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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Commercial Negotiation |
| Exam Number: | L4M5 |
| Certificate Validity Period: | Valid for life upon completion of full diploma |
| Exam Price: | ยฃ63 (UK member), ยฃ84 (non-member), varies by region |
| Passing Score: | 50% |
| Real Exam Qty: | 60 |
| Exam Duration: | 90 minutes |
| Available Languages: | English |
| Exam Format: | Multiple Choice, Objective Response, Scenario-based |
| Related Certifications: | L4M8 Procurement and Supply Operations L4M6 Supplier Relationships L4M4 Ethical and Responsible Sourcing L4M3 Commercial Contracting L4M2 Defining Business Need L4M1 Scope and Influence of Procurement and Supply L4M9 Purchasing Practice L4M7 Whole-Life Asset Management |
| Recommended Training: | CIPS Official Study Guide L4M5 CIPS Approved Training Providers |
| 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 looking to improve their negotiation skills. L4M5 exam is designed to provide an in-depth understanding of the negotiating process and help professionals to develop effective techniques for achieving successful outcomes. The CIPS L4M5 Exam covers a wide range of topics, including the principles of negotiation, the psychology of negotiations, and the specific challenges faced during commercial negotiations.
CIPS L4M5 Certification Exam focuses specifically on enhancing the commercial negotiation skills of procurement professionals. L4M5 exam is designed to test candidates' negotiation skills through a series of scenarios and case studies. Commercial Negotiation certification equips procurement professionals with the necessary knowledge and skills to negotiate effectively with their suppliers, stakeholders, and customers.
NEW QUESTION # 142
Premium pricing strategies used by suppliers are characterised by which of the following? Select TWO that apply.
Answer: C,E
Explanation:
:
There are several pricing strategies used by suppliers:
Cost-plus pricing - Total variable + Fixed cost + profit
Premium pricing - based on branding. Supplier determines to charge a very high price, not connected with cost structures, usually based on its reputation and/or the perception that the product/service is of a superior quality. This strategy typically found in the early part of the product life cycle/when demand exceeds supply.
Penetration pricing - Supplier attempts to enter a new market or extend its share in an established one. It is characterised by price reductions to increase volume, followed by steady price increases; may even be loss leading at start (no profit made) Marginal cost pricing - covers only variable cost Market pricing - suppliers prices in line with what the market is willing to pay
NEW QUESTION # 143
In which of the following persuasion methods, the influencer uses logics and objective reasons to persuade the others to buy into influencer's ideas?
Answer: D
Explanation:
There are two major persuasion methods: 'push' and 'pull'.
Persuasion can be defined as encouraging someone to do something that you want them to do for you.
Persuasion is reasoning with someone so that they will believe or do something they might not otherwise do.
Persuasion can be considered as 'pushing' on TOP so that they can accept the change in attitude or behaviour as a result of your actions.
Influence is the ability to affect the manner of thinking of another. Influence can be considered as pulling on TOP so that you achieve the same result, but TOP feels they have changed their attitude or behaviour as a result of their reflection and thinking, and not your direct actions.
There are multiple variables to consider when choosing between 'push' and 'pull'. Professor Fiona Dent of Ashridge Business School proposes situations when each style might be most appropriate, breaking down push into 'directive' and 'reasoning' and 'pull' into 'collaborative' and 'visionary':
Table Description automatically generated
Text Description automatically generated
Using logical and objective reasons is one of the typical characteristics of persuasion reasoning method.
NEW QUESTION # 144
Which of the following are most likely to be sources of conflict that can emerge from the process of commercial negotiations? Select TWO that apply.
Answer: C,E
Explanation:
:
There are multiple sources of divergent positions that can arise in situations where money is exchange for goods and services. There are 2 different types of sources. Those that arise from the content or subject matter of the negotiation (what is being negotiated) and those that arise from the process of negotiation (how it is being negotiated).
Sources of divergent positions - the process of negotiation:
Table Description automatically generated
Line of best fits is the line that goes approximately through the middle of the data points with an equal number of data points above and below it. Line of best fits is a method of calculating medium value in statistics.
Standard terms and conditions are basic terms and conditions of business governing transactions that do not have a definitive contract, usually designed to be included in form documents such as orders. While there may be conflicts regarding standard terms and conditions, they are about the content of negotiation, not the process.
Type of purchase: when buying organisation makes an decision to purchase an item, a buyer is faced with three possible scenarios. The item to be bought could be a straight re-buy, a modified re-buy or a new purchase. Decision on type of purchase is purely an internal decision.
NEW QUESTION # 145
Active listening in negotiation includes which of the following activities?
1. Hearing
2. Interpreting
3. Rapport
4. Influence
Answer: C
Explanation:
Listening is a hugely important skill in the world of work. It's a key part of effective communication [...].
Regarding active listening, there is a model called 'The SIER Hierarchy of Active Listening'. It details four key stages required for effective listening. As with all models associated with active listening, its purpose is to help the listener be a better, more effective listener who really hears what is being said, connects with the individual with whom they are communicating and builds effective relationships.
The model is a hierarchical model meaning that each stage builds on the stage before it. While the model is sometimes used for training in the sales arena, it is helpful in all walks of life. The stages of the model are:
Sensing (including hearing and watching body language), Interpreting, Evaluating and Responding.
Reference:
- CIPS study guide page 171-173
- The SIER Hierarchy of Active Listening: Become a Better Listener
LO 3, AC 3.3
NEW QUESTION # 146
Which of the following are most likely to harm trust between buyer and supplier in a commercial relationship? Select TWO that apply.
Answer: B,D
Explanation:
Trust-destroying behaviours:
- Rumours of partnership or relationship breaking down
- Emotion-based assessment of performance
- Avoiding accountability, passing the blame to others
- General mood - resentment, distrust, frustration, etc
LO 1, AC 1.4
NEW QUESTION # 147
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