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| Section | Objectives |
|---|---|
| Topic 1: Power, ethics and communication in negotiation | - Influencing factors
|
| Topic 2: Negotiation strategies and tactics | - Approaches to negotiation
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| Topic 3: Negotiation planning and preparation | - Preparation techniques
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| Topic 4: Negotiation fundamentals | - Principles of commercial negotiation
|
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NEW QUESTION # 99
When is the best time for buyer to propose the negotiation agenda to potential supplier?
Answer: C
Explanation:
A business negotiation agenda is a formal agreed upon list of goals to be achieved or items to be discussed in a particular order during a meeting or negotiation. Agendas can be formal and obvious, or informal and subtle in negotiations.
The agenda is one of the main structural elements of negotiation, in addition to such questions as site, identification of participants, and elements of timing. Together, they answer the who, what, when, and where questions. As with other aspects of negotiation, the agenda can be used either manipulatively to enhance leverage or to improve the prospects for agreement and the possibilities for mutual gain. In most cases, it will be used both ways, reflecting the nature of negotiation as a "mixed-motive" situation.
Although it can be instrumental to [research] volunteer as a sole source to write the agenda, in most cases it becomes a joint activity to construct a consensual basis for subsequent negotiation. In these situations, agenda- building becomes one of the pre-negotiation activities that set the tone for the relationship (Saunders, 1985).
In other situations, the parties may engage in actual negotiation without a formal or written agenda. When this occurs, the risks and uncertainties may be high but the party who appreciates the importance of the informal agenda has a tremendous advantage.
Whether one plans it or not, during the course of negotiation the parties will discuss a finite set of issues in some sequence and from a particular perceptual framework. Consciousness of the universality and centrality of the agenda is prerequisite to guiding negotiation to a successful conclusion.
NEW QUESTION # 100
A procurement professional is preparing for a negotiation of purchasing non-critical commodity products. He knows that the product can be easily replaced by other substitutes in the market. The negotiation for these products is typified by which of the following?
Answer: D
Explanation:
With non-critical commodity products, the relationship will be transactional. Buyer should not spend too much time and effort into the negotiation.
LO 1, AC 1.4
NEW QUESTION # 101
Which of the following is a disadvantage of absorption costing method?
Answer: C
Explanation:
Absorption costing is an approach to allocating overheads in which indirect costs are loaded or absorbed into direct costs related to specific jobs, processes or outputs, using an estimated basis of allocation.
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NEW QUESTION # 102
One difference between perfect competition and monopolistic competition is that...?
Answer: D
Explanation:
Explanation
Monopolistic competition exists in market where there are many competing producers but they will try to use product differentiation. Although their products may be very similar, their ability to differentiate means that they can act as monopolies in short run, irrespective of the actions of their competitors.
In perfect competition, there are no barriers to entry to the market or exit from the market. In monopolistic competition, there tend to be fewer barriers to entry or exit in these markets than in oligopolistic markets, but it doesn't mean that there are absolutely no barriers to entry in monopolistic competition.
In perfect competition, the demand curve is perfectly elastic, which means that it will be horizontal.
Otherwise, in monopolistic competition market, the demand curve will have normal downward slope.
LO 2, AC 2.2
NEW QUESTION # 103
Professional buyer is planning for the next negotiation of a simple one-off contract. This negotiation is typified by which of the following? Select TWO that apply.
Answer: C,E
Explanation:
Professional buyers, when planning or engaging in negotiation with suppliers, should always be aware of where the intended and actual relationship with this supplier is positioned on the 'spectrum' or 'continuum' of commercial relationships. The relationship spectrum describes the range of commercial relationships between a buyer and supplier based on richness of communication, longevity and mutual dependence.
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In the question, the contract is simple one-off (or spot buy), which means the relationship will likely to be more transactional. In such relationship, price is the most important criteria and buyer may adopt arm's-length approach.
NEW QUESTION # 104
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