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| Section | Objectives |
|---|---|
| Understand the stages of commercial negotiations in procurement and supply | - Analyze the types of approaches that can be pursued in commercial negotiations
|
| Understand the interpersonal skills required for effective negotiation | - Understand the behavioral aspects of negotiation
|
| Understand how to prepare for negotiations in procurement and supply | - Understand how to prepare for a negotiation
|
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NEW QUESTION # 62
Which of the following is the most appropriate approach to investors or shareholders who have high level of influence but low interest in the running of business?
Answer: D
Explanation:
Investors or shareholders who have high level of influence but low interest belong to 'Keep satisfied' quadrant of Mendelow's Stakeholder Matrix.
You may read 2 versions from L4M1 and L4M5 here:
Table Description automatically generated
LO 1, AC 1.1
NEW QUESTION # 63
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 # 64
Which of the following are examples of non-verbal negotiation? Select THREE that apply.
Answer: A,D,F
Explanation:
Nonverbal communication is important because it gives us valuable information about a situation including how a person might be feeling, how someone receives information and how to approach a person or group of people.
There are several types of nonverbal communications you should be aware of, including:
1. Body language
Body language is the way someone situates their body naturally depending on the situation, the environment and how they are feeling.
Example: Someone might cross their arms if they are feeling angry or nervous.
2. Movement
The way you move your arms and legs such as walking quickly or slowly, standing, sitting or fidgeting, can all convey different messages to onlookers.
Example: Sitting still and paying attention in a meeting conveys respect and attention.
3. Posture
The way you sit or stand can also communicate your comfort level, professionalism and general disposition towards a person or conversation.
Example: Someone might slouch their shoulders if they feel tired, frustrated or disappointed.
4. Gestures
While gestures vary widely across communities, they are generally used both intentionally and unintentionally to convey information to others.
Example: Someone in the United States might display a "thumbs up" to communicate confirmation or that they feel positively about something.
5. Space
Creating or closing distance between yourself and the people around you can also convey messages about your comfort level, the importance of the conversation, your desire to support or connect with others and more.
Example: You might stand two to three feet away from a new contact to respect their boundaries.
6. Paralanguage:
Paralanguage includes the non-language elements of speech, such as your talking speed, pitch, intonation, volume and more.
Example: You might speak quickly if you are excited about something.
7. Facial expressions
One of the most common forms of nonverbal communication is facial expressions. Using the eyebrows, mouth, eyes and facial muscles to convey can be very effective when communicating both emotion and information.
Example: Someone might raise their eyebrows and open their eyes widely if they feel surprised.
8. Eye contact
Strategically using eye content (or lack of eye contact) is an extremely effective way to communicate your attention and interest.
Example: Looking away from someone and at the ground or your phone may convey disinterest or disrespect.
9. Touch
Some people also use touch as a form of communication. Most commonly, it is used to communicate support or comfort. This form of communication should be used sparingly and only when you know the receiving party is okay with it. It should never be used to convey anger, frustration or any other negative emotions.
Example: Placing your hand on a friend's shoulder may convey support or empathy.
Reference:
- CIPS study guide page 174-175
- Nonverbal Communication Skills: Definition and Examples
LO 3, AC 3.3
NEW QUESTION # 65
SBL provides contract bathroom furniture and fittings for a wide variety of domestic and commercial clients.
To some suppliers, SBL spendclaims a large portion of their revenue. But SBL is famous for imposing draconian obligations on these suppliers. Which of the following is most likely to be overarching objective of these suppliers to SBL?
Answer: A
Explanation:
According to Paul Steele's 'The Seller's Perspective', customer can be classified into 4 categories as below:
Chart, treemap chart Description automatically generated
In this scenario, although SBL's spend claims large portion in suppliers' revenues, their draconian treatment will reduce SBL's attractiveness in supplier's perspective.SBL falls into Exploit quadrant. With exploitable customers, suppliers tend to 'milk' the customer and charge a high price to compensate for all the pain customer put on them.
NEW QUESTION # 66
In preparation for holding negotiation meetings with existing suppliers, category manager Stephen would like to appraise the bargaining strength of his organisation. Which of the following are examples of buyer power?
Select TWO that apply:
Answer: A,C
NEW QUESTION # 67
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