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| Section | Weight | Objectives |
|---|---|---|
| Understand how commercial negotiations should be undertaken | 30% | - Review and improvement
|
| Understand key approaches in the negotiation of commercial agreements with external organisations | 35% | - Types of negotiation approaches
|
| Know how to prepare for negotiations with external organisations | 35% | - Economic and market factors
|
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NEW QUESTION # 209
Different types of relationships impact on commercial negotiations. At a negotiation, which one of the following sources would help to support leverage for the buyer?
Answer: C
Explanation:
Legitimate poweris derived from theposition or authorityheld within the organisation. It supports the buyer's ability to influence negotiation outcomes based on formal responsibility, legal rights, or contractual mandates.
"Legitimate power stems from formal roles, authority or responsibility. It enables negotiators to assert terms backed by organisational policy or legal mandate." (L4M5 Commercial Negotiation, 2nd edition, Section 3.1 - Organisational Power Structures in Negotiation)
NEW QUESTION # 210
Which of the following is considered a weakness of a 'dealer' style negotiator?
Answer: A
Explanation:
A useful and simple shorthand for preferred negotiation styles is summarised by four simple descriptor:
'warm', 'tough', 'logical' and 'dealer', which can be applied to describe individuals' dominant preferred style in most circumstances.
Warm - a people person
Tough - a hard-nosed negotiator
Logic - a numbers person
Dealer - a trader who loves bargaining
Strengths, weaknesses of dealer style are described below:
LO 2, AC 2.4
NEW QUESTION # 211
Which of the following is the first step in the development of negotiation strategies?
Answer: C
Explanation:
Developing specific negotiation strategies in areas where risk or spend is high involves analysing a wide range of objectives and variables within the context of the organisation'sbusiness requirements. The first stage in any negotiation preparation is to define your overall objectives which may be related to a single variable such as price in the case of a standardised requirement, or many variables in the case of capital equipment. Your negotiating strategies and tactics will all be focused on achieving overall objectives.
NEW QUESTION # 212
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, which is 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 after death. Charitable trusts are trusts which benefit a particular charity or the public in general.
NEW QUESTION # 213
Lina Rawlins, a senior buyer for a medical equipment company, is in charge of the company's largest supplier account. Recently, the supplier's performance has declined, leading to more rejected items. Lina has asked the supplier for an urgent meeting. In the meeting, she asks: "Can you tell me exactly what you are doing to ensure quality?" What type of question is Lina asking?
Answer: C
Explanation:
Lina's question seeksdetailed informationabout the supplier's actions and is aimed at uncovering the root cause or assurance measures. This makes it aprobing question, designed to delve deeper into specifics.
Probing is a key technique in negotiations for uncovering critical insights, particularly duringissue resolution or when seeking complianceon performance terms.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 3.3 - Questioning Styles: Probing for Clarity and Assurance
NEW QUESTION # 214
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