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Which of the following will help the bargaining strength of a buyer?
* The buyer has the option to make the product in-house
* There are a limited number of suppliers available to the buyer
* The buyer's switching costs are high
* The buyer's spend is a high proportion of the supplier's revenue
A. 2 and 4 only
B. 1 and 2 only
C. 1 and 4 only
D. 2 and 3 only
Answer: C
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2: Market Management) CIPS L4M2 draws heavily on Porter's Five Forces when explaining buyer and supplier power. A buyer's bargaining strength increases when:
* The buyer has alternatives or can make the product in-house (reduces supplier dependence).
* The buyer represents a large portion of the supplier's sales, giving the buyer leverage.
Therefore:
* Statement 1 (make in-house) # strengthens buyer's position.
* Statement 4 (buyer's spend = high proportion of supplier's revenue) # supplier cannot risk losing the buyer, so buyer gains power.
* Statements 2 and 3 # limited suppliers and high switching costs both reduce buyer power.
Hence, 1 and 4 only are correct.
Relevant CIPS L4M2 Sections:
* Porter's Five Forces model
* Factors affecting buyer power and supplier dependence
NEW QUESTION # 288
At which stage of product life cycle, price competition between sellers will be the most intense?
A. Introductory stage
B. Decline stage
C. Growth stage
D. Maturity stage
Answer: B
Explanation:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline.
Chart, line chart Description automatically generated
Source: https://blueoceanoutsource.co.ke/the-product-life-cycle-concept/ At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.
NEW QUESTION # 289
Dana is an automobile manufacturer. It has a new electrification strategy that aims at making eco-friendly electric pick-up trucks. To implement this strategy, the procurement department must source new categories of parts that make motors, sensors, solenoids and stators. He starts to analyse the market by identifying specific supply market segments for those parts and finding suppliers who have the best capabilities in those segment. He intends to segment the market based on specific features of the products. Which variable is used by Dana procurement manager to shape and manage supply market?
A. Product segments
B. Buyer segments
C. Geographical segments
D. Channel segments
Answer: A
Explanation:
In sales and marketing, market segmentation is the process of trying to understand clusters of cus-tomers in terms of their buying behavior and their buying characteristics. There are some traditional segmentation approaches: geography, demography, types of industry and the benefits. Then there are newer segmentation approaches: behavioral, situational, and psychographic.
Procurement professionals can learn market segmentation from sales and marketing. Segmenting the market can help them to shape and manage the supply market effectively. According to Michael Porter, a market can be segment with array of products and buyers.
Text Description automatically generated
Source: Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 234).
Free Press. Kindle Edition.
In the scenario, the products that Dana needs to source is distinct in their features. The best way is to segment the market by product varieties.
NEW QUESTION # 290
Which of the following is true in relation to estimating the costs associated with whole life asset management?
A. Every purchase represents an 'iceberg of costs of which the price it the 'tip'
B. The supplier's quoted price includes direct costs only and therefore other costs should be estimated
C. The supplier's quoted price represents the true end final cost of purchase
D. All quoted prices are exaggerated and therefore discounts must be demanded to save costs
Answer: A
NEW QUESTION # 291
When devising a business case for purchasing a new copier, Maria analyses its whole-life costs as following:
Though cost generating activities are identified, she has not categorised the costs. What is the total value of copier's end of life costs?
A. $450
B. $75
C. $150
D. $300
Answer: C
Explanation:
Life cycle costing is a key asset management tool that takes into account the whole of life implications of planning, acquiring, operating, maintaining and disposing of an asset.
The process is an evaluation method that considers all ownership and management costs. These include;
- Concept and definition;
- Design and development;
- Manufacturing and installation;
- Maintenance;
- Support services; and
- Retirement, remediation and disposal costs.
End of life costs often comprise of decommissioning, removing and disposal costs. In the copier scenario, the end of life costs equal to removal cost, which is $150.
Reference:
- Life Cycle Cost Guidelines (dlgsc.wa.gov.au)
- CIPS study guide page 36-40
LO 1, AC 1.2
NEW QUESTION # 292
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