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CIPS L4M5 certification exam is an essential qualification for professionals in the procurement and supply chain industry. Commercial Negotiation certification provides individuals with a comprehensive understanding of commercial negotiations and is recognized globally. Passing L4M5 Exam demonstrates a candidate's commitment to the profession and their dedication to improving their knowledge and skills.

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CIPS Commercial Negotiation Sample Questions (Q33-Q38):

NEW QUESTION # 33
Which of the following will help to indicate personality preferences in four dimensions?

A. Thomas-Kilmann Conflict Resolution model
B. Intelligence quotient
C. Mill's RESPECT mnemonic
D. Myers-Briggs Type Indicator

Answer: D

Explanation:
:
The Myers-Briggs Type Indicator (MBTI) is an introspective self-report questionnaire indicating differing psychological preferences in how people perceive the world and make decisions. MBTI indicates personality preferences in four dimensions.
The Thomas-Kilmann Conflict Mode Instrument (TKI) is a conflict style inventory, which is a tool developed to measure an individual's response to conflict situations.
Mill's RESPECT mnemonic is set out by Harry A. Mills which describes seven steps to agreements An intelligence quotient (IQ) is a total score derived from a set of standardized tests designed to assess human intelligence.

NEW QUESTION # 34
Which of the following is NOT a barrier to entry in a monopolized market?

A. The costs of production make a single producer more efficient than a large number of producers
B. A key resource is owned by a single firm
C. A single firm is very large
D. The government gives a single firm the exclusive right to produce some good

Answer: C

Explanation:
Monopolies exist in many markets in real life for very different reasons:
Ownership of a Key Resource: When one company exerts sole control over a resource that is necessary for the production of a specific product, the market may become a monopoly. For example, the only medication deemed acceptable to treat a disease comes from a particular ingredient X, and knowledge of this ingredient X is owned by a single family owned company. The company can, therefore, be said to have a monopoly over ingredient X that is needed to cure the disease because it is the only company that can produce a product deemed acceptable.
Government Franchise: In certain instances, a monopoly may be explicitly created by the government if it grants a single company, whether private or government-owned, the right to conduct business in a particular market. For example, when a national railways transportation service is created by the government, in most cases they are granted a monopoly on the operation of passenger trains in the country. As a result, other firms are only able to offer passenger train services with the cooperation and/or permission of the government- owned provider.
Intellectual Property Protection: Extending intellectual property protection to a company in the form of patents and copyrights is yet another way in which monopolies are created. When a government does this, it is in fact giving a single company an exclusive right to provide a particular product / service to the market.
Patents and copyrights work in providing owners of intellectual property with the right to act as an exclusive provider of a new product for a specific length of time. This creates a temporary monopoly in the market with regards to new products and services.
Natural Monopoly: A market may also become a monopoly simply because it may be more cost-effective for one company to serve the whole market than to have several smaller firms in competition with one another. A company with virtually unlimited economies of scale is referred to as a natural monopoly. Such firms become monopolies due to their position and size, which makes it impossible for new entrants in the market to compete price-wise. Natural monopolies are common in industries with high fixed costs and low marginal costs of operation such as providers of television, telephone, and internet services.
In this question, 'A single firm is very large' is not enough to tell whether this market is monopolistic.

NEW QUESTION # 35
An automotive company purchases high quality steel to produce components. The steel is an important raw material and the contract value is enormous. They sources the steel from oversea and contact some potential suppliers. One of the potential suppliers invites the procurement team to their premise for a new business opportunity. Should the procurement team accept the invitation?

A. Yes, because this is an opportunity to assess the supplier's capacity
B. Yes, because the visit would increase the buyer's bargaining power
C. No, because the travel would incur unnecessary costs
D. No, because negotiating over telephone is enough to collect information on supplier's capability

Answer: A

Explanation:
Explanation
In the scenario, the value of contract as well as the importance of purchased item justify the procurement's travel. Visiting a supplier at their HQ or operational facility may facilitate the procurement team in assessing, albeit briefly, the culture of the organisation, how busy they seem and how staff engage with each other. A visit is a good opportunity to assess supplier's capacity.
LO 2, AC 2.2

NEW QUESTION # 36
If the price of a good is above the equilibrium price, which of the following will happen?

A. There is a surplus (i.e. an excess supply) and the price will rise
B. The quantity demanded is equal to the quantity supplied and the price remains unchanged
C. There is a surplus (i.e. an excess supply) and the price will fall
D. There is a shortage (i.e. an excess demand) and the price will fall

Answer: C

Explanation:
:
In microeconomics, equilibrium price is determined when the quantity demanded is equal to the quantity supplied at equilibrium price in a market, there will be no shortages and no surpluses. If we combine our supply and demand curves on one graph, the point at which they converge determines the equilibrium price. If the price is set above this price and you read across the graph you will see the supply excess demand and there will be a surplus. In order to reduce this surplus, the price will need to fall. The scenario is illustrated in the graph below:
Chart, line chart Description automatically generated

NEW QUESTION # 37
Lina Rawlins, a senior buyer for a medical equipment company, is in charge of the company's largest supplier account. Recently, the supplier's performance has declined, leading to more rejected items. Lina has asked the supplier for an urgent meeting. In the meeting, she asks: "Can you tell me exactly what you are doing to ensure quality?" What type of question is Lina asking?

A. Probing
B. Leading
C. Hypothetical
D. Reflective

Answer: A

Explanation:
Lina's question seeksdetailed informationabout the supplier's actions and is aimed at uncovering the root cause or assurance measures. This makes it aprobing question, designed to delve deeper into specifics.
Probing is a key technique in negotiations for uncovering critical insights, particularly duringissue resolution or when seeking complianceon performance terms.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 3.3 - Questioning Styles: Probing for Clarity and Assurance

NEW QUESTION # 38
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CIPS Commercial Negotiation Sample Questions (Q33-Q38):

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