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| Section | Objectives |
|---|---|
| Negotiation strategies and tactics | - Approaches to negotiation
|
| Power, ethics and communication in negotiation | - Influencing factors
|
| Negotiation fundamentals | - Principles of commercial negotiation
|
| Negotiation planning and preparation | - Preparation techniques
|
>> Valid L4M5 Test Questions <<
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NEW QUESTION # 329
Which of the following is a source of information on microeconomic factors?
Answer: C
Explanation:
The marketing and corporate communications of suppliers are direct sources of microeconomic information, particularly about individual companies and industry conditions. Other options (RPI, financial market data, etc.) are more aligned with macroeconomic data, focusing on broader economic trends, as outlined in CIPS definitions of micro vs. macroeconomic data sources.
NEW QUESTION # 330
A buyer has lost trust in a supplier but wishes to repair the relationship. What is the appropriate first step?
Answer: C
Explanation:
Rebuilding trust requires acknowledgement of the issue and supplier commitment to improvement. Cosmetic gestures such as hospitality or price reductions do not address the core problem. Nor should KPIs be artificially lowered, as this masks underperformance. Trust is restored when accountability is accepted and corrective actions are implemented transparently. This aligns with CIPS' emphasis on trust-building behaviours: honesty, responsibility, and consistent performance.
Reference: CIPS L4M5 (2nd ed.), LO 3.1 - Managing trust and repairing damaged supplier relationships.
NEW QUESTION # 331
Which of the following should be done when undertaking a reflection activity on negotiation? Select TWO that apply.
Answer: A,C
Explanation:
Giving positive group and individual feedback is easy, as is self-congratulation and, in many cases, it is hoped, this will be an accurate reflection on actual performance. When it comes to developmental or difficult feedback, it is only natural to want to move on and not reflect on the negative or developmental points, or why a negotiation did not achieve its objectives. But this is a mistake. The best learning opportunities come from reflection on what could be done better, and this can beachieved without blame, threat or condemnation.
Everyone and every team will make mistakes and/or have areas where they could have improved. Clearly, if every reflection session concludes that an individual or team keeps making the same mistake, then thereis a case to change roles or consider alternative approaches.
About Dos and Don'ts of reflection, you can refer here:
https://offices.depaul.edu/human-resources/employee-relations/Documents/Self%20Assesement.pdf
NEW QUESTION # 332
Which of the following is NOT a barrier to entry in a monopolized market?
Answer: C
Explanation:
Monopolies exist in many markets in real life for very different reasons:
Ownership of a Key Resource: When one company exerts sole control over a resource that is necessary for the production of a specific product, the market may become a monopoly. For example, the only medication deemed acceptable to treat a disease comes from a particular ingredient X, and knowledge of this ingredient X is owned by a single family owned company. The company can, therefore, be said to have a monopoly over ingredient X that is needed to cure the disease because it is the only company that can produce a product deemed acceptable.
Government Franchise: In certain instances, a monopoly may be explicitly created by the government if it grants a single company, whether private or government-owned, the right to conduct business in a particular market. For example, when a national railways transportation service is created by the government, in most cases they are granted a monopoly on the operation of passenger trains in the country. As a result, other firms are only able to offer passenger train services with the cooperation and/or permission of the government- owned provider.
Intellectual Property Protection: Extending intellectual property protection to a company in the form of patents and copyrights is yet another way in which monopolies are created. When a government does this, it is in fact giving a single company an exclusive right to provide a particular product / service to the market.
Patents and copyrights work in providing owners of intellectual property with the right to act as an exclusive provider of a new product for a specific length of time. This creates a temporary monopoly in the market with regards to new products and services.
Natural Monopoly: A market may also become a monopoly simply because it may be more cost-effective for one company to serve the whole market than to have several smaller firms in competition with one another. A company with virtually unlimited economies of scale is referred to as a natural monopoly. Such firms become monopolies due to their position and size, which makes it impossible for new entrants in the market to compete price-wise. Natural monopolies are common in industries with high fixed costs and low marginal costs of operation such as providers of television, telephone, and internet services.
In this question, 'A single firm is very large' is not enough to tell whether this market is monopolistic.
NEW QUESTION # 333
Which of the following is the most appropriate approach to investors or shareholders who have high level of influence but low interest in the running of business?
Answer: D
Explanation:
Explanation
Investors or shareholders who have high level of influence but low interest belong to 'Keep satisfied' quadrant of Mendelow's Stakeholder Matrix.
You may read 2 versions from L4M1 and L4M5 here:
Table Description automatically generated
LO 1, AC 1.1
NEW QUESTION # 334
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