VALID CIPS VERIFIED L4M5 ANSWERS & PROFESSIONAL PREP4SUREGUIDE - LEADER IN CERTIFICATION EXAM MATERIALS

Valid CIPS Verified L4M5 Answers & Professional Prep4sureGuide - Leader in Certification Exam Materials

Valid CIPS Verified L4M5 Answers & Professional Prep4sureGuide - Leader in Certification Exam Materials

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CIPS L4M5 exam covers a range of topics, including the negotiation process, negotiation planning, the use of power and influence, communication skills, and conflict resolution. It also examines the legal and ethical considerations involved in commercial negotiations. L4M5 Exam is structured to test candidates' ability to apply these concepts in real-world situations, making it a practical and relevant certification for procurement professionals.

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Hot Verified L4M5 Answers | High-quality L4M5 Dumps Reviews: Commercial Negotiation

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CIPS Commercial Negotiation Sample Questions (Q173-Q178):

NEW QUESTION # 173
Which of the following statements about oligopoly isincorrect?

  • A. A few firms play an important role in the sale of a product
  • B. Prices in oligopoly are predicted to fluctuate widely and frequently
  • C. One firm's behaviour is a function of what its rivals do
  • D. Oligopolistic firms recognize their interdependence

Answer: B

Explanation:
Explanation
An oligopoly exists when there are small number of producers that exert a significant influence in the market.
Oligopoly's main characteristics are discussed as follows:
- Interdependence
The most important feature of oligopolyis the interdependence in decision-making of the few firms which comprise the industry. This is because when the number of competitors is few, any change in price, output, product etc. by a firm will have a direct effect on the fortune of its rivals, which will then retaliate in changing their own prices, output or products as the case may be.
- Importance of advertising and selling costs
A direct effect of interdependence of oligopolists is that the various firms have to employ variousaggressive and defensive marketing weapons to gain a greater share in the market or to prevent a fall in their market share. For this various firms have to incur a good deal of costs on advertising and on other measures of sales promotion. Therefore, thereis a great importance of advertising and selling costs under conditions of market situation characterised by oligopoly
- Group behaviour
Another important feature of oligopoly is that for the proper solution to the problem of determination of price and output under, it analysis of group behaviour is impor-tant.
- Indeterminateness of demand curve facing an oligopolist
In this question, 'Prices in oligopoly are predicted to fluctuate widely and frequently' is an incorrect statement as producers in oligopoly often try to set up price. Prices fluctuate more frequently in perfect competition.
LO 2, AC 2.2


NEW QUESTION # 174
Which of the following are most likely to be characteristics of a perfectly competitive market? Select TWO that apply

  • A. There are many buyers and sellers in the market
  • B. In a competitive market, both buyers and sellers are price givers
  • C. In a perfectly competitive market, each seller has a large impact on the market price A perfectly competitive market consists of products that are all slightly different from one another
  • D. Firms can freely enter or exit the market

Answer: A,D

Explanation:
A perfectly competitive market is one with the following features:
- There are many firms producing identical or very similar (homogeneous) goods or services
- There are no barriers to entry to the market or exit from the market - anyone can enter or leave easily
- Both producers and customers have perfect knowledge of the market place, prices, costs of production and influences on demand and supply Under these conditions, the price and quantity will always tend toward equilibrium as any producer that sets a price above equilibrium will not sell anything at all, and any producer that sets a price below a equilibrium will obtain 100% market share in theory. The demand curve is perfectly elastic, which means that it will be horizontal. In a perfectly competitive market, it is difficult to increase profits through pricing, and suppliers instead must focus on their cost structure. As these conditions imply, there are few if any examples of perfectly competitive market.
LO 2, AC 2.2


NEW QUESTION # 175
When is the best time in procurement process in which procurement should get involved so that the cost- saving opportunities are the greatest?

  • A. Post-tender stage
  • B. Specification stage
  • C. Market consult stage
  • D. Post-contract stage

Answer: B

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 of the 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 # 176
How contribution is calculated in break-even analysis?

  • A. Variable costs subtracted from fixed costs
  • B. Price minus fixed costs
  • C. Fixed costs divided by variable costs
  • D. Variable costs subtracted from price

Answer: D

Explanation:
:
Contribution = Price - Variable cost
Break-even point (volume) = Fixed cost/Contribution


NEW QUESTION # 177
Which of the following is the area where two or more negotiating parties may find common ground?

  • A. Walk away area
  • B. Zone of proximal development
  • C. Zone of potential agreement
  • D. Best alternative to a negotiated agreement

Answer: C

Explanation:
The zone of possible agreement (ZOPA) or bargaining range is considered an area where two or more negotiating parties may find common ground. It is this area where parties will often compromise and strike a deal. In order for negotiating parties to find a settlement or reach an agreement, they must work towards a common goal and seek an area that incorporates at least some of each party's ideas.
The zone of proximal development refers to the difference between what a learner can do without help and what he or she can achieve with guidance and encouragement from a skilled partner.
There is no Walk away area. Walk away point is a position from which you cannot concede any more ground and must walk away/decline a deal.
Best alternative to a negotiated agreement is a fallback or backstop position if the negotiation fails to result in an agreement/no deal is agreed.
LO 1, AC 1.2


NEW QUESTION # 178
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