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| Section | Objectives |
|---|---|
| Topic 1: Partnering and Collaboration | - Strategic partnerships
|
| Topic 2: Dynamics of Supplier Relationships | - Nature of buyer-supplier relationships
|
| Topic 3: Managing Supplier Relationships | - Supplier performance management
|
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NEW QUESTION # 247
In a partnership who is responsible for decision making?
Answer: B
Explanation:
The correct answer is both the supplier and the buyer- joint decision making is a key aspect of partnership relationships. A project steering committee decides on priorities, suggests improvements, conducts audits etc. See p.152
NEW QUESTION # 248
Agile Cars Ltd is creating a 'lean' business model which involves receiving deliveries of components only when they are required. Which of the following 'wastes' is being removed from the business?
Answer: C
Explanation:
This would reduce inventory (holding stock). Inventory is considered a business waste because it costs money to store stuff (e.g. paying the rent on a warehouse, electricity to light it up etc). If you can reduce the need to store materials and components on site- you reduce costs. You also save time because you get deliveries when you need them- you don't need to allow for staff unpacking things, storing them away, then going back to them later when they need them. For more information on the 7 Business Wastes see p.70. This comes up in a couple of modules, so it's worth remembering.
NEW QUESTION # 249
When is partnering a particularly suitable approach to sourcing?
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
Partnering is most suitable in scenarios involving high-risk contracts, where the complexity, uncertainty, or strategic importance of the procurement necessitates close collaboration between the buyer and supplier. In such cases, a partnership allows for shared risk management, joint problem-solving, and mutual investment in achieving long-term objectives. This approach is less appropriate for low-cost, low-risk, or commoditized items where transactional relationships suffice.
Reference:
CIPS L4M6 Study Guide
NEW QUESTION # 250
In the 1990s a company spent a lot of time and money developing a device that you could carry around that could play CDs. The product spent a long time in development but when it was released the sales figures were very disappointing. This was in part due to the fact another product was released at a similar time which had much more developed technology and could play music without the cumbersome size of a portable CD player. Which of the following did the company not consider when developing the product?
Answer: C
Explanation:
The portable CD player has been replaced with a substitute product. This threat wasn't considered by the company and this resulted in poor sales. There are many questions in the exam on Porter's 5 Forces - see p. 39
NEW QUESTION # 251
Which of the following occurs in the growth stage of the relationship lifecycle?
Answer: A
Explanation:
CIPS explains that supplier relationships move through a lifecycle typically consisting of initiation, growth, maturity, and exit/renewal.
During the growth stage, the relationship is developing and expanding. As interaction increases, it is common for:
* Operational challenges to arise
* Differences in expectations to surface
* Conflicts to emerge that must be managed collaboratively
Negotiating terms occurs at the initiation stage, achieving aims occurs during maturity, and learning lessons is associated with exit or renewal.
L4M6 Reference:
* Learning Outcome 3: Understand approaches to managing supplier relationships
* Topic: Relationship lifecycle management
* CIPS L4M6 Study Guide - Stages of supplier relationships
NEW QUESTION # 252
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