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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Commercial Negotiation |
| Exam Number: | L4M5 |
| Available Languages: | English |
| Real Exam Qty: | 60 |
| Exam Format: | Multiple Choice, Objective Response, Scenario-based |
| Exam Price: | ยฃ63 (UK member), ยฃ84 (non-member), varies by region |
| Passing Score: | 50% |
| Certificate Validity Period: | Valid for life upon completion of full diploma |
| Related Certifications: | L4M3 Commercial Contracting L4M6 Supplier Relationships L4M4 Ethical and Responsible Sourcing L4M8 Procurement and Supply Operations L4M1 Scope and Influence of Procurement and Supply L4M2 Defining Business Need L4M7 Whole-Life Asset Management L4M9 Purchasing Practice |
| Exam Duration: | 90 minutes |
| Recommended Training: | CIPS Approved Training Providers CIPS Official Study Guide L4M5 |
| Exam Registration: | Official CIPS Registration |
| Sample Questions: | CIPS L4M5 Sample Questions |
| Exam Way: | Online remote proctored or in-person at authorised test centres |
| Pre Condition: | No formal prerequisites; recommended for those with basic procurement knowledge or work experience |
| Official Syllabus URL: | https://www.cips.org/qualifications/diploma-in-procurement-supply/commercial-negotiation |
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CIPS L4M5: Commercial Negotiation exam is an essential qualification for procurement professionals who want to enhance their negotiation skills. Successful completion of L4M5 exam demonstrates that candidates have the knowledge and skills required to negotiate complex commercial contracts. L4M5 Exam is a valuable asset for procurement professionals who want to advance their careers and stand out in the job market.
NEW QUESTION # 200
Which of the following is a source of information on microeconomic factors?
Answer: A
Explanation:
Microeconomic data specific to industries, suppliers, or products can often be found in commodity markets, trade exchanges, and financial databases. These provide detailed insights on supply, demand, pricing, and trends.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 2.2 - Information Sources for Market and Economic Analysis
NEW QUESTION # 201
Which of the following statements about oligopoly isincorrect?
Answer: C
Explanation:
Explanation
An oligopoly exists when there are small number of producers that exert a significant influence in the market.
Oligopoly's main characteristics are discussed as follows:
- Interdependence
The most important feature of oligopolyis the interdependence in decision-making of the few firms which comprise the industry. This is because when the number of competitors is few, any change in price, output, product etc. by a firm will have a direct effect on the fortune of its rivals, which will then retaliate in changing their own prices, output or products as the case may be.
- Importance of advertising and selling costs
A direct effect of interdependence of oligopolists is that the various firms have to employ variousaggressive and defensive marketing weapons to gain a greater share in the market or to prevent a fall in their market share. For this various firms have to incur a good deal of costs on advertising and on other measures of sales promotion. Therefore, thereis a great importance of advertising and selling costs under conditions of market situation characterised by oligopoly
- Group behaviour
Another important feature of oligopoly is that for the proper solution to the problem of determination of price and output under, it analysis of group behaviour is impor-tant.
- Indeterminateness of demand curve facing an oligopolist
In this question, 'Prices in oligopoly are predicted to fluctuate widely and frequently' is an incorrect statement as producers in oligopoly often try to set up price. Prices fluctuate more frequently in perfect competition.
LO 2, AC 2.2
NEW QUESTION # 202
Jessica Taylor, a senior buyer, is reflecting on her most recent negotiation. She has been asked by her manager to create a written record of performance. Which of the following should Jessica include in this negotiation performance report? Select THREE that apply:
Answer: A,D,E
NEW QUESTION # 203
A procurement officer for a manufacturing organisation is negotiating with a supplier over the provision of components. The supplier has indicated that they have to raise their prices due to their fixed costs increasing. Which TWO of the following are types of fixed costs?
Answer: A,D
Explanation:
Fixed costs are costs that do not vary directly with production volume. Staff salaries and building rents remain largely constant regardless of output levels and therefore meet the definition of fixed costs. Raw materials and temporary labour vary with production levels and are therefore variable costs. Warehouse logistics often fluctuate with throughput and activity, making them variable or semi-variable rather than fixed.
Understanding fixed versus variable costs is essential for buyers when assessing supplier justifications for price increases, enabling more informed and credible cost-based negotiations.
Reference: CIPS L4M5 Commercial Negotiation (CORE), 2nd edition - LO 2.2: Cost structures and cost analysis in negotiation preparation.
NEW QUESTION # 204
According to Fiona Dent and Mike Brent, which of the following are characteristics of Push approach? Select TWO that apply.
Answer: A,C
Explanation:
According to the book 'Influencing: Skills and techniques for business success' by Fiona Dent and Mike Brent, there are two major influencing styles. Push tends to be directive. It tells, and is clear and resolute, but needs to be employed in situations where firmness is required because of difficulties that exist or weakness is evident.
Pull is more participatory and collaborative. It seeks to incorporate everyone's perspective. It can appear wishy-washy if not skilfully employed. That approach should be followed which is most likely to secure commitment and not mere compliance.
The two divisions can be further divided into four style categories: directive; persuasive reasoning; collaborative - team oriented, people oriented to inspire them with a vision. The directive style relies on your expertise and reputation being respected by others, and where there really does seem to be one answer. It is "I" driven whereas persuasive reasoning is more "we" and issue driven. Directive styles can make the user appear as "a bull in a china shop"; persuasive reasoning can be portrayed as tough guy.
Collaborative influencing takes the "we" element further and seeks to mobilise everyone's ideas in a journey of discovery. It may have the flavour of "I'm your best friend", which may not go down too well. Visioning style is concerned to stir people's emotions in support of achieving an objective. This last one has been used by demagogues to stir people's hearts and minds for evil purposes as well as good.
A useful table offers the benefits, problems, words and body language associated with each style along with advice on when to use and when to avoid each. Cases and exercises illustrate these styles.
Empathy comes in for extended treatment with the definition of "standing in the other's shoes". This does not necessarily happen just intuitively, and therefore before a specific influencing effort there should bean intense effort to think about the other person or persons and to sense what it might feel like to be them - their hopes, fears, concerns, what turns them on, what turns them off, where are they coming from.
NEW QUESTION # 205
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