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CIPS Commercial Negotiation Sample Questions (Q199-Q204):

NEW QUESTION # 199
Which of the following are most likely to be characteristics of a perfectly competitive market? Select TWO that apply

A. Firms can freely enter or exit the market
B. In a perfectly competitive market, each seller has a large impact on the market price A perfectly competitive market consists of products that are all slightly different from one another
C. There are many buyers and sellers in the market
D. In a competitive market, both buyers and sellers are price givers

Answer: A,C

Explanation:
A perfectly competitive market is one with the following features:
- There are many firms producing identical or very similar (homogeneous) goods or services
- There are no barriers to entry to the market or exit from the market - anyone can enter or leave easily
- Both producers and customers have perfect knowledge of the market place, prices, costs of production and influences on demand and supply Under these conditions, the price and quantity will always tend toward equilibrium as any producer that sets a price above equilibrium will not sell anything at all, and any producer that sets a price below a equilibrium will obtain 100% market share in theory. The demand curve is perfectly elastic, which means that it will be horizontal. In a perfectly competitive market, it is difficult to increase profits through pricing, and suppliers instead must focus on their cost structure. As these conditions imply, there are few if any examples of perfectly competitive market.
LO 2, AC 2.2

NEW QUESTION # 200
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?

A. No, it is unethical to exploit the weakness of the other party
B. No, procurement should insist the payment term remains 60 days
C. Yes, the procurement manager should keep that 5% for himself because that amount is a fair compensation for his effort
D. Yes, since procurement manager has his own cost savings target to achieve and he should make use of supplier's financial status

Answer: D

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" Table Description automatically generated

LO 2, AC 2.3

NEW QUESTION # 201
Which of thefollowing 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. Contract governing law
C. Payment terms
D. Cultural differences
E. Requisition

Answer: B,C

Explanation:
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 # 202
It may be more difficult to buy on a credit from supplier who locates in a country with a hyperinflation? Is this assumption true?

A. No, because supplier's bank will take risks from currency fluctuation
B. Yes, because buyer has more advantage if they make payment in their own currency
C. No, because the higher the inflation rate, the stronger the supplier's currency
D. Yes, because thesupplier's currency will lose its value overtime

Answer: D

Explanation:
If theinflation rate is running high, then obtaining credit as a buyer is normally more difficult or expensive as money in the future will be worth less than money today.

NEW QUESTION # 203
Which of the following is most likely a consequence of falling interest rate?

A. Decrease consumption
B. Increase aggregate demand
C. Increase savings
D. Decrease investment

Answer: B

Explanation:
:
If interest rate are too low and credit is too, cheap rates can fund a spending boom with consumers and businesses buying (investment) more than they can afford to pay back.

NEW QUESTION # 204
......

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