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| Section | Objectives |
|---|---|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 225
Facing fiercer competition at home and abroad, IKEA, the leading furniture retailer, needs to im-prove its competitiveness. In order to do this, IKEA must decrease operating costs and improve quality of current and new retail stores. The company establishes a project team. The job of the team is to collect data on performance from multiple stores in several countries, then select the best performing one. The team will work closely with best performing store and study its processes. After the research, the team will recommend best practices to other retail stores. IKEA management can also apply these practices to new stores in the future. Which of the following correctly describe the process undertaken by IKEA project team?
Answer: D
Explanation:
Basically, IKEA project team is undertaking the following process:
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This is a typical benchmarking process. Benchmarking is defined as the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand how your organization compares with similar organizations, even if they are in a different business or have a different group of customers.
In the scenario, benchmarking process is undertaken within subsidiaries of IKEA, thus it is internal.
NEW QUESTION # 226
Which of the following agencies can produce a technical standard?
Answer: C
Explanation:
Technical standards are often produced by a national or international body such as British Standard Institute (BSI) LO 3, AC 3.1
NEW QUESTION # 227
At which stage of product life cycle, price competition between sellers will be the most intense?
Answer: B
Explanation:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline.
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Source: https://blueoceanoutsource.co.ke/the-product-life-cycle-concept/ At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.
Reference: CIPS study guide page 90-91
LO 2, AC 2.2
NEW QUESTION # 228
Dana is an automobile manufacturer. It has a new electrification strategy that aims at making eco-friendly electric pick-up trucks. To implement this strategy, the procurement department must source new categories of parts that make motors, sensors, solenoids and stators. He starts to analyse the market by identifying specific supply market segments for those parts and finding suppliers who have the best capabilities in those segment. He intends to segment the market based on specific features of the products. Which variable is used by Dana procurement manager to shape and manage supply market?
Answer: B
Explanation:
In sales and marketing, market segmentation is the process of trying to understand clusters of cus-tomers in terms of their buying behavior and their buying characteristics. There are some traditional segmentation approaches: geography, demography, types of industry and the benefits. Then there are newer segmentation approaches: behavioral, situational, and psychographic.
Procurement professionals can learn market segmentation from sales and marketing. Segmenting the market can help them to shape and manage the supply market effectively. According to Michael Porter, a market can be segment with array of products and buyers.
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Source: Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 234).
Free Press. Kindle Edition.
In the scenario, the products that Dana needs to source is distinct in their features. The best way is to segment the market by product varieties.
Reference: CIPS study guide page 65
LO 2, AC 2.1
NEW QUESTION # 229
A sports organisation requires additional racing equipment to match exact technical specifications for compatibility. Which type of specification is most appropriate?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Specification Control) A conformance specification defines exact technical details (dimensions, materials, design).
It ensures identical compatibility with existing items.
Hence, Option A is correct.
Performance or outcome specifications would allow variations, which are not acceptable here.
Relevant L4M2 references:
* "Conformance vs performance specifications"
* "Specification alignment for compatibility"
NEW QUESTION # 230
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