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CIPS L4M2 exam covers a wide range of topics, including stakeholder management, market analysis, risk management, and procurement strategy development. Passing L4M2 exam demonstrates that a candidate has a thorough understanding of the procurement and supply chain management process and is capable of identifying and defining the needs of their organization. The CIPS L4M2 certification is highly valued in the industry and is recognized globally, making it an excellent investment for procurement and supply chain professionals looking to advance their careers.
CIPS L4M2 course is suitable for procurement professionals who are responsible for defining business needs within their organization. It is also suitable for those who are looking to develop their knowledge and skills in procurement and supply chain management. L4M2 course is designed to be flexible, allowing candidates to study at their own pace and in their own time.
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CIPS Level 4M2 Defining Business Needs module is designed for procurement and supply professionals who are looking to enhance their skills in identifying and analyzing business needs. This module covers a range of topics, including stakeholder analysis, market analysis, and risk management. By taking this module, learners will be able to develop effective procurement strategies that meet the needs of their organization.
NEW QUESTION # 262
The position of a product in its life cycle can affect the price that suppliers set. Is this statement correct?
Answer: B
Explanation:
A firm also has to look at a myriad of other factors before setting its prices. Those factors include the offering's costs, the demand, the customers whose needs it is designed to meet, the external environment-such as the competition, the economy, and government regulations-and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution. If a company plans to sell its products or services in international markets, research on the factors for each market must be analyzed before setting prices. Organizations must understand buyers, competitors, the economic conditions, and political regulations in other markets before they can compete successfully.
[...]
The costs of the product-its inputs-including the amount spent on product development, testing, and packaging required have to be taken into account when a pricing decision is made. So do the costs related to promotion and distribution. For example, when a new offering is launched, its promotion costs can be very high because people need to be made aware that it exists. Thus, the offering's stage in the product life cycle can affect its price.
Reference:
- CIPS study guide page 90-91
- 15.2 Factors That Affect Pricing Decisions - Principles of Marketing (umn.edu) LO 2, AC 2.2
NEW QUESTION # 263
Alexander has identified that he wishes to use a performance-based specification for the purchase of a new HR staffing scheduling system. Was this the correct course of action?
Answer: D
Explanation:
Performance specifications are ideal when the buyer knows the outcome they want (e.g. HR scheduling) but does not dictate how it should be delivered. This is particularly useful when suppliers are more technically knowledgeable or where innovation is possible.
The CIPS L4M2 Study Guide, Chapter 1: Developing Specifications, states:
"Performance-based specifications are used when the buyer defines the desired function or outcome, allowing the supplier to propose how to achieve it. This is especially suitable when suppliers have more expertise or when innovation is encouraged." Review:
* A. Technology changing rapidly - Not a reason to avoid performance specifications. In fact, performance specs often help adapt to change.
* B. Specific blueprint - This suggests a design or conformance spec, not performance.
* C. Suppliers have greater technical knowledge - Correct. This supports the use of a performance spec to benefit from supplier expertise.
* D. Objective criteria for evaluating solutions - This applies to both spec types, but doesn't invalidate performance specs.
Correct answer: C
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 1: Performance vs. Conformance Specifications
NEW QUESTION # 264
Despite of better improvement rates than other types of benchmarking, functional benchmarking still has downsides. Which of the following is most likely to be a disadvantage of functional benchmarking?
Answer: D
Explanation:
Functional benchmarking is a comparison to similar or identical practices (e.g., the picking process for assembling customer orders, maintaining inventory controls of spare computer parts, logistics to move operational forces, etc.) within the same or similar functions outside the immediate industry. Functional benchmarking might identify practices that are superior in your functional areas in whatever industry they may exist. Functional benchmarking would be accomplished at the federal level by comparing the IRS collections process against those of American Express. Comparing copper mining techniques to coal mining techniques is an example in the private sector.
Benefits
- Provides industry trend information
- Quantitative comparisons
- Better improvement rate
Challenges
- Diverse corporate cultures
- Great need for specificity
- Not invented here. syndrome
- Common functions can be difficult to find
- Takes more time than internal or percent
- Must be able to visualize how to adapt the best practices
Source: USN Benchmarking Handbook
LO 1, AC 1.3
NEW QUESTION # 265
Which of the following might be consequences of over-specification? Select TWO that apply:
Answer: C,D
Explanation:
Over-specification can cause problems to buying organisation, include the following:
- Higher expense due to unnecessary features embedded into the product
- Stifle competition because higher requirements will lead to fewer suppliers in the market are able to supply
- Harder to evaluate the trade-offs between different features and attributes in the specification
NEW QUESTION # 266
Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?
Answer: D
Explanation:
Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts:
1. Design
2. Manufacture
3. Installation
4. In-service support
5. Decommission and disposal
6. Customer support
In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits:
- It lowers the costs over the whole life of the asset
- It lowers the risks as there is a single company accountable for costs and service over the life of the asset
- A closer match between the asset delivered and the users' needs
- Development of capability over the life of the asset as the supplier continues to get experience of the users' needs and can adapt services to meet them.
NEW QUESTION # 267
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