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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| 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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NEW QUESTION # 296
When analysing competitive forces in a market, which of the following can be seen as a supplier having low bargaining power?
Select TWO that apply:
Answer: B,C
Explanation:
Supplier bargaining power is reduced when buyers have more choices and the cost of changing suppliers is low.
According to the CIPS L4M2 Study Guide, Chapter 2: Market Analysis (Porter ' s Five Forces), it states:
"Suppliers have low bargaining power when buyers can switch easily between suppliers, when there are many substitute products, or when suppliers are not differentiated by innovation or quality." Let's evaluate each option:
* A. Low switching costs between products - This reduces supplier power, as buyers can move to competitors easily.
* B. A high number of substitutes available - This weakens supplier control, as buyers are not dependent on any single provider.
* C. Low competition in the marketplace - This actually increases supplier power.
* D. High quality products - If a supplier offers superior quality, it typically increases their bargaining power.
* E. Low levels of innovation - This can reduce supplier attractiveness but does not directly increase buyer leverage unless combined with other factors.
The correct answers are A (Low switching costs) and B (Many substitutes).
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 2: Market Management
* Section: Porter ' s Five Forces - Supplier Bargaining Power
NEW QUESTION # 297
Which of the following might be consequences of over-specification? Select TWO that apply:
Answer: B,C
Explanation:
Over-specification can cause problems to buying organisation, include the following:
- Higher expense due to unnecessary features embedded into the product
- Stifle competition because higher requirements will lead to fewer suppliers in the market are able to supply
- Harder to evaluate the trade-offs between different features and attributes in the specification Reference: CIPS study guide page 141-142 LO 3, AC 3.3
NEW QUESTION # 298
How can a procurement department meet the business needs when purchasing leverage items?
Answer: B
NEW QUESTION # 299
Ranjit is purchasing a large piece of laboratory equipment which is brand new to the market. Can this be classified as a straight re-buy?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) CIPS uses the classic buying situation model:
New buy - first time the item is purchased; high information need and perceived risk.
Straight re-buy - routine repurchase of a product that has been bought before and is well-known.
Modified re-buy - a repeat purchase with some changes (e.g. spec, price, supplier).
Here, the equipment is brand new to market, meaning:
It has not been purchased before by the organisation.
There is no previous sourcing history for this specific product, so it cannot be a straight re-buy.
Thus:
Option D is correct - it is not a straight re-buy because it has not been specified or sourced before.
Option A is incorrect - even if the supplier has been used before, the product is new.
Option B - there cannot be an "existing specification" for something new to the market; if there is, it would be a modified or straight re-buy, not a new product situation.
Option C - a standing purchase agreement would imply established purchasing arrangements: that contradicts
"brand new to market".
Relevant CIPS L4M2 areas:
Buying situations: new buy, straight re-buy, modified re-buy
Implications for information gathering, evaluation and risk
How new products affect sourcing and market management
NEW QUESTION # 300
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?
Answer: C
Explanation:
There are three basic groups of WLC (whole life-cycle costing) models:
- Decision support models
- Simulation models: Life cycle cost is an essential approach to decide on alternative rehabilitation strategies for infrastructure systems. Monte Carlo simulation approach is used to develop a stochastic life cycle cost (SLCC) model and methodology in order to compare different rehabilitation scenarios/alternatives for infrastructures, such as water mains. This method assumes that some inputs are randomly variable in a range of values.
- Optimisation models
Reference:
LO 1, AC 1.2
NEW QUESTION # 301
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