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CIPS L4M5 (Commercial Negotiation) certification exam is designed to assess the skills and knowledge of professionals in the field of commercial negotiation. Commercial Negotiation certification is ideal for those who are involved in negotiating contracts, deals, and agreements with suppliers, customers, and other stakeholders. It is also beneficial for those who are responsible for managing procurement and supply chain activities.
L4M5 Reliable Learning Materials - L4M5 Real ExamsTo help you prepare well, we offer three formats of our L4M5 exam product. These formats include CIPS L4M5 PDF dumps, Desktop Practice Tests, and web-based Commercial Negotiation (L4M5) practice test software. Our efficient customer service is available 24/7 to support you in case of trouble while using our L4M5 Exam Dumps. Check out the features of our formats. CIPS Commercial Negotiation Sample Questions (Q87-Q92):NEW QUESTION # 87
A supplier can produce a product for $160. The supplier sells the product to their client for $240, making a profit before tax of $80 on the transaction. What is the mark-up profit percentage earned by the supplier on this transaction?
A. 67%
B. 33%
C. 159%
D. 50%
Answer: D
NEW QUESTION # 88
Which of the following should be done when undertaking a reflection activity on negotiation? Select TWO that apply.
A. Identify areas in your skill set where you need to improve
B. Be honest and objective about your skills
C. Gloss over areas where you need to improve your skills or performance
D. Be overly modest about your contribution to the outcomes of negotiation
E. Use generalised or ambiguous language when describing your strengths and development areas
Answer: A,B
Explanation:
:
Giving positive group and individual feedback is easy, as is self-congratulation and, in many cases, it is hoped, this will be an accurate reflection on actual performance. When it comes to developmental or difficult feedback, it is only natural to want to move on and not reflect on the negative or developmental points, or why a negotiation did not achieve its objectives. But this is a mistake. The best learning opportunities come from reflection on what could be done better, and this can be achieved without blame, threat or condemnation.
Everyone and every team will make mistakes and/or have areas where they could have improved. Clearly, if every reflection session concludes that an individual or team keeps making the same mistake, then there is a case to change roles or consider alternative approaches.
About Dos and Don'ts of reflection, you can refer here: https://offices.depaul.edu/human-resources/employee- relations/Documents/Self%20Assesement.pdf
NEW QUESTION # 89
At the first stage of CIPSProcurement and Supply Cycle (Understand need), which of the following is the most important duty of procurement professional?
A. Demand management
B. Deciding whether RFQ or ITT should be used
C. Undertaking 'reverse marketing'
D. Evaluating the interests from suppliers
Answer: A
Explanation:
At the first stage of CIPS Procurement and Supply Cycle (Understand need and develop a high-level specification), procurement professional mainly negotiate with internal stakeholders. They have a duty toproportionately and constructively challenge specification if there's genuine doubt over the need or how the need is expressed. This is called demand management. Their first duty is to the organisation's treasury, not to functional managers.
Demandmanagement including: negotiation/challenge between procurement and internal stakeholders over the need/requirement/specification. Remember that in any process or product, the greatest opportunity for cost reduction is at the design stage.
NEW QUESTION # 90
The National Schools Purchasing Forum (NSPF) is a procurement organisation that purchases goods and services on behalf of schools on a national scale. NSPF is close to concluding negotiations in a meeting with Hygienics For All (HFA) for the supply of consumables to school washrooms. Both parties have reached an agreeable position, and NSPF feels it is important that they conclude the negotiation at this point. What type of questions should NSPF ask HFA to achieve this?
A. Closed questions
B. Probing questions
C. Open questions
D. Hypothetical questions
Answer: A
Explanation:
Closed questions are effective for concluding negotiations, as they often elicit straightforward yes-or-no responses, helping to finalize terms and confirm agreement on specific points. This approach facilitates a clear and concise close to discussions, ensuring that both parties confirm their commitment to the agreed terms, as recommended by CIPS negotiation strategies.
NEW QUESTION # 91
A garden furniture supplier currently in negotiations for a high-value contract has offered the procurement manager a visit to their site. The supplier suggests that during this visit, they can undertake the contract negotiation. What would be an appropriate response from the procurement manager?
A. Accept the offer as this would be an ideal opportunity to see what the supplier can offer and will provide the supplier with familiarity while negotiating
B. Accept the offer as this would save time. A supplier visit and negotiation could be done at the same time
C. Decline the offer as it would take too much time to go and visit the supplier
D. Decline the offer as negotiating while on a site visit will provide the supplier with an unfair advantage because they will be in a familiar environment
Answer: D
Explanation:
Negotiating in the supplier's environment (their site) can unintentionally shift the power dynamic. The supplier may gain apsychological edgedue to the comfort and control of their surroundings. Best practice recommends holding negotiations in aneutral settingto ensure balance and reduce any influence based on physical context. While site visits are beneficial for supplier evaluation, they should beseparate from the negotiationto maintain objectivity.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 3.4 - Controlling the Environment of Negotiation
NEW QUESTION # 92
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