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CIPS L4M5 (Commercial Negotiation) Certification Exam is designed for procurement and supply chain professionals who want to specialize in commercial negotiation. L4M5 exam is based on the latest industry practices and standards and is recognized worldwide as a mark of excellence in the procurement profession. Commercial Negotiation certification is ideal for individuals who want to advance their career in procurement and supply chain management and gain a competitive edge in the job market.

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The CIPS L4M5 exam format comprises multiple-choice questions and a case study that requires the candidate to apply their knowledge of negotiation skills in a practical scenario. The case study is designed to test the candidate's ability to identify the key issues and stakeholders involved, develop a negotiation strategy, and apply appropriate tactics to achieve a positive outcome. L4M5 Exam Duration is two hours, and the candidate must achieve a minimum of 50% to pass.

CIPS Commercial Negotiation Sample Questions (Q92-Q97):

NEW QUESTION # 92
The trust is built based on the other party's professional qualifications or proven or certified technical capability or experience is known as...?

A. Contractual trust
B. Irrevocable Trust
C. Competence trust
D. Goodwill trust

Answer: C

Explanation:
:
Trust is the expectation that the other party will behave in a predictable and mutually acceptable way. In inter- firm relationships, the presence and absence of trust can affect the level of cost in a relationship. The existence of trust is taught to lower the transaction cost in a relationship. Dr. Mari Sako identified taxonomy of 3 types of trust in commercial relationship, which is very useful from the perspective of procurement.
Contractual trust: Trust based on the contract with TOP. This is potentially the weakest source of trust if there is nothing else to base the trust on, but it is the quickest to establish.
Competence trust: Trust based on TOP's professional qualifications or proven or certified technical capability or experience.
Goodwill trust: Trust based on knowing TOP has your interest at heart and will not behave opportunistically.
This is potentially the strongest type of trust, but it takes the longest time to build.

NEW QUESTION # 93
Which of the following types of relationship would possibly lead to a distributive negotiation?

A. Partnership
B. Outsourcing
C. Transactional
D. Alliance

Answer: C

NEW QUESTION # 94
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?

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

Answer: C

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.

NEW QUESTION # 95
Neville is a senior procurement specialist in a automaker. He has good relationship with his team mates and other departments because of his amazing purchasing skills and kindness. Which of the following sources of power is Neville likely to possess?

A. Referent
B. Reward
C. Legitimate
D. Coercive

Answer: A

Explanation:
In 1959, French and Raven described five bases of power:
1. Legitimate - This comes from the belief that a person has the formal right to make demands, and to expect others to be compliant and obedient.
2. Reward - This results from one person's ability to compensate another for compliance.
3. Expert - This is based on a person's high levels of skill and knowledge.
4. Referent - This is the result of a person's perceived attractiveness, worthiness and right to others' respect.
5. Coercive - This comes from the belief that a person can punish others for noncompliance.
Six years later, Raven added an extra power base:
6. Informational - This results from a person's ability to control the information that others need to accomplish something.
In the scenario, Neville attracts and keeps good relationship with his colleagues not because of neither position nor reward nor coercion. He has good skills and kindness, which increase his charisma. His source of power is referent power.

NEW QUESTION # 96
Which of the following are most likely to be sources of conflict that can emerge from the content of commercial negotiations? Select TWO that apply.

A. Framework arrangement
B. Requisition
C. Cultural differences
D. Payment terms
E. Contract governing law

Answer: D,E

Explanation:
There are multiple sources of divergent positions that can arise in situations where money is exchange for goods and services. There are 2 different types of sources. Those that arise from the content or subject matter of the negotiation (what is being negotiated) and those that arise from the process of negotiation (how it is being negotiated).
Sources of divergent position - the content of negotiation:
Table Description automatically generated

Cultural differences are the source of conflict in the process of negotiation.
Requisition is an internal document raised by user or store to communicate to procurement the need to buy the product or service specified. This is merely a internal document.
Framework arrangement is a rather loose set-up, without any legal standing. It usually occurs when an organisation has decided for itself to limit the number of suppliers it is willing to work with and, through a purely internal process, sets up an approved list of such suppliers.
LO 1, AC 1.1

NEW QUESTION # 97
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New L4M5 Braindumps Ebook & Certification Success Guaranteed, Easy Way of Training & L4M5 Learning Mode

Pass Guaranteed CIPS - Fantastic L4M5 - New Commercial Negotiation Braindumps Ebook

CIPS Commercial Negotiation Sample Questions (Q92-Q97):

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