Free PDF Useful CIPS - L4M5 Test Quiz
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CIPS L4M5 exam, also known as Commercial Negotiation, is a crucial qualification for professionals who are involved in procurement and supply chain management. L4M5 exam is one of the key modules of the CIPS Level 4 Diploma in Procurement and Supply, which is a highly respected qualification in the industry. The Commercial Negotiation module is designed to equip procurement professionals with the necessary skills and knowledge to effectively negotiate commercial contracts and agreements with suppliers and vendors.
CIPS L4M5 certification program covers a wide range of topics related to commercial negotiation, including communication skills, negotiation tactics, contract management, and dispute resolution. The program is designed to provide professionals with a comprehensive understanding of the negotiation process and the tools and techniques needed to achieve successful outcomes. The CIPS L4M5 Certification program is highly regarded in the industry and is recognized by employers around the world as a mark of excellence in commercial negotiation.
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CIPS L4M5 (Commercial Negotiation) Certification Exam is an essential qualification for professionals who are involved in commercial negotiations. Commercial Negotiation certification is designed to help individuals gain the skills and knowledge necessary to succeed in the world of commercial negotiation. L4M5 Exam is offered by the Chartered Institute of Procurement and Supply (CIPS), a global organization that promotes excellence in procurement and supply chain management.
CIPS Commercial Negotiation Sample Questions (Q162-Q167):
NEW QUESTION # 162
Which of the following can be prepared before a negotiation with a supplier to achieve an agreement to benefit both parties?
Zone of potential agreement
Attendee list for the negotiation talks
Walk-away point
Venue for the negotiation talks
Answer: C
Explanation:
Zone of Potential Agreement (1) and Walk-away point (3) are key elements in negotiation planning.
Establishing a Zone of Potential Agreement helps identify where interests align, while the Walk-away point sets the limit of acceptable terms. Both are essential to preparing a negotiation framework that benefits both parties, as per CIPS best practices.
NEW QUESTION # 163
Which of the following are indicative behaviours of a distributive approach to negotiating?
Answer: D
NEW QUESTION # 164
Which of the following will shift the supply curve to the right?
Answer: D
Explanation:
The following graph shows the factors that shift the supply curve to the left and to the right.
Reference:
- CIPS study guide page 103
- Principles of Microeconomics 2e, 2017, Open Stax - Rice University.
LO 2, AC 2.2
NEW QUESTION # 165
Which of the following is considered a strength of a 'logical' style negotiator?
Answer: A
Explanation:
A useful and simple shorthand for preferrednegotiation styles is summarised by four simple descriptor: 'warm',
'tough', 'logical' and 'dealer', which can be applied to describe individuals' dominant preferred style in most circumstances.
Warm - a people person
Tough - a hard-nosed negotiator
Logic- a numbers person
Dealer - a trader who loves bargaining
Strengths, weaknesses of logical style are described below:
Table Description automatically generated
NEW QUESTION # 166
According to Dr. Mari Sako, which of the following is potentially the weakest trust to be built?
Answer: D
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, whichis 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.
Otherwise, trust also has legal meaning. A trust is a legal document that can be created during a person's lifetime and survive the person's death. A trust can also be created by a will and formed afterdeath. Charitable trusts are trusts which benefit a particular charity or the public in general.
NEW QUESTION # 167
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