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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Use specifications in procurement and supply | 20-25% | - Types of specifications
|
| Topic 2: Stakeholder management in defining needs | 15-20% | - Align needs with organisational objectives
|
| Topic 3: Market management in procurement and supply | 20-25% | - Evaluate market information sources
|
| Topic 4: Legal and regulatory considerations | 10-15% | - Legislation affecting requirements definition
|
| Topic 5: Devise a business case for requirements sourced externally | 20-25% | - Criteria for creating business cases
|
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NEW QUESTION # 86
A market has a considerable number of buyers and suppliers. Analysis of the market reveals that loyalty from buyers is relatively low and switching to alternative providers is commonplace. Which of the following market characteristics is supporting this type of buyer behaviour?
Answer: A
NEW QUESTION # 87
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 # 88
The procurement team of a global supermarket has created a business case for a corporate social responsibility (CSR) sourcing strategy to meet the corporate objective of sustainability. This would require sourcing only from suppliers who meet ethical standards, a reduction in plastic, and using recycled material where possible.
Which of the following business benefits would be mentioned in the business case? Select TWO that apply:
Answer: A,E
Explanation:
Detailed Explanation:
A (Fulfilment of business objective): Aligning procurement practices with sustainability goals supports the overall corporate strategy.
D (Improved brand equity): Sustainable practices enhance reputation and consumer trust.Other options, like increased capacity or reduced costs, are secondary or unrelated to CSR initiatives. Reference: CIPS Level 4, CSR and Sustainability.
NEW QUESTION # 89
Which of the following factors are likely to be direct barriers to a new entrant in a supply market?
Answer: A,E
Explanation:
There are many types of barriers to entry into a market. Some of these include:
- Economies of Scale: When manufacturing or selling at a large scale, companies are able to avail cost advantages because per unit costs of the product fall. So the more the company produces in quantity the more the benefit. When existing companies have this advantage, it can act as a barrier to entry because a new entrant will have to try to match the scale to achieve the same cost ad-vantage as the existing company. This may not be possible at the initial stage.
- A Differentiated Product: If the product being sold by the existing company or companies is highly differentiated or enjoys strong brand loyalty, then this can act as a strong barrier to entry. The new entrant will have to invest in creating a product with newer and unique features and bene-fits that surpass those offered by the old company. In addition, there will need to be strong efforts to break existing brand loyalties and shift them to a new untested company.
- High Capital Costs: If an industry requires huge capital investments at the onset, then this will act as a barrier to entry for many of the potential entrants. Only those will attempt to enter the competitive fray who have the resources to make this high initial investment.
- Other Cost Advantages: Apart from those cost benefits that come from economies of scale, there are other advantages that an existing firm may enjoy. These include access to the best suppliers, an understanding of existing materials and knowledge of their quality, possession of any necessary and important patents, and proprietary information and technological knowledge. There are also learning advantages, achieved over years of business and experience.
- Cost of Switching: The cost associated with a consumer's move from one company or product or another is called the switching cost. If there are significant switching costs, then a new entrant may not be able to create means of removing these. Or, they may have to offer significant advantage to counter these switching costs at their own expense.
- Distribution Network: Often, distribution relationships are well established and may prove to be a strong barrier to entry for a new company. A new entrant will obviously need access to these dis-tribution channels but will need to invest extra in order to engage distributors who have established relations with existing competitors.
- Suppliers: As with distributors, suppliers may be vital to the operations of a new business. Exist-ing suppliers may have contracts or loyalties with existing companies and may prove to be difficult to form relationships with.
- Legal and Government Created Barriers: Government and regulatory requirements such as permits and licenses may be a strong barrier to entry. There may also be laws governing ways to conduct business that may conflict with a company's practices in other countries.
- Barriers to Exit: Interestingly, barriers to exit may act as a deterrent to entry by new companies. If a company is unable to easily leave a competitive environment in case business does not work out, then it will have to stay and compete even if that is a detrimental business practice. In this case, the company may choose to not enter the market in the first place.
Reference:
LO 2, AC 2.2
NEW QUESTION # 90
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?
Answer: A
Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.
Diagram Description automatically generated
Reference: CIPS study guide page 82-84
LO 2, AC 2.1
NEW QUESTION # 91
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