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Trustworthy L4M5 Source - Exam L4M5 Preview

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CIPS L4M5 exam covers a wide range of topics related to commercial negotiation, such as the negotiation process, negotiating techniques, and legal considerations in contract negotiation. L4M5 exam also focuses on the importance of effective communication, stakeholder management, and risk management in negotiation. The knowledge and skills gained through L4M5 exam are highly relevant to procurement professionals who are responsible for negotiating contracts and agreements with suppliers, vendors, and other stakeholders.

CIPS L4M5: Commercial Negotiation exam has a significant importance in the procurement field, especially in today's hyper-competitive business environment. Solid negotiation skills are essential for both professional success and the success of businesses as a whole. It provides a comprehensive understanding of the core principles of effective negotiation and equips candidates with the tools and techniques necessary for winning negotiations with suppliers.

CIPS L4M5 Exam is highly respected by employers and is recognized as a mark of excellence in the field of commercial negotiation. It is a valuable asset for procurement and supply chain professionals, as well as sales and marketing professionals who engage in negotiations on a regular basis. Commercial Negotiation certification also provides a pathway to further professional development, such as the CIPS L5M6 (Commercial Strategy and Contract Management) Certification Exam, which focuses on the strategic aspects of commercial negotiation.

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CIPS Commercial Negotiation Sample Questions (Q272-Q277):

NEW QUESTION # 272
A competitive win-lose distributive approach to a negotiation is seeking to:

A. Foster collaboration and trust between the parties to enable joint problem solving
B. Obtain the largest possible share of resources or benefits at the expense of the other party
C. Compromise and split the difference so that both parties do not get what they want
D. Maximise joint gains for both parties so that resources and benefits are equally shared

Answer: B

NEW QUESTION # 273
Commercial negotiation ends at the award of a contract. Is this statement true?

A. Yes, because the supplier will comply with legally binding obligations
B. No, because improvements can be achieved through post-award negotiation
C. Yes, because there are no rooms for negotiation after the contract is awarded
D. No, because real commercial negotiation begins after the contract is awarded

Answer: B

Explanation:
Explanation
Negotiation doesn't end after the contract is awarded. The needs for negotiation can arise in anypost-award stages. For example, at supplier development and relationship management stage, improvement in supplier capability, capacity, and product/service range can be negotiated. Negotiations with long-term strategic critical suppliers should be carriedout in a partnering style, with a win-win starting point assumed.
In some sectors such as transport, utilities and infrastructure, tenderers may 'bid low' or even make a loss to win major contracts with a view to negotiating lucrative changes, variationsand 'add-ons' over the life of the contract when the supplier is bedded in and the buyer is in the weaker position to push back or challenge. Even in less complex contract, it is very likely that there will be a need to negotiate with that supplier again after the awarding of the contract.
LO 1, AC 1.1

NEW QUESTION # 274
Which of the following is a true statement regarding macroeconomic factors and their potential impact on negotiations?

A. Expectations on macroeconomic prospect are always correct
B. Macroeconomic factors cannot be influenced by anyone's expectation or sentiment
C. Macroeconomic factors always directly influence the negotiations
D. Changes in macroeconomic factors may affect businesses and individuals differently

Answer: D

Explanation:
'Macroeconomic factors always directly influence the negotiations': This statement is false. For any given negotiation it is not the macroeconomic factor itself that necessarily influences the negotiation but the change or rate of change that factor.
'Changes in macroeconomic factors may affect businesses and individuals differently': This statement is true.
Macroeconomic factors are factors that have general effects on the economy and many businesses may be completely unaffected or affected more or less than others in the same industry by a change in a factor.
'Macroeconomic factors cannot be influenced by anyone's expectation or sentiment': This statement is false.
When it comes to macroeconomic factors another key consideration is expectation regarding what might happen to these factors, or specifically the measures, metrics or percentage rates associated with these factors in the future.
'Expectations on macroeconomic prospect are always correct': This statement is false. Expectations are not always correct.
LO 2, AC 2.2

NEW QUESTION # 275
Personal power is only used in distributive approach. Is this statement true?

A. Yes, because one party will abuse coercive power to maximise the gain
B. Yes, because only distributive approach to negotiation requires strong personal power
C. No, because only organisational power will optimise the negotiation outcomes
D. No, because personal power can be veryhelpful in integrative approach

Answer: D

Explanation:
Explanation
Power, or more precisely perceptions of power,are critically important in understanding the commercial negotiation process. From a commercial negotiation point of view (under any circumstances, either integrative or distributive approach), CIPS is interested in power from both a personal and organisational perspective.
When you are negotiating on behalf of your employer, you bring the power of your organisation (its brand, reputation and purchasing spend) as well your own personal power (6 sources of personal power, based on French and Raven's power base model) to the negotiation.
In both integrative and distributive approaches, personal power plays an important role. It helps both parties push through negotiating barriers and secure commitment and final agreement LO 1, AC 1.3

NEW QUESTION # 276
Which of the following is the best description of direct cost?

A. Direct costs include raw materials, labour andoverheads
B. Direct costs include only raw materials and labour of making the final product
C. Direct costs include raw materials, labour and other expenses attributable to the final product
D. Direct costs are only variable raw materials that constitute a product

Answer: C

Explanation:
Direct costs are those costs of a product/service directly attributable/traceable to its production, for example, the costs of labour and materials directly used to produce the goods/services which the organisation sells.

NEW QUESTION # 277
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