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CIPS L4M5 Exam Syllabus Topics:

Topic	Details
Topic 1	Setting objectives and defining the variables for a commercial negotiation Use of telephone, teleconferencing or web based meetings
Topic 2	Macroeconomics and its influence on commercial negotiations Contrast the economic factors that impact on commercial negotiations
Topic 3	Understand key approaches in the negotiation of commercial agreements with external organisations Sources of conflict that can arise in the work of procurement and supply
Topic 4	Identify the different types of relationships that impact on commercial negotiations Pragmatic and principled styles of negotiation
Topic 5	Analyse how to assess the process and outcomes of negotiations to inform future practice Protecting relationships after the negotiation
Topic 6	Analyse the application of commercial negotiations in the work of procurement and supply Negotiation in relation to the stages of the sourcing process
Topic 7	Building relationships based on reputation, and trust Repairing a relationship The relationship spectrum
Topic 8	Setting targets and creating a best alternative to a negotiated agreement (BATNA) Collaborative win-win integrative approaches to negotiations
Topic 9	Team management and the influence of stakeholders in negotiations Definitions of commercial negotiation
Topic 10	Organisational power: comparing the relative power of purchasers and suppliers Explain how the balance of power in commercial negotiations can affect outcomes
Topic 11	How behaviours should change during the different stages of a negotiation Compare the key communication skills that help achieve desired outcomes

CIPS Commercial Negotiation Sample Questions (Q36-Q41):

NEW QUESTION # 36
Which of the following method should be used in negotiation if both parties want to communicate verbally and non-verbally without having to meet face-to-face?

• A. Web conferencing
• B. Telephone
• C. Teleconferencing
• D. In-person meeting

Answer: A Explanation:
Explanation
Using webcams in a web conference means you are able to communicate both verbally and non verbally.
Over the phone, you cannot see TOP, the only cue/signal you have regarding their mood, interest and attitude is person's voice, intonation andany delay.
A teleconference is a telephone meeting among two or more participants involving technology more sophisticated than a simple two-way phone connection.
In-person meeting requires you team and TOP to be in the same place at the same time.
LO 2, AC 2.4
NEW QUESTION # 37
In a commercial negotiation,a procurement professional believe that the larger the order quantity from buyer, the lower the supplier's average costs. Is this assumption true?

• A. Yes, because larger order quantity will always enable the supplier to reach its economy of scale
• B. No, because the supplier may need to invest in new facility to meet buyer's demand
• C. No, because supplier's average costs will rise as the buyer's demand increases
• D. Yes, because larger order quantity will bring a considerable profit to supplier

Answer: B Explanation:
In some markets, suppliers experience peaks and troughs in demand and so buyers can increase their leverage through developing an understanding of how busy their vendor are at particular time during the year or business cycle and targetting atquieter period. Similarly, if a buyer can develop an understanding of supplier capacity and to what extent have they covered their fixed cost, they may be able to target suppliers when their average costs are likely to be lowest. Vendor's average costs will be higher at low and high capacity utilisation.
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NEW QUESTION # 38
The trust is built based on the other party's professional qualifications or proven or certified technical capability or experience is known as...?

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

Answer: A 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.
Goodwilltrust: 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 # 39
One difference between perfect competition and monopolistic competition is that...?

• A. A perfectly competitive industry has fewer firms.
• B. Monopolistic competition has no barriers to entry
• C. In perfect competition, firms produce slightly differentiated products
• D. Firms in monopolistic competition face a downward-sloping demand curve

Answer: D Explanation:
Explanation
Monopolistic competition exists in market where there are many competing producers but they will try to use product differentiation. Although their products may be very similar, their ability to differentiate means that they can act as monopolies in short run, irrespective of the actions of their competitors.
In perfect competition, there are no barriers to entry to the market or exit from the market. In monopolistic competition, there tend to be fewer barriers to entry or exit in these markets than in oligopolistic markets, but it doesn't mean that there are absolutely no barriers to entry in monopolistic competition.
In perfect competition, the demand curve is perfectly elastic, which means that it will be horizontal.
Otherwise, in monopolistic competition market, the demand curve will have normal downward slope.
LO 2, AC 2.2
NEW QUESTION # 40
In a commercial negotiation, a procurement professional negotiates on his company's behalf. The power of buying organisation is the only factor that influences the behaviours of the other party. Is this assumption true?

• A. No, because power of supplier is the only factor that influences the other party
• B. Yes, because buyer's brand, reputation and purchasing spend largely determine the outcomes
• C. No, because personal power of negotiators also attributes tothe outcomes
• D. Yes, because the outcomes of negotiation are attributable to the buying organisation

Answer: C Explanation:
The assumption is false, because when aprocurement professional negotiates on behalf of his employer, he brings the power of his organisation (its brand, reputation and purchasing spend) as well his own personal power (that which is embedded within him) to the negotiation.
From a negotiation perspective, both organisational and personal power have the ability to influence the behaviours of other or the cause of event. This power is clearly core to negotiation, and of enormous important in seeking to achieve the objectives.
NEW QUESTION # 41
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