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CIPS L4M5: Commercial Negotiation is an essential exam for procurement professionals who want to master the art of negotiation. L4M5 Exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply. L4M5 exam is designed to test candidates' ability to negotiate effectively in a commercial environment. Successful completion of L4M5 exam will demonstrate that candidates have the skills and knowledge required to negotiate complex commercial contracts.
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NEW QUESTION # 244
Which of the following should be done by the procurement team at the closing stage of a negotiation? Select TWO that apply.
Answer: D,E
Explanation:
Explanation
The agreement and closingphase is the phase when it is either clear through explicit language, or strongly suggested through non-verbal signals, that TOP is ready to move to agreement. Judging when to close can be difficult and as with phases of the negotiation, experience, observation, practice and reflection will be the best ways to learn here.
In the closing phase, procurement should:
- Watch for closing/buying signals
- Check to ensure all issues have been resolved
- Consider using visual aids to summarise
- Use 'summary close'
- Make a decision to conclude/close
- Seek agreement in principle if TOP does not have the final authority
- Make your own private notes on the final agreement
- Shake hands on the agreement
- Leave the meeting as soon as possible thereafter.
LO 3, AC 3.1
NEW QUESTION # 245
Which of the following are most likely to be macro factors that may influence the balance of power in commercial negotiation? Select THREE that apply.
Answer: B,D,F
Explanation:
All one-to-one commercial negotiations between a specific purchaser and a specific supplier take place within an industrial market and a larger business environment characterised by multiple forces which both parties typically have little control over. STEEPLE framework highlights the 6 main external influences on a business:
Table Description automatically generated
LO 1, AC 1.3
NEW QUESTION # 246
Which of the following situations would increase a buyer's bargaining power?
Answer: A
Explanation:
When a buyer's purchase represents asignificant portion of a supplier's revenue, it increases the buyer's leverage. The supplier has a vested interest in maintaining the relationship and is more likely to make concessions to preserve the account.
"Buyer power increases when the buyer represents a large portion of the supplier's total sales. This dependency increases the buyer's ability to influence terms." (L4M5 Commercial Negotiation, 2nd edition, Section 2.3 - Bargaining Power Analysis)
NEW QUESTION # 247
Langham Industries is seeking to expand its operations globally. The CEO has asked the procurement department to engage in a macroeconomic analysis for its potential new supply chain to meet organisational objectives and outcomes. Which of the following would be a source of macroeconomic data?
Answer: D
Explanation:
Published market indices are a source of macroeconomic data, as they reflect broader economic trends and provide insights into the overall market environment, which is essential for global expansion planning.
Macroeconomic analysis focuses on high-level economic indicators, as recommended in CIPS's guidelines on sourcing macroeconomic data.
NEW QUESTION # 248
Where a market consists of a large producer of a product with high market power, it is known as:
Answer: B
Explanation:
Reference: CIPS L4M5 Study Guide, Section 2.3 - Market Factors and Analysis
NEW QUESTION # 249
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