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CIPS L4M2 Exam Syllabus Topics:

SectionObjectives
Understand market management in procurement and supply- Contrast direct costs and indirect costs
  • 1. Sources of information to estimate costs and prices
- Compare the competitive forces that influence markets
  • 1. Bargaining strength of suppliers and buyers
  • 2. Availability of substitutes and threat of new entrants
Understand the use of specifications in procurement and supply
Understand how to develop a business case for requirements to be sourced from external suppliers- Analyse how market factors affect procurement

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CIPS Defining Business Needs Sample Questions (Q264-Q269):

NEW QUESTION # 264
A large sports organisation requires some additional racing equipment to be built. It should match exactly the pre-determined technical specifications and requires exact compatibility. Which of the following specifications would be most appropriate?

Answer: A


NEW QUESTION # 265
Which of the following is the best definition of target costing?

Answer: A

Explanation:
Target costing is an activity aimed at reducing the life-cycle costs of new products, while ensuring quality, reliability, and other consumer requirements by examining all possible ideas for cost reduction at the product planning, research and development and prototyping phases of production. But it is not just a cost reduction technique; it is part of a comprehensive strategic profit management system.


NEW QUESTION # 266
XYZ Ltd is a large supermarket chain which operates mainly in the UK and Europe. Their custom-ers are increasingly concerned about sustainability. Therefore, procurement manager is required to source the products from suppliers who have good environmental performance. Which of the fol-lowing can be an assurance that the supplier has procedures and policies to enhance its environmental performance?

Answer: B

Explanation:
ISO 9001:2015 specifies requirements for a quality management system.
ISO 14001:2015 specifies the requirements for an environmental management system that an or-ganization can use to enhance its environmental performance. ISO 14001:2015 is intended for use by an organization seeking to manage its environmental responsibilities in a systematic manner that contributes to the environmental pillar of sustainability.
ISO 22716:2007 gives guidelines for the production, control, storage and shipment of cosmetic products. These guidelines cover the quality aspects of the product, but as a whole do not cover safety aspects for the personnel engaged in the plant, nor do they cover aspects of protection of the environment.
ISO 13485:2016 specifies requirements for a quality management system where an organization needs to demonstrate its ability to provide medical devices and related services that consistently meet customer and applicable regulatory requirements.
Reference:
LO 3, AC 3.1


NEW QUESTION # 267
The buyer's database is regarded as a primary data source. Which of the following is also a source of primary data?

Answer: C

Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2: Market Management) Primary data = data collected first-hand by the buyer for a specific purpose.
Secondary data = data collected by others and reused (e.g. reports, indices).
A: Price lists collected directly from suppliers at trade fairs represent first-hand market data.B, C, D are all secondary - they originate from external publications and existing datasets.
Hence, A is correct.
Relevant CIPS L4M2 Sections:
Sources of data for supply market analysis
Differences between primary and secondary data


NEW QUESTION # 268
Which of the following market sectors is largely commodity-dependent, impacted by food standards and public health, impacted by climate change and population change, and driven by technology to improve production yield?

Answer: B


NEW QUESTION # 269
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