CIPS L4M5 Dumps - Commercial Negotiation PDF Sample Questions

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Exam Code:
L4M5
Exam Name:
Commercial Negotiation
162 Questions
Last Update Date : 15 April, 2024
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Realexamdumps Providing most updated CIPS Level 4 Diploma in Procurement and Supply Question Answers. Here are a few exams:


Sample Questions

Realexamdumps Providing most updated CIPS Level 4 Diploma in Procurement and Supply Question Answers. Here are a few sample questions:

CIPS L4M5 Sample Question 1

A procurement manager is preparing fora negotiation with an important supplier. He plans to withhold some crucial information so that his company gains the upper hand in the negotiation. Is this correct when considering using integrative approach to the negotiation?


Options:

A. No, this approach requires honest and open discussion
B. Yes, the supplier must know what buyer wants and how to provide that even when the buyer is silent on these matters
C. Yes, the buying organisation must maximise its gain, even at the detriment of the other party
D. No,holding back information will prompt the supplier gain higher negotiation power

Answer: A Explanation: Explanation: :Integrative negotiation is a negotiation strategy in which the involved parties work together to find a solution that satisfies the needs and concernsof each. This process often involves group brainstorming and creative thinking for individuals to suggest different ideas that benefit both parties.Compromising is often common in integrative negotiation, and both sides may need to give up certain needs to reach a solution. Honesty can also promote successful integrative negotiation because it can lead to a comprehensive understanding of the issue and what each party needs to be satisfied with the result.Reference: [Reference:, CIPS study guide page 29-31, IntegrativeNegotiation: Definition, Tips and Examples | Indeed.com, ]

CIPS L4M5 Sample Question 2

According to Professor Gavin Kennedy, in which of the following forms of dispute resolution, both parties will voluntarily exchange their ideas and beliefs?


Options:

A. Litigation
B. Persuasion
C. Negotiation
D. Gambling

Answer: C Explanation: Explanation: :Professor Gavin Kennedy highlights that we need to distinguish negotiation from other forms of decision-making by focusing on what is unique about it (the voluntary exchange) and not shared by othertechniques such as persuasion, gambling (e.g., coin tossing), command decision, instruction, litigation and coercion.

CIPS L4M5 Sample Question 3

In airline industry, suppliers prefer to adopt dynamic pricing in order to constantly monitor and change their fares inresponse to market conditions. Dynamics pricing is based on which costing method?


Options:

A. Activity-based costing
B. Cost plus costing
C. Absorption costing
D. Marginal costing

Answer: D Explanation: Explanation: :Dynamic pricing is the practice of dynamically calculating the price of a product or service in order to incorporate real-time market conditions, input costs, and/or competitive perspectives. Dynamic pricing which is based on marginal costing, is used by airlines and many other organisations.Marginal cost is the cost of producing an additional unit of output. Marginal Costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.

CIPS L4M5 Sample Question 4

Jasmine and the IHL sales team have a negotiation scheduled with one of AB’s lead buyers, Samuel, at AB’s premises. This is one of the biggest negotiations that Jasmine has been involved in and is eager not to make any mistakes. Jasmine has heard from a colleague that Samuel tends to adopt an integrative negotiation style. IHL senior management decides to send a team of three members to the negotiation. Jasmine is among the team and she is assigned to check body language, reactions, feeds insight to her leader and to record important comments and information from the meeting for minutes. Which of the following are roles of Jasmine in the forthcoming negotiation? Select TWO that apply.


Options:

A. Secretary(Correct)
B. Commercial expert
C. Technical expert
D. Chief negotiator
E. Observer

Answer: A, E Explanation: Explanation: :A negotiating team can be as few as two people, and one person can play one or more of these roles:Table Description automatically generatedAs from the scenario, Jasmine will act as an observer and a scribe (or secretary).

CIPS L4M5 Sample Question 5

Which of the following are examples of connected stakeholders in a private organisation? Select TWO that apply.


Options:

A. Customers
B. Local community
C. Media
D. Government
E. Shareholders

Answer: A, E Explanation: Explanation: :Connected stakeholders are those who, by contractual or commercial relationships, have a significant stake in organisation activity. As a general rule, connectedstakeholder (with the exception of suppliers) have a low level of influence on procurement negotiations.Examples of connected stakeholders are: suppliers, customers, bank where the organisation opens its account, shareholders.

CIPS L4M5 Sample Question 6

Stalemate is morelikely to happen if both parties trade more variables in a commercial negotiation. Is this assumption true?


Options:

A. No, because the party who offers more variables will have lower bargaining power
B. Yes, because the negotiation will last endlessly if there aretoo many variables
C. No, because more variables will facilitate more possible negotiated outcomes
D. Yes, because more variables will cause more conflicts of interest

Answer: C Explanation: Explanation: Negotiation variables such as price or contract length, etc arethat can be traded with TOP in a negotiation. The more variables you can identify, the better. The more variables you can identify and articulate, the lower the chances of the negotiation reaching deadlock as more possibilities are facilitated regarding more creative solutions.Below are examples of negotiation tradeables in buying professional services:Table Description automatically generatedTable Description automatically generatedLO 2, AC 2.4

CIPS L4M5 Sample Question 7

Which of the following are recognised techniques in contract negotiation? Select THREE that apply.


Options:

A. Framing and reframing
B. Ratification
C. Pacing and leading
D. Validation
E. Role ethics
F. Anchoring

Answer: A, C, F Explanation: Explanation: The question asks about negotiation techniques which are not present in the book. In this question, there are only 3 recognised techniques:- Framing and reframing: A frame is an assumption, or set of assumptions, that guides our attention and behavior. Reframing is the ability to identify and significantly change assumptions or perspectives. Framing has a significant impact on the effectiveness of negotiation outcomes and negotiator working relationships. You can read more on framing and reframing here.- Anchoring: Anchoring bias is well-known cognitive bias in negotiation and in other contexts. The anchoring bias describes the common tendency to give too much weight to the first number put forth in a discussion and then inadequately adjust from that starting point, or the “anchor.” We even fixate on anchors when we know they are irrelevant to the discussion at hand. You can read more on anchoring here.- Pacing and leading: Pacing and leading is a two-step lever of persuasion. First – You “match your pace” to the person you want to influence in as many ways as possible. You can do this by mimicking the way the person talks, stands, their appearance, etc. You can also mimic less tangible aspects like the way they act, or their emotional state.Second – Once you’ve set your pace with someone, lead them to whatever decision or behavior you want them to take! You can read more on pacing and leading here.Reference: [Reference: CIPS study guide page 163-165, LO 3, AC 3.2]

CIPS L4M5 Sample Question 8

Which of the following are intangible values created by trust in business relationships? Select TWO that apply.


Options:

A. Higher revenues
B. Positive feedbacks from customers
C. More focus oncore business
D. Increasing response time to request
E. Frequent conflict escalation

Answer: B, C Explanation: Explanation: Trust may create value as following:Text Description automatically generated with low confidenceLO 1, AC 1.5


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