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| Section | Objectives |
|---|---|
| Topic 1: Negotiation fundamentals | - Principles of commercial negotiation
|
| Topic 2: Power, ethics and communication in negotiation | - Influencing factors
|
| Topic 3: Negotiation strategies and tactics | - Approaches to negotiation
|
| Topic 4: Negotiation planning and preparation | - Preparation techniques
|
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NEW QUESTION # 202
Cost and price analysis is very important for buyers when they are preparing for a negotiation with supplier.
Which of the following is a benefit of knowing supplier's fixed costs?
Answer: B
Explanation:
Knowing supplier's fixed and variable costs is beneficial for the buyer in a negotiation. With these insights, the buyer would know the volume at which the supplier reaches break-even points and then offers significant discount due to economies of scale.
Reference: CIPS study guide page 80-81
LO 2, AC 2.1
NEW QUESTION # 203
Which type of question style is a negotiator using if they ask the other party
"Can you deliver our items by Friday 17th?"
Answer: A
Explanation:
This is a closed question because it requires a definite, factual response such as "yes" or "no". Closed questions are particularly useful in negotiations for confirming specific commitments, including delivery dates, prices, quantities, or contractual terms. They reduce ambiguity and are commonly used during the later stages of negotiation to confirm agreement and progress toward closure. Probing questions seek deeper explanation, leading questions influence the answer, and multiple questions combine several issues at once.
CIPS highlights the importance of choosing question styles appropriately depending on the negotiation objective and stage.
Reference: CIPS L4M5 Commercial Negotiation (CORE), 2nd edition - LO 3.2: Questioning techniques and effective communication.
NEW QUESTION # 204
Sally is negotiating with an oversea supplier on the price and payment period. Her company and the supplying organisation are equal in bargaining power.The supplier says that they are investing in new facilities and machinery so the payment period should not be longer than 30 days. Sally knows that her company often pays the suppliers after 45 days from the delivery, but at the moment the company has positive cash flow and it is able to pay immediately. Which of the following should be Sally's concession plan?
Answer: D
Explanation:
Explanation
In the scenario, the length of payment period is particularly important to the supplier as they are investing new facilities. Otherwise, the buyer's company has apositive cash flow position and budget is available for a shorter payment terms. So this tradeable (payment period) is important to supplier but it is not a significant problem with the buyer. This tradeable will fall within 'Easy concession to trade' quadrant in the following matrix:
Table Description automatically generated
If the tradeable fall within this quadrant, Sally should shorten the payment period in supplier's favour and try to win as many concessions as possible in return. Asking for a discount may be a reasonable trade-off.
LO 2,AC 2.3
NEW QUESTION # 205
Under EU public procurement directives, which of the following are procedures in which there is no commercial negotiation allowed?
Answer: B,C
Explanation:
Explanation
Under the European Union public procurement directives, all public sector bodies must abide by certain rules when they procure goods and services over a threshold value. Theserules are codified under 5 procurement procedures:
1. Open Procedure
2. Restricted Procedure
3. Competitive Dialogue
4. Competitive Procedure with Negotiation
5. Innovation Partnerships.
Under normal circumstances, there is no commercialnegotiation allowed under the two most commonly used procedure, Open and Restricted. Under these procedures, the prices and terms and conditions of contract should be decided via reference only to the tenderers' responses to the buyer's requests for tenders, and not through 'post-tender negotiation'. Under the other procedure, negotiation within the rules is permitted.
Interested learners can read more about these procedures here.
LO 1, AC 1.1
NEW QUESTION # 206
Which of the following are most likely to be characteristics of a perfectly competitive market? Select TWO that apply
Answer: B,C
Explanation:
A perfectly competitive market is one with the following features:
- There are many firms producing identical or very similar (homogeneous) goods or services
- There are no barriers to entry to the market or exit from the market - anyone can enter or leave easily
- Both producers and customers have perfect knowledge of the market place, prices, costs of production and influences on demand and supply Under these conditions, the price and quantity will always tend toward equilibrium as any producer that sets a price above equilibrium will not sell anything at all, and any producer that sets a price below a equilibrium will obtain 100% market share in theory. The demand curve is perfectly elastic, which means that it will be horizontal. In a perfectly competitive market, it is difficult to increase profits through pricing, and suppliers instead must focus on their cost structure. As these conditions imply, there are few if any examples of perfectly competitive market.
LO 2, AC 2.2
NEW QUESTION # 207
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