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CIPS L4M5 (Commercial Negotiation) Exam is an essential certification for anyone seeking to advance their career in procurement and supply chain management. L4M5 exam is designed to test the candidate's understanding of the key principles and techniques used in commercial negotiation, including strategies for managing different negotiation scenarios and dealing with difficult situations. Commercial Negotiation certification is highly sought after by recruiters and employers looking for candidates with strong negotiation skills, as it demonstrates a solid understanding of how to successfully negotiate complex commercial deals.
CIPS L4M5 (Commercial Negotiation) Certification Exam is designed for procurement and supply chain professionals who want to enhance their negotiation skills and knowledge. Negotiation is a critical skill for professionals in the procurement and supply chain industry, as it involves the process of reaching an agreement with suppliers and vendors that meets the needs of the business while maintaining positive relationships with suppliers. The CIPS L4M5 Certification Exam helps professionals to build on their existing negotiation skills and develop new ones, allowing them to become more effective negotiators in their roles.
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CIPS L4M5 (Commercial Negotiation) Certification Exam is an essential qualification for professionals who are involved in commercial negotiations. Commercial Negotiation certification is designed to help individuals gain the skills and knowledge necessary to succeed in the world of commercial negotiation. L4M5 Exam is offered by the Chartered Institute of Procurement and Supply (CIPS), a global organization that promotes excellence in procurement and supply chain management.
NEW QUESTION # 133
Which of the following is a source of information on microeconomic factors?
Answer: A
NEW QUESTION # 134
A buying organisation with a low spend but the reputation for paying on-time. In order to increase buyer's leverage in negotiation with suppliers, which of the following should be a priority of this buyer?
Answer: D
Explanation:
Explanation
According to Paul Steele's 'The Seller's Perspective', customer can be classified into 4 categories as below:
To increase theleverage in negotiation, buyer may increase its attractiveness and/or increase spend value. In this scenario, the buyer is already attractive to supplier as it always pays on-time, but the spend is still low. So to have greater leverage, the buyer has toincrease its spend volume by spend concentration. Spend concentration may take many forms as following:
- Vendor base reduction
- Volume pooling
- Volume redistribution
- Volume consolidation across categories
- Standardisation and harmonisation of specifications
- Forming purchasing consortia
Chart, treemap chart Description automatically generated
LO 1, AC 1.3
NEW QUESTION # 135
IHL has been supplying to XYZ Ltd for months. XYZ Ltd procurement manager Diana realises that the IHL's input prices are dropping and this is a good time to re-negotiate the price of the contract. She invites IHL representative to XYZ headquarter to make a bargain on the current price. At the opening stage of the negotiation, Diana requests a 10% reduction in price with an increase in volume purchased.
Is Diana's action appropriate in the opening phase?
Answer: D
Explanation:
:
The opening stage of the negotiation covers the very first few minutes when the parties meet and greet each other and are seated in the negotiation room in preparation for the main event.
Typical behaviours at the opening stage: 'dos' and 'don'ts'
Do's
Be punctual and well presented (welcome their arrival)
Break the ice with small talks
Start the conditioning process
Check authority
Check agenda
Consider using visual aid to set out key objectives or make key points
Don'ts
Use strong, pushy, cold or tough style at the opening
Put down marker at this stage
Criticise other organisations/TOP's previous contacts/third parties.
In this scenario, Diana has made her proposal right at the opening stage. This is an example of 'don'ts'. Good negotiators are very careful about 'red lines'. If she puts such barrier up too early, the supplier may not try to look for more creative solutions later in the negotiation.
NEW QUESTION # 136
Which of the following are most likely to be fundamentals of Fisher & Ury's principled negotiation?
1. Depersonalise the argument
2. Focus on positions
3. Generate creative options
4. Using subjective criteria
Answer: C
Explanation:
Principled negotiation is based on four fundamentals: people, interest, options and criteria:
Diagram Description automatically generated
1st Principle: separate the people from the problem: Negotiator should depersonalise the situation and accepting that the subject matter of the negotiation. This can be difficult for untrained negotiators, but this is a key skill to develop
2nd principle: focus on interests, not positions: It is important in principled negotiations not to focus on their parties' positions (what are expressed during negotiations), but on the interests (underlying needs) behind them
3rd principle: invent options for mutual gains: this principle aims to help the parties find a solution that both would benefit from. The more options - or tradeables - that can be brought to the table the better.
4th principle: insist on using objective criteria: is about making sure that the negotiation stays focused on outcomes based on objective criteria and that it is productive.
LO 1, AC 1.2
NEW QUESTION # 137
There are many factors which will influence supplier pricing decisions. Which of the following are external factors that may apply? Select THREE that apply:
Answer: B,D,F
NEW QUESTION # 138
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