TEST L4M2 PASS4SURE | L4M2 REAL EXAM

Test L4M2 Pass4sure | L4M2 Real Exam

Test L4M2 Pass4sure | L4M2 Real Exam

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CIPS L4M2 Exam is a three-hour written exam that consists of six questions. The questions are designed to test the candidate's understanding of the key concepts covered in the module. L4M2 exam is open book, which means that candidates are allowed to bring their textbooks and notes into the exam room. However, the use of electronic devices such as laptops and tablets is not allowed.

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CIPS Defining Business Needs Sample Questions (Q111-Q116):

NEW QUESTION # 111
The procurement team of an IT hardware manufacturer has been set a target by senior management to reduce the rates paid to the sole supplier of a new and innovative power-saving battery. Which action should the procurement team first consider?

  • A. Dual or multiple sourcing
  • B. Agreeing rebate thresholds
  • C. Offering a framework agreement
  • D. Offering economies of scale

Answer: A

Explanation:
Detailed Explanation:Dual or multiple sourcing introduces competition, reducing the sole supplier's bargaining power and leading to cost reductions. Framework agreements (A) or economies of scale (D) may not address the immediate need to reduce rates. Reference: CIPS Level 4, Sourcing Strategies.


NEW QUESTION # 112
What issue is a buyer most likely to experience if the technical specification sent to suppliers as part of a Request For Quotation (RFQ) is insufficient?

  • A. The buyer will receive costs from suppliers in different formats, which will make it difficult to compare costs on a like-for-like basis
  • B. The buyer will not be able to compare different suppliers' costs directly as the suppliers will have had to make assumptions on the specification
  • C. The buyer will need to work with their finance colleagues and business stakeholders to adjust the budget available for the project
  • D. The buyer will receive quotes at different times from suppliers, which will require greater coordination with other members of the sourcing team

Answer: B


NEW QUESTION # 113
A procurement team is categorising their purchased items into four quadrants of Kraljic's supply chain portfolio matrix. They realise that there are some low-value items which come from very few suppliers in the market. The organisation is critically dependent on these suppliers. The team plans to reduce the dependence by finding alternative sources. Is this a right course of action?

  • A. No, there is no way to escape this dependency
  • B. No, the organisation should run competitive biddings to exploit the competition
  • C. Yes, this action will dramatically increase the supplier's bargaining power
  • D. Yes, the organisation needs to reduce the supply risks

Answer: D

Explanation:
According to Kraljic portfolio matrix, the low-value items with high supply risk are bottleneck items.

The purchasing strategy that is commonly recommended for these products is primarily based on acceptance of the dependence and reduction of the negative effects of the unfavourable position. An alternative strategy suggested by purchasing practitioners is to find other suppliers and move towards the non-critical quadrant.
- Accept dependence, reduce negative consequences: The main focus of this strategy is to assure supply, if necessary even at additional cost. Examples of this strategy are keeping extra stocks of the materials concerned or developing consigned stock agreements with suppliers. By performing a risk analysis firms can identify the most important bottleneck products and consider the implications. A possible action for dealing with unexpected bad dependence positions for certain products is to employ contingency planning.
- Reduce dependence and risk, find other solutions: This strategy is geared towards reducing the dependence on the supplier. The most common way to achieve this is to broaden the specifications of the product or to search for new suppliers.
The procurement team in the scenario has selected reducing dependency by finding alternatives. This is a right strategy for bottleneck item.
Reference:
- CIPS study guide page 82-84
- Purchasing strategies in the Kraljic matrix-A power and dependence perspective, Marjolein C.J. Caniels, Cees J. Gelderman LO 2, AC 2.1


NEW QUESTION # 114
Which of the following statements is true about product life cycle?

  • A. The price remains static throughout the product life cycle
  • B. The price competition will be the fiercest at the declining stage because the inventories are plentiful
  • C. If price skimming is adopted, the supplier will gradually lower the price when it attracts enough buyers
  • D. Sale volume will be the highest at the introductory stage

Answer: C

Explanation:
A product's life cycle portrays the length of time a product is in the market; from the beginning of its introduction to consumers until it is removed from shelves and phased out. This cycle is often divided into four phases: introduction, growth, maturity, and decline. Depending on the relevant stage, companies will set an according strategy to achieve their desired targets. Pricing and promotions play a pivotal role in the design of these product life cycle strategies. Therefore, product life cycle management, the process of strategizing ways to continuously support and maintain a product, is seen more and more at pricing mature players and could bring real value to your company.
Introduction phase: during the introduction phase, the new product is introduced to consumers and a substantial amount of money is invested in advertising and marketing campaigns to bring awareness of the product to the customer. In this phase competition is low, but units sold will also correspondingly be quite low as well still. Consumers need to be convinced of the benefits of the product. Lots of articles never make it beyond this phase: e.g. 3D televisions.
Profits in the introduction stage tend to be low or there may even be a loss. This is because the cost of marketing to establish product awareness plus distribution costs can be far higher than the revenue received from sales. This can be offset to a degree by 'skimming' price in the very early stages. Skimming a price is where a business charges the highest price that it thinks the market will bear initially until product recognition brings in other buyers and then the price drop.
Growth phase: when it's shown there is proven demand for the product and consumers are buying it, the next stage will be its growth phase. This phase is punctuated by increasing demand, increas-ing production and an increase in the competitive landscape. Availability of the product is under-standably paramount during this phase, going out of stock is unthinkable during the growth period.
The electric car is an example of a product that is currently in the midst of the growth phase.
Maturity phase: normally the maturity phase is the phase that is characterized by declining production and marketing costs due to synergies and economies of scale. During this phase the first signs of market saturation occur and most consumers or households already own the product. Sales numbers still grow, but at a slower pace. In the maturity phase, price competition becomes intense, a broader range of distribution channels are deployed and competition is more focused on competitive pricing, marginal product differences or the difference in services or promotions. This period in the PLC is often said to be the 'cash-cow period'.
That being said, the idea of 'Maturity from the start' also exists. This occurs when a brand decides to launch a product extension and directly follows up the maturity phase of an earlier version of the product. For example, the iPhoneX followed up from the 'normal' iPhone-series and therefore the iPhoneX never had to undergo the introduction or growth phase, but immediately started in its maturity phase.
Decline phase: the final phase of the PLC is entered once the product loses market share to other, newer products and the competitive landscape becomes too hard to survive. During this stage, de-mand declines, companies are left with overstock with prices and margins getting depressed. Therefore retailers and brands normally start stunting with promotions during the decline of the PLC to sell their final stock.
A well-known example of a product that has been through the decline phase were the Nokia phones; sales results dramatically decreased after the introduction of the iPhone.


NEW QUESTION # 115
One of the disadvantages of using standards in specification is that...

  • A. Standards lengthen the time to produce a specification
  • B. Standards tend to be rigid and they often don't encourage innovation
  • C. Standards don't allow the buyers to add health and safety requirements into the specification
  • D. Standards tend to be inaccurate and ambiguous, causing confusion among suppliers

Answer: B

Explanation:
Using standards in specification is very convenient. They reduce the time and effort to produce. They tend to be very accurate with correct technical terminologies. They are well recognised and accepted by a wide range of suppliers and buyers. However, since a standard is very specific, complex and lengthy, it requires a lot of time to be drafted and approved. Therefore, standard tends to be static and don't encourage innovation. It may also not accommodate latest technology and trends.
Reference:
LO 3, AC 3.1


NEW QUESTION # 116
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