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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 250
Which of the following are major factors when determining the bargaining power of buyers?
Select THREE that apply.
Answer: D,E,F
Explanation:
When analysing buyer power in a market (using Porter's Five Forces), specific factors determine how much influence buyers have over suppliers.
According to the CIPS L4M2 Study Guide, Chapter 2: Market Management, the following are key factors that increase buyer bargaining power:
"Buyer power is high when: there are many suppliers, buyers are large-volume customers, switching costs are low, and when buyers are not dependent on any one supplier." Let's analyse the options:
* A. Number of buyers relative to suppliers - Correct. If there are few buyers and many suppliers, buyer power increases.
* B. Dependence of a buyer's purchase on a particular supplier - Correct. If a buyer is less dependent, their bargaining power increases.
* C. Life cycle costs - This is a cost management concept, not directly linked to bargaining power.
* D. Cash flow - A financial health indicator, but not a direct factor in bargaining power.
* E. Switching costs - Correct. Low switching costs increase buyer power; high switching costs reduce it.
* F. Interest costs - Not relevant to bargaining power in the procurement context.
Correct answers: A, B, E
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Porter ' s Five Forces - Buyer Bargaining Power
NEW QUESTION # 251
Ranjit is purchasing a large piece of laboratory equipment which is brand new to the market. Can this be classified as a straight re-buy?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) CIPS uses the classic buying situation model:
* New buy - first time the item is purchased; high information need and perceived risk.
* Straight re-buy - routine repurchase of a product that has been bought before and is well-known.
* Modified re-buy - a repeat purchase with some changes (e.g. spec, price, supplier).
Here, the equipment is brand new to market, meaning:
* It has not been purchased before by the organisation.
* There is no previous sourcing history for this specific product, so it cannot be a straight re-buy.
Thus:
* Option D is correct - it is not a straight re-buy because it has not been specified or sourced before.
* Option A is incorrect - even if the supplier has been used before, the product is new.
* Option B - there cannot be an "existing specification" for something new to the market; if there is, it would be a modified or straight re-buy, not a new product situation.
* Option C - a standing purchase agreement would imply established purchasing arrangements: that contradicts "brand new to market".
Relevant CIPS L4M2 areas:
* Buying situations: new buy, straight re-buy, modified re-buy
* Implications for information gathering, evaluation and risk
* How new products affect sourcing and market management
NEW QUESTION # 252
Buyers can ascertain the prices by examining information provided by primary and secondary sources of market data. Which of the following is a secondary source of market data?
Answer: D
Explanation:
Detailed Explanation:Price comparison websites are secondary sources as they aggregate data collected from multiple suppliers. Primary sources (like RFQs and brochures) come directly from the supplier.
Reference: CIPS Level 4, Market Data Analysis.
NEW QUESTION # 253
A company wants to purchase a piece of equipment that will achieve a particular level of output. It is inviting tenders and has written a conformance specification. Is this the right specification to issue with the invitation to tender?
Answer: C
NEW QUESTION # 254
Which of the following activities are considered as primary activities of an organization according to Porter's value chain? Select TWO that apply:
Answer: A,C
Explanation:
Primary activities consist of inbound logistics, operations, outbound logistics, sales & marketing, service.
Second activities consist of firm infrastructure, human resource management, technology development and procurement The following graph illustrate the value chain (Source: Smartsheet) Graphical user interface, diagram Description automatically generated
Picking and delivery components is inbound logistics.
Maintenance is an example of operations activity.
Sourcing transportation services is an activity of procurement
Assembly design is an activity in research and development (Technology) Recruiting is an activity of human resource management
NEW QUESTION # 255
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