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CIPS L4M5: Commercial Negotiation exam has a significant importance in the procurement field, especially in today's hyper-competitive business environment. Solid negotiation skills are essential for both professional success and the success of businesses as a whole. It provides a comprehensive understanding of the core principles of effective negotiation and equips candidates with the tools and techniques necessary for winning negotiations with suppliers.
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CIPS L4M5 (Commercial Negotiation) exam is a professional certification exam that assesses an individual's knowledge and skills in commercial negotiation. The Certified Institute of Procurement and Supply (CIPS) is the awarding body for L4M5 Exam, and it is recognized globally as a leading qualification for procurement and supply chain professionals. CIPS Commercial Negotiation Sample Questions (Q84-Q89):NEW QUESTION # 84
Which of the following is definition of elasticity of demand in microeconomics?
A. The percentage change in price of a good divided by the percentage change in the quantity demanded of that good.
B. The percentage change in the quantity demanded divided by the percentage change in income
C. The percentage change in income divided by the percentage change in the quantity demanded
D. The percentage change in the quantity demanded of a good divided by the percentage change in the price of that good
Answer: D
Explanation:
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor:
The price of a product can be described as being elastic if a small change in price leads to a big change in demand.
The price of a product can be described as being inelastic if a big change in price leads to a small change in demand.
The formulae of elasticity of demand is known as the following:
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NEW QUESTION # 85
Which of the following can help both parties to break the vicious cycle of blame when a relationship needs repairing? Select TWO that apply.
A. Both parties understand each other's goals
B. Focusing onpositions
C. Conflict management skills
D. Constant shadowing and oversights
E. Emotional-based assessment
Answer: A,C
Explanation:
In order to break vicious cycle of blame, procurement will need to use their negotiation and conflict management skills,adopting a collaborative and integrative approach. Your first action should be to establish the facts that led to the situation where the relationship broke down. Most day-to-day relationship between buying organisations and suppliers do not of course involve procurement staff, so you will need to consult with your business partners internally to establish their point of view of where the issue and sources of conflict are. You should also contact the supplier and get their side of the story - this is particularly to when you have previously identified the supplier as critical or otherwise important to your operations. Ideally you will be able to apply principled negotiation here, separating the people from the issue, focusing on interests and not positions,and then looking for options of mutual benefits.
NEW QUESTION # 86
Which of the following is an objective of proposing phase?
A. Trade concessions
B. Create atmosphere conducive to agreement
C. Check hypothesis and assumptions
D. Start making tentative offers
Answer: D
Explanation:
:
In the study guide, CIPS lists 5 stages of an negotiation:
The opening phase: confirm understanding and get the issues on the table. At this stage, both parties should check agenda, authority and create atmosphere conducive to agreement The testing phase is an information gathering stage where the hypothesis and assumptions you have made in the planning stage can be tested and confirmed or disconfirmed The proposing phase: Both sides may start making tentative proposals regarding their offering.
The bargaining phase: Both parties trade concessions; the preliminary stages are over and proposals move from being tentative and general to being more definite and specific.
The agreement and closing phase: both parties should seek agreement or if TOP does not have the final authority, some sort of acknowledgement of what key terms are should be sought.
NEW QUESTION # 87
In general, which of the following is the consequence of a flatter demand curve?
A. Price inelastic
B. Unit price elastic
C. Price elastic
D. Quantityelastic
Answer: C
Explanation:
Explanation
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor.
In microeconomic graphs,elasticity and inelasticity can be shown by the slope of the demand curve. If a demand curve is almost horizontal, then the product pricing can be described as very elastic. If a demand curve is almost vertical, then the product pricing can be described asvery inelastic.
The formulae of elasticity:
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LO 2, AC 2.2
NEW QUESTION # 88
Where there are high levels of commitment to relationships between both the buyer and supplier, this is seen as collaborative and beneficial to negotiations. Is this statement correct?
A. Yes, characteristics include risk management and strategic planning
B. Yes, characteristics include arm's length transactions and minimal communication
C. No, collaboration does not require commitments from either side
D. No, this can be classified as adversarial
Answer: A
Explanation:
Reference: CIPS L4M5 Study Guide, Section 1.1 - Types of Commercial Relationships
