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| Section | Objectives |
|---|---|
| Negotiation fundamentals | - Principles of commercial negotiation
|
| Negotiation strategies and tactics | - Approaches to negotiation
|
| Negotiation planning and preparation | - Preparation techniques
|
| Power, ethics and communication in negotiation | - Influencing factors
|
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NEW QUESTION # 257
When is the best time in procurement process in which procurement should get involved so that the cost-saving opportunities are the greatest?
Answer: B
Explanation:
Explanation
The earlier procurement get involved in the procurement processes, the better. If procurement are involved in design at the specification stage they can feed in prices and costs to designer so they know the likely budget implication of choices made. Sending in a procurement team to negotiate at or close to the end ofthe procurement process effectively ties their hands and limits their negotiation leverage. This is illustrated in the graph below:
Chart Description automatically generated
LO 2, AC 2.1
NEW QUESTION # 258
A procurement professional is preparing for a negotiation with supplier. She is setting targets for price which her company is seeking to achieve. Which of the following acronyms can help her identify limits before engaging in the negotiation?
Answer: A
Explanation:
:
MIL criteria indicate 3 limits that negotiator should establish:
M - Must achieve: minimum target/maximum you can concede on this point; the mandatory requirement or fall back position I - Intend to achieve: realistic target you are aiming for on this point L - Like to achieve: stretch target to achieve on this point.
PPCA is purchase cost analysis
TIMWOOD indicates 7 types of waste in Lean principles
The RAQSCI model is a mnemonic summary of a business model used to define and structure business requirements
NEW QUESTION # 259
Macroeconomics can have an impact on commercial negotiations. Is this statement correct?
Answer: B
Explanation:
Macroeconomic factors like inflation, interest rates, and currency fluctuations can significantly affect pricing and contractual terms. Buyers and suppliers must account for these factors during negotiations, particularly in long-term or high-value contracts.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 2.2 - Economic Environment in Commercial Negotiation
NEW QUESTION # 260
Toby is an international sourcing category buyer within a third sector (not-for-profit) organisation. He has chosen to use a more adversarial style of negotiation as he believes his organisation has greater bargaining power over the supplier.
In what other situation would an adversarial relationship be used by Toby?
Answer: D
Explanation:
An adversarial (win-lose) negotiation approach is most appropriate where the relationship is short-term and transactional, and where long-term collaboration is not required. In such situations, the buyer may focus on maximising immediate value rather than building trust or joint efficiencies. A monopoly market places power with the supplier, making adversarial tactics ineffective. Where there are mutual objectives for efficiencies, an integrative (win-win) approach is more suitable. CIPS makes clear that adversarial negotiation is not appropriate in all negotiations, only where conditions such as short-term focus, low relationship dependency, and buyer power exist.
Reference: CIPS L4M5 Commercial Negotiation (CORE), 2nd edition - LO 1.1: Adversarial vs integrative negotiation approaches and when to apply them.
NEW QUESTION # 261
A procurement professional is preparing for a negotiation of purchasing non-critical commodity products. He knows that the product can be easily replaced by other substitutes in the market. The negotiation for these products is typified by which of the following?
Answer: D
Explanation:
With non-critical commodity products, the relationship will be transactional. Buyer should not spend too much time and effort into the negotiation.
Table Description automatically generated
LO 1, AC 1.4
NEW QUESTION # 262
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