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| Section | Objectives |
|---|---|
| Topic 1: Negotiation fundamentals | - Principles of commercial negotiation
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| Topic 2: Negotiation strategies and tactics | - Approaches to negotiation
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| Topic 3: Power, ethics and communication in negotiation | - Influencing factors
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| Topic 4: Negotiation planning and preparation | - Preparation techniques
|
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NEW QUESTION # 159
Which of the following are examples of variable costs?
Building and site rent
Annual insurance premium
Raw materials expenditure
Delivery costs for materials
Answer: A
Explanation:
Variable costsare expenses that change in proportion to business activity or production volume.Raw materialsanddelivery costsdirectly increase as more products are produced. In contrast,rentandinsuranceare fixed costs that remain constant regardless of output levels.
"Variable costs are directly linked to production output. Raw materials and logistics (e.g., delivery) scale with order volume, impacting supplier pricing and buyer negotiations." (L4M5 Commercial Negotiation, 2nd edition, Section 2.1 - Direct and Variable Cost Classifications)
NEW QUESTION # 160
Which of the following is the internal factor that is taken into price of a product?
Answer: D
Explanation:
In order to answer this question, you should better consider each option:
'Exchange rate' is the value of one nation's currency versus the currency of another nation or economic zone.
This is a macroeconomic factor.
'Elasticity' refers to the degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes. This is a microeconomic factor Consumer tastes refer to the products and services that consumers consciously choose over others. Consumer tastes are so powerful that they can change how businesses conduct their activity. Like elasticity, this is also a microeconomic factor.
Among 4 options, only risk management is the internal factor. Risk pricing is a strategy applied by many companies in the world. To learn how to price the risk, you can read an article from McKinsey: https://www.
mckinsey.com/business-functions/marketing-and-sales/our-insights/how-to-price-risk-to-win-and-profit This is a question that a student met in her actual exam. The knowledge section is unknown.
LO: Unknown, AC: Unknown
NEW QUESTION # 161
Which of the following are examples of connected stakeholders in a private organisation? Select TWO that apply.
Answer: A,C
Explanation:
:
Connected stakeholders are those who, by contractual or commercial relationships, have a significant stake in organisation activity. As a general rule, connected stakeholder (with the exception of suppliers) have a low level of influence on procurement negotiations.
Examples of connected stakeholders are: suppliers, customers, bank where the organisation opens its account, shareholders.
NEW QUESTION # 162
A procurement manager is considering accepting a fixed price agreement for 12 months with an IT supplier.
What are the advantages of fixed price agreements? Select TWO that apply.
Answer: A,D
Explanation:
Afixed price agreementprovides stability and predictability. The supplier bears the risk of cost fluctuations, which is especially advantageous in volatile markets. Moreover, it simplifies administrative processes for the buyer over the contract duration.
"Fixed price agreements transfer cost risk to the supplier and enable simplified contract management. This can reduce overhead for buyers and support budgeting accuracy." (L4M5 Commercial Negotiation, 2nd edition, Section 2.1 - Pricing Models in Negotiation)
NEW QUESTION # 163
According to Dr. Mari Sako, which of the following is potentially the weakest trust to be built?
Answer: B
Explanation:
Trust is the expectation that the other party will behave in a predictable and mutually acceptable way. In inter-firm relationships, the presence and absence of trust can affect the level of cost in a relationship. The existence of trust is taught to lower the transaction cost in a relationship. Dr. Mari Sako identified taxonomy of
3 types of trust in commercial relationship, whichis very useful from the perspective of procurement.
Contractual trust: Trust based on the contract with TOP. This is potentially the weakest source of trust if there is nothing else to base the trust on, but it is the quickest to establish.
Competence trust: Trust based on TOP's professional qualifications or proven or certified technical capability or experience.
Goodwill trust: Trust based on knowing TOP has your interest at heart and will not behave opportunistically.
This is potentially the strongest type of trust, but it takes the longest time to build.
Otherwise, trust also has legal meaning. A trust is a legal document that can be created during a person's lifetime and survive the person's death. A trust can also be created by a will and formed afterdeath. Charitable trusts are trusts which benefit a particular charity or the public in general.
NEW QUESTION # 164
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