

Answer: D

Explanation:
Explanation
Legitimate power comes from the belief that a person has the formal right to make demands, and to expect others to be compliant and obedient. Legitimate power comesfrom rules, formal authority, organisation rank, staff grade or official position held. In commercial negotiation, legitimate power can be demonstrated by job title and rank.
LO 1, AC 1.3


NEW QUESTION # 154
Which of the following is the process enabling the buyer to sharewith the supplier their purposes and needs to focus on some specific areas such as quality, cost, social and environmental standards, etc in the supplier's bids?

  • A. Supply positioning
  • B. Supplier selection
  • C. Supplier appraisal
  • D. Supplier conditioning

Answer: D

Explanation:
Supplier conditioning is the process of influencing a supplier or suppliers to behave in a certain way, or to accept certain circumstances. Within a negotiation, the buyer needs to make sure that the supplier has a number of messages in mind, about the outcomes that the buyer needs to achieve and about the shared sense of purpose that buying organisation has in achieving these outcomes.
Supplier appraisal is a process of evaluating a supplier's ability to carry out a contract in term of quality, delivery, price and other contributing factors.
Supplier positioning is the process of classifying spend with a supplier in terms of the profit potential and supply risk and assists in prioritising categories of spend and developing the rightstrategy.
Supplier selection is the process of selecting a supplier to acquire the necessary materials to support the outputs of organisations. Selection of the best and/or the most suitable suppliers is based on assessing supplier capabilities (Shih et al., 2004).


NEW QUESTION # 155
Tony is undertaking a negotiation with a strategic supplier and is frustrated by the lack of progress. He proposes using threats to get what he wants from the negotiations. Is this the correct course of action?

  • A. Yes, Tony will get what he requires from the negotiations
  • B. No, a long-term relationship built on trust is required with the supplier
  • C. Yes, a long-term relationship is not required with the supplier
  • D. No, it does not guarantee Tony will get what he requires from the negotiations

Answer: B

Explanation:
Using threats is generally inappropriate in strategic supplier negotiations where a long-term, trust-based relationship is required (C). Threatening tactics can damage the relationship and may result in resistance from the supplier. CIPS advocates for collaborative approaches in strategic relationships to foster mutual trust and achieve sustainable agreements.


NEW QUESTION # 156
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