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One of the key benefits of the CIPS L4M5 Exam is that it is highly practical and industry-focused. L4M5 exam is designed to equip procurement professionals with the skills and knowledge they need to succeed in real-world negotiations. It covers a range of scenarios that professionals may encounter during commercial negotiations, including negotiating with suppliers, customers, and internal stakeholders. The CIPS L4M5 Exam also provides an understanding of the legal and ethical considerations that need to be taken into account during negotiations.
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CIPS L4M5 certification exam consists of five units, each with its own specific learning outcomes. These units cover a range of topics, including the principles of negotiation, the negotiation process, the legal and ethical aspects of negotiation, and the importance of building long-term relationships with suppliers. The CIPS L4M5 certification exam is designed to provide professionals with a broad understanding of commercial negotiation and to equip them with the skills and knowledge needed to excel in their roles.
CIPS L4M5 (Commercial Negotiation) Exam is a highly sought after qualification for procurement professionals seeking to enhance their bargaining and negotiation skills. Commercial Negotiation certification is designed to equip individuals with the expertise needed to negotiate effectively with suppliers, contractors, and other stakeholders in the procurement process. L4M5 Exam is a globally recognized qualification, awarded by the Chartered Institute of Procurement and Supply (CIPS), which is the leading professional body for procurement and supply chain management.
NEW QUESTION # 251
A negotiation is coming to the end. Both parties haven't had any official commitments. Right before leaving the room, the buyer strongly disagrees with supplier's set up prices and requests a discount. The supplier doesn't reply but nods and smiles. Can the buyer consider these actions as an acceptance?
Answer: B
Explanation:
Good negotiators are attuned to all stimuli and not just the verbal and written information exchanged. Tone of voice, body language, facial expressions and other clues from TOP are noticed, and with experience and knowledge, interpreted correctly. This interpretation may also involve knowledge of culture norms and values. A smile, a 'yes' and the type of hospitality received, (in the business context), can mean very different things in different international business cultures.
Trained negotiators will consider non-verbal communication (such as nodding and smiling) and body language as one source of signal from TOP, but will rarely rely wholly on this as a guide to what TOP is thinking or feeling. Furthermore, international and regional cultural considerations must be included here to avoid errors in interpretation. Emotional intelligence also has an important role in forming a more holistic perspective of what TOP may be thinking or feeling.
NEW QUESTION # 252
Which type of power is considered the opposite of coercive power?
Answer: A
Explanation:
The coercive power comes from the belief that a person can punish others for non-compliance. It can be considered as opposite to reward power, which results from one person's ability to compensate or reward another for compliance.
LO 1, AC 1.3
NEW QUESTION # 253
During a negotiation, the supplier requests for payment term shortened to 45 days from 60 days. Seeing that this proposal lies within the concession plan, the procurement manager asks for 5% discount in return. Is that right thing to do?
Answer: A
Explanation:
When preparing for a negotiation, negotiator should establish a list of tradeables and a concession plan. Good negotiators never give anything away that has not already been planned as part of the bargaining mix in the concession planning stage.
In the above scenario, the procurement manager has planned his own concession, so he can trade with supplier. The answer should be "Yes, since procurement manager has his own cost savings target to achieve and he should make use of supplier's financial status" LO 2, AC 2.3
NEW QUESTION # 254
Why is rapport building with the supplier important during the opening phase of a negotiation?
Answer: B
Explanation:
Building rapport sets apositive tonefor the negotiation and encourages openness. It is particularly vital during theopening phase, where first impressions are formed, and trust begins to build. Trust facilitates moreconstructive dialogue, enhances collaboration, and helps parties exploremutual interests.
"Developing rapport at the start of negotiations helps to foster trust and cooperation. This enhances the likelihood of reaching agreements that are mutually beneficial." (L4M5 Commercial Negotiation, 2nd edition, Section 3.4 - The Opening Phase and Relationship Building)
NEW QUESTION # 255
Which of the following are intangible values created by trust in business relationships? Select TWO that apply.
Answer: A,D
Explanation:
Trust may create value as following:
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LO 1, AC 1.4
NEW QUESTION # 256
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