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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | CIPS Level 4 Diploma in Procurement and Supply – L4M2 Defining Business Needs |
| Exam Number: | L4M2 |
| Available Languages: | English |
| Passing Score: | 70% |
| Exam Duration: | 120 minutes |
| Real Exam Qty: | 60 |
| Related Certifications: | CIPS Level 5 Advanced Diploma in Procurement and Supply CIPS Level 4 Diploma in Procurement and Supply |
| Certificate Validity Period: | No expiry (qualification does not expire once achieved) |
| Exam Format: | Computer-based objective test, Multiple-choice questions |
| Recommended Training: | CIPS Official Study Resources CIPS Level 4 Learning Support |
| Exam Registration: | Pearson VUE CIPS Exams Booking CIPS Qualifications Registration |
| Sample Questions: | CIPS L4M2 Sample Questions |
| Exam Way: | Computer-based exam delivered via authorised test centres or remote proctoring (Pearson VUE) |
| Pre Condition: | No formal prerequisites required, but completion of CIPS Level 3 is recommended for progression into Level 4. |
| Official Syllabus URL: | https://www.cips.org/qualifications/ |
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In order to pass the CIPS L4M2 exam, candidates must have a good understanding of the key concepts and principles involved in defining business needs. They must also be familiar with the various techniques used to gather and analyze requirements, as well as the tools and methods used to evaluate and validate requirements. Candidates must also be able to communicate requirements effectively to stakeholders and prioritize them based on their importance. With the right preparation and study, candidates can successfully pass the CIPS L4M2 Exam and advance their career in business analysis.
NEW QUESTION # 130
When analysing competitive forces in a market, which of the following can be seen as a supplier having low bargaining power? Select TWO that apply.
Answer: A,B
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Analysis) Supplier power is low when:
* Buyers can easily substitute products (Option B).
* Switching costs are low, so buyers can change suppliers without difficulty (Option D).
Low competition (A) or low innovation (E) strengthens supplier power, not weakens it. High quality (C) increases supplier leverage.
Relevant L4M2 references:
* "Factors influencing supplier bargaining power"
* "Porter's Five Forces model - supplier power and substitution"
NEW QUESTION # 131
Which of these are variety reduction initiatives? Select the THREE that apply.
Answer: A,B,C
NEW QUESTION # 132
Which of the following statements is true about product life cycle?
Answer: C
Explanation:
A product's life cycle portrays the length of time a product is in the market; from the beginning of its introduction to consumers until it is removed from shelves and phased out. This cycle is often divided into four phases: introduction, growth, maturity, and decline. Depending on the relevant stage, companies will set an according strategy to achieve their desired targets. Pricing and promotions play a pivotal role in the design of these product life cycle strategies. Therefore, product life cycle management, the process of strategizing ways to continuously support and maintain a product, is seen more and more at pricing mature players and could bring real value to your company.
Introduction phase: during the introduction phase, the new product is introduced to consumers and a substantial amount of money is invested in advertising and marketing campaigns to bring awareness of the product to the customer. In this phase competition is low, but units sold will also correspondingly be quite low as well still. Consumers need to be convinced of the benefits of the product. Lots of articles never make it beyond this phase: e.g. 3D televisions.
Profits in the introduction stage tend to be low or there may even be a loss. This is because the cost of marketing to establish product awareness plus distribution costs can be far higher than the revenue received from sales. This can be offset to a degree by 'skimming' price in the very early stages. Skimming a price is where a business charges the highest price that it thinks the market will bear initially until product recognition brings in other buyers and then the price drop.
Growth phase: when it's shown there is proven demand for the product and consumers are buying it, the next stage will be its growth phase. This phase is punctuated by increasing demand, increas-ing production and an increase in the competitive landscape. Availability of the product is under-standably paramount during this phase, going out of stock is unthinkable during the growth period.
The electric car is an example of a product that is currently in the midst of the growth phase.
Maturity phase: normally the maturity phase is the phase that is characterized by declining production and marketing costs due to synergies and economies of scale. During this phase the first signs of market saturation occur and most consumers or households already own the product. Sales numbers still grow, but at a slower pace. In the maturity phase, price competition becomes intense, a broader range of distribution channels are deployed and competition is more focused on competitive pricing, marginal product differences or the difference in services or promotions. This period in the PLC is often said to be the 'cash-cow period'.
That being said, the idea of 'Maturity from the start' also exists. This occurs when a brand decides to launch a product extension and directly follows up the maturity phase of an earlier version of the product. For example, the iPhoneX followed up from the 'normal' iPhone-series and therefore the iPhoneX never had to undergo the introduction or growth phase, but immediately started in its maturity phase.
Decline phase: the final phase of the PLC is entered once the product loses market share to other, newer products and the competitive landscape becomes too hard to survive. During this stage, de-mand declines, companies are left with overstock with prices and margins getting depressed. Therefore retailers and brands normally start stunting with promotions during the decline of the PLC to sell their final stock.
A well-known example of a product that has been through the decline phase were the Nokia phones; sales results dramatically decreased after the introduction of the iPhone.
Reference:
- CIPS study guide page 90
- Adjusting your Pricing Strategy to the Product Life Cycle Stage (omniaretail.com)
- Price Skimming Definition (investopedia.com)
LO 2, AC 2.2
NEW QUESTION # 133
Royal Navy is preparing a through-life contract. They put to the contract a term on rectification of operational defects and planning and delivery of Fleet Time Support Periods. Which part of through-life requirement does this term belong to?
Answer: C
Explanation:
There are 6 main components of the through-life requirements of an asset: Design, Manufacture, Installation, In-service support, Decommission and disposal and Customer support.
Rectification of operational defects and planning and delivery of Fleet Time Support Periods are maintenance activities which belong to in-service support. You may have chosen Customer support. However, in through-life asset management context, customer support does not include maintenance services. Instead, it is the services that go along the stages of asset life. It may include consulting, communication and information exchange.
Source: Andrew Graves
Reference:
LO 3, AC 3.2
NEW QUESTION # 134
A company has a lists of items that make up 15% of total spend. These items also do not largely impact on quality of final product. The supply continuity is secured. Which of the following will be the most appropriate managing approach to purchase these items?
Answer: C
Explanation:
Those items make up small portion of spend and the supply risk is low. So it is tactical item according to Kraljic portfolio matrix. Procurement should bundle these items into larger contracts, simplify procurement process.
LO 2, AC 2.1
NEW QUESTION # 135
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