Error-Free CIPS L4M5 Exam Questions PDF Format

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CIPS L4M5 Exam Syllabus Topics:

Section	Objectives
Power, ethics and communication in negotiation	- Influencing factors 1. Sources of negotiation power 2. Communication and interpersonal skills 3. Ethical considerations in negotiation
Negotiation strategies and tactics	- Approaches to negotiation 1. Collaborative and competitive strategies 2. Tactical behaviours and influence techniques 3. Concession strategies
Negotiation fundamentals	- Principles of commercial negotiation 1. Types of negotiation (distributive vs integrative) 2. Definition and purpose of negotiation
Negotiation planning and preparation	- Preparation techniques 1. Information gathering and analysis 2. BATNA and reservation points 3. Setting objectives and targets

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CIPS Commercial Negotiation Sample Questions (Q221-Q226):

NEW QUESTION # 221
Which of the following statements about oligopoly is incorrect?

A. Oligopolistic firms recognize their interdependence
B. One firm's behaviour is a function of what its rivals do
C. Prices in oligopoly are predicted to fluctuate widely and frequently
D. A few firms play an important role in the sale of a product

Answer: C

Explanation:
An oligopoly exists when there are small number of producers that exert a significant influence in the market.
Oligopoly's main characteristics are discussed as follows:
- Interdependence
The most important feature of oligopoly is the interdependence in decision--making of the few firms which comprise the industry. This is because when the number of competi-tors is few, any change in price, output, product etc. by a firm will have a direct effect on the fortune of its rivals, which will then retaliate in changing their own prices, output or products as the case may be.
- Importance of advertising and selling costs
A direct effect of interdependence of oligopolists is that the various firms have to employ various aggressive and defensive marketing weapons to gain a greater share in the market or to prevent a fall in their market share. For this various firms have to incur a good deal of costs on advertising and on other measures of sales promotion. Therefore, there is a great importance of advertising and selling costs under conditions of market situation characterised by oligopoly
- Group behaviour
Another important feature of oligopoly is that for the proper solution to the problem of determination of price and output under, it analysis of group behaviour is impor-tant.
- Indeterminateness of demand curve facing an oligopolist
In this question, 'Prices in oligopoly are predicted to fluctuate widely and frequently' is an incorrect statement as producers in oligopoly often try to set up price. Prices fluctuate more frequently in perfect competition.
LO 2, AC 2.2

NEW QUESTION # 222
Collaborative approach in negotiation not only can fully satisfies the concerns of both, but also ensure that neither party will seek to be opportunistic in later time during the life of the contract. Is this statement true?

A. Yes, because all parties must have exactly the same goals in integrative negotiation
B. No, because the parties will always find a compromise solution in integrative approach
C. No, because any party may leverage its own advantage during the contract
D. Yes, because both parties have well understood each other's goals when they engage in collaborative negotiation

Answer: C

Explanation:
Integrative, interest-based negotiation can facilitate constructive, positive relationship and establish contracts between parties on a foundation of goodwill. It is important to note it can only facilitate these positive outcomes, it does not guarantee that the other party will not seek to be opportunistic at a later time during the life of the contract. Previous knowledge of the behaviours of the other party regarding honouring contractual and other commitments will be useful here in predicting long-term outcomes, not ensuring that they will not leverage their advantages.

NEW QUESTION # 223
A senior buyer analyses the supply market and he realises that his organisation is treated as Exploit according to supplier's perspective model. What does he need to do?

A. Raise the transactional costs to do business
B. Increase the spend value
C. Adopt opaque processes
D. Pay the suppliers on time

Answer: D

Explanation:
The supplier's perspective model has two axes: Spend value and Attractiveness:
Chart, table Description automatically generated

Exploit is the quadrant where the buyer has high spend but low attractiveness. Overarching supplier objective would be: "Milk this customer and charge a high price to compensate for all the pain they put us through".
The buyer should increase its attractiveness to raise the position to Core customer. To do this, a buyer may:
- Simplify procurement processes
- Simplify contracting processes
- Use clear and concise documentation
- Eliminate onerous supplier terms and conditions
- Make the payment on time
- Use transparent processes
- Promote ethical behaviours
LO 1, AC 1.4

NEW QUESTION # 224
Which of the following are typical characteristics of activity-based costing (ABC) method? Select TWO that apply.

A. Variable and all related overhead expenses are specifically assigned to a business activity
B. ABC provides the information required to take action and realise improvements
C. Costs are allocated based on volume
D. Limited understanding of true costs incurred
E. ABC has tended to over cost products on long runs and under cost those on short runs

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 # 225
Which of the following is a disadvantage of absorption costing method?

A. Fixedcost allocated to products on the basis of the cost of activities used in producing them
B. Limited understanding of true costs incurred
C. Variable costs are not taken into product final costs
D. Using marginal cost of producing addition units

Answer: B

Explanation:
Absorption costing is an approach to allocating overheads in which indirect costs are loaded or absorbed into direct costs related to specific jobs, processes or outputs, using an estimated basis of allocation.
Graphical user interface, text, chat or text message, website Description automatically generated

NEW QUESTION # 226
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