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| Section | Objectives |
|---|---|
| Topic 1: Understand the stages of commercial negotiations in procurement and supply | - Analyze the types of approaches that can be pursued in commercial negotiations
|
| Topic 2: Understand how to prepare for negotiations in procurement and supply | - Understand how to prepare for a negotiation
|
| Topic 3: Understand the interpersonal skills required for effective negotiation | - Analyze the interpersonal skills required for effective negotiation
|
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NEW QUESTION # 381
Which of the following is a description of mark-up?
Answer: B
Explanation:
Mark-up is defined as profit expressed as a percentage of the cost. It calculates the profit margin based on the cost price rather than the selling price, which allows companies to determine how much they are earning over their production or purchase costs. This aligns with standard accounting and CIPS definitions of mark-up in procurement contexts.
NEW QUESTION # 382
Which of the following are examples of push techniques in commercial negotiations? Select TWO that apply.
Answer: A,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 5 options in this question:
'Threat of punishment, costs and damage': The influencertries to 'push' the other party to act as he/she wants by using force. This method is effective but short-lived. The influencer also risks to developing reputation for being heavy handed and dictatorial.
'Argument based on information, logic and reason':The influencer uses logic and reasons to persuade the other party. This is also known as 'Persuasive Reasoning' (Push)
'Using language and imagery to 'paint a picture others can see'': The influencer seeks to influence another by understanding the other'semotions, and stimulating that party's imagination to visualise the desired future goal of the influencer. This is also known as 'visionary (pull)'
'Working together to define the problem, the goals and the best solution': In this technique, the person seeking to influence another involves the other party in the decision making process. This is known as 'collaborative (pull)'
'Listening to, involving and supporting others': In this technique, the person seeking to influence another tries to discover the other party's emotion and aims at mutual understanding. This is also a collaborative approach.
NEW QUESTION # 383
Ma Bell was the sole provider of landline telephone service to most of the US in 1980s. This is an example of...?
Answer: A
Explanation:
A monopoly exists when only one company can supply an essential product or service in a given region because of significant barriers to entry for any competitor. The barriers can be legal, regulatory, economic, or geographic. Ma Bell case is an example of monopoly. The company was broken up in 1982.
A monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
- All firms sell an identical product (the product is a "commodity" or "homogeneous").
- All firms are price takers (they cannot influence the market price of their product).
- Market share has no influence on prices.
- Buyers have complete or "perfect" information-in the past, present and future-about the product being sold and the prices charged by each firm.
- Resources for such a labor are perfectly mobile.
- Firms can enter or exit the market without cost.
Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors. Monopolistic competition is closely related to the business strategy of brand differentiation Reference: CIPS study guide page 105-110 LO 2, AC 2.2
NEW QUESTION # 384
Which of the following are typical characteristics of activity-based costing (ABC) method? Select TWO that apply.
Answer: A,B
Explanation:
:
Activity-based costing is an alternative approach to traditional absorption costing. The characteristics of these two methods are illustrated in the graph below:
Graphical user interface, text, chat or text message, website Description automatically generated
NEW QUESTION # 385
John and a supplier agree on a long-term relationship based on trust, respect, and shared risk/reward. What type of relationship is this?
Answer: C
Explanation:
A partnership is characterised by trust, mutual respect, and joint sharing of risks and rewards. Both sides collaborate on innovation and improvement. In contrast, transactional or arm's-length relationships are short- term and price-driven, while outsourcing simply transfers responsibility without guaranteeing collaboration.
CIPS emphasises partnerships as enablers of integrative negotiations, where joint value and long-term benefits can be achieved.
Reference: CIPS L4M5 (2nd ed.), LO 1.1 - Relationship spectrum: partnership vs transactional.
NEW QUESTION # 386
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