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L4M5 CIPS Exam Questions > L4M5 Exam Questions > Flashcards

L4M5 Exam Questions Flashcards

1
Q
  1. What are the four main negotiating styles called? P137
    a. Tough, Dealer, Soft and Logical
    b. Firm, Warm, Methodical & Dealer
    c. Warm, Logical, Dealer & Tough
    d. Warm, Fixed, Logical, Dealer
A

c. Warm, Logical, Dealer & Tough

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2
Q
  1. Select three circumstances when face to face negotiations may be appropriate P139
    a. When there is a need to reiterate the importance of the relationship
    b. When the negotiation needs to take place quickly
    c. When seeing the production process would help to determine the zone of potential agreement
    d. When the outcome of the negotiation has a significant impact organisational profitability
    e. When negotiating a minor contract change with an existing vendor
    f. When there is a need to keep procurement processing costs to a minimum
A

a. When there is a need to reiterate the importance of the relationship
c. When seeing the production process would help to determine the zone of potential agreement
d. When the outcome of the negotiation has a significant impact organisational profitability

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3
Q
  1. Select the incorrect answers?

1.The bargaining mix is the mix of variables that can be traded in a commercial negotiation
2. It is vital that you share your Batna with the other party as early as possible in the negotiation
3. In principled negotiations buyers location and room layout should not be viewed as a source of tactical advantage
4. Individual power is the primary source of power in a negotiation
Select one
a. 1 & 2
b. 2 & 3
c. 2 & 4
d. 3 & 4

A

c. 2 & 4
2. It is vital that you share your Batna with the other party as early as possible in the negotiation
4. Individual power is the primary source of power in a negotiation

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4
Q
  1. Which statement is correct about concessions that are easy to win? P127

a. they are likely to be difficult to reach a consensus on
b. they are of high value to you, but little importance to the other party
c. they are of high value to you, but also have high value to the other party
d. they can take up a disproportionate amount of time relative to the benefits they bring

A

b. they are of high value to you, but little importance to the other party

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5
Q
  1. Interruptions, misunderstandings and confidentiality risks are more likely to occur in (140)

a. video conferencing negotiations
b. negotiations held at supplier premises
c. face to face negotiations
d. telephone negotiations

A

d. telephone negotiations

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6
Q
  1. Disclosing information too readily and being too accommodating can be a weakness of

a. warm negotiating style
b. neutral ground negotiations
c. dealer negotiating style
d. telephone negotiations

A

a. warm negotiating style

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7
Q
  1. Select the correct answers in relation to meeting locations (P130)
  2. It is less costly for buying organisation to hold a face to face negotiation in a neutral location.
  3. Selecting a neutral location can be helpful if the buying and supplying organisation are in conflict with each other
  4. A face to face negotiation on the buying organisation site can support the staging of tactics
  5. Negotiations at the suppliers site reduce costs for the buying organisation

a. 1 and 2
b. 2 and 3
c. 1 and 3
d. 2 and 4

A

b. 2 and 3
2. Selecting a neutral location can be helpful if the buying and supplying organisation are in conflict with each other
3. A face to face negotiation on the buying organisation site can support the staging of tactics

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8
Q
  1. Arranging to have a Director to meet the other party on arrival and being slightly late for the meeting are examples of? P148
    a. conditioning factors
    b. negotiating styles
    c. conflict handling factors
    d. irritators
A

a. conditioning factors

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9
Q
  1. At what point should a buyer clarify the authority of the other party to negotiate?
    a. proposing phase
    b. opening phase
    c. testing phase
    d. agreement confirmation phase
A

b. opening phase

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10
Q
  1. Which is the most important stage in a negotiation? P151)
    a. Preparation
    b. Opening
    c. Bargaining
    d. Closing
A

a. Preparation

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11
Q
  1. Which would be an appropriate behaviour in the opening stage of a negotiation
    a. Stating you have decided not to use the agreed agenda and presenting a new agenda to unnerve the other party
    b. Engaging in small talk and asking people what they preferred to be called
    c. Stating that it is imperative that they be prepared to reduce costs
    d. Advising the other party that you have a BATNA
A

b. Engaging in small talk and asking people what they preferred to be called

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12
Q
  1. The main purpose of the testing phase is to
    a. understand the position of the other party without giving away too much information on your own position
    b. start making tentative proposals without committing yourself
    c. start trading concessions and moving to a point of agreement
A

b. start making tentative proposals without committing yourself

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13
Q
  1. A important factor in the proposing stage is to
    a. aim high with initial proposals
    b. close the negotiation if conflicts of interest arise
    c. advise the other party that you have a BATNA
    d. reject any unsatisfactory proposals instantly
A

a. aim high with initial proposals

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14
Q
  1. A directive push style is useful when
    a. the people that are being influenced are new or inexperienced
    b. the influencer is actively seeking innovative ideas from others
    c. the organisation has just embarked on a complex change process
    d. the organisation wants encourage participation
A

a. the people that are being influenced are new or inexperienced

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15
Q
  1. The application of tariffs and quotas are indicators of
    a. Exchange Rates
    b. Protectionism
    c. Economic Growth
    d. Inflation Rates
A

b. Protectionism

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16
Q
  1. Buying organisations with little negotiating power are called

a. price movers
b. cost makers
c. price takers
d. cost drivers

A

c. price takers

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17
Q
  1. The sales price of an office chair is £75.00. The cost of materials and labour for each chair is £32.00.
    The company has annual fixed costs of £200,000. Identify breakeven point.

a. 1923
b. 4158
c. 5000
d. 4652

A

d. 4652

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18
Q
  1. Identify two ways that a buying organisation can move from the nuisance quartile of the supplier preferencing matrix
  2. Increase its spend with the supplier
  3. Simplify the procure to pay process to ensure suppliers are paid on time
  4. Extend its payment terms
  5. Introduce KPIs and auditing processes

a. 1 and 2
b. 2 and 3
c. 1 and 4
d. 2 and 4

A

a. 1 and 2
1. Increase its spend with the supplier
2. Simplify the procure to pay process to ensure suppliers are paid on time

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19
Q
  1. What may the suppliers strategy be if a buying organisation has a large spend with the supplier but the supplier deems is as an unattractive customer?

a. The supplier will cosset the buying organisation and encourage increased spend
b. The supplier will provide likely to give incentivised pricing
c. The supplier may charge a premium price
d. The suppliers is likely to want to develop a partnership relationship

A

c. The supplier may charge a premium price

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20
Q
  1. Key Products have decided to procure a new packaging machine to the value of 1 million pounds. The finance manager raises concerns about the opportunity cost of this project. What does the term opportunity cost mean?

a. The additional costs incurred in sourcing the machine i.e tendering cost
b. The additional life time costs of the equipment including operating, maintenance and end of life costs.
c. The cost of financing the procurement
d. The potential benefits the business may miss out on when choosing the packaging machine project over another project.

A

d. The potential benefits the business may miss out on when choosing the packaging machine project over another project.

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21
Q
  1. Identify a microeconomic factor that would lead to the price of a product increasing

a. a shortage of supply
b. an increase in unemployment
c. a new entrant into the market
d. an increase in GDP

A

a. a shortage of supply

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22
Q
  1. Select two features of integrative negotiations?

a. both parties try to achieve their aim at the expense of the other party
b. a desire to understand underlying interests
c. a short-term relationship
d. brainstorming to identify a wide range of potential solutions

A

b. a desire to understand underlying interests

d. brainstorming to identify a wide range of potential solutions

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23
Q
  1. Which of these strategies would be the least likely to increase leverage?

a. standardisation of specifications
b. moving from dual to multiple sourcing
c. vendor base reduction
d. pooling volumes

A

b. moving from dual to multiple sourcing

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24
Q
  1. James is a category manager for Utilities, Distribution and Logistics. His category spend is 70 million per annum. He has a target to making a saving of 2% for 2021. James identifies that he only actually has influence over 40 million spend due to factors such as statutory minimum labour rates. The 30 million spend can be described as

a. cost avoidant
b. non-addressable
c. unmanaged
d. cost analysed

A

b. non-addressable

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25
Q
  1. Analysing the site infrastructure including IT, rent helps to understand

a. overhead costs
b. employment costs
c. processing costs
d. material costs

A

a. overhead costs

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26
Q 
We have not covered the material for questions 11, 12 13 & 15, but if you can read the last couple of pages of 2.1 and LO2.2 first then see if you can work out the answers that would be great but we will start with LO2.2 next week. 
In a bakery identify 2 fixed costs?
1. accountant salary
2. cost of product packaging 
3. flour
4. insurance
Select one answer below
a. 1 and 2
b. 1 and 4
c. 2 and 3
d. 2 and 4
A

b. 1 and 4
1. accountant salary
4. insurance

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27
Q
  1. The sales price is £30.00. Raw materials cost is £5.00 and production labour costs are £10.00 per unit. Organisational Fixed Costs are £100,000. Calculate the breakeven volume and the sales revenue the company needs to achieve to breakeven. Select one option.

a. 6,667 units, £200,010 sales volume
b. 5,000 units, £150,000 sales volume
c. 1,667 units, £200,010 sales volume
d. 3,334 units, £100,000 sales volume

A

a. 6,667 units, £200,010 sales volume

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28
Q
  1. A change in price of 2% leads to a 5% reduction in demand of a product. The product can be said to be
    a. Elastic
    b. Demand sensitive
    c. Inelastic
    d. Supplier sensitive
A

a. Elastic

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29
Q
  1. A buyer has been unsuccessful in negotiating is price reduction with a supplier, and they are unhappy with the level of service they have been receiving. The buyer negotiating power is so low that the buyer may need consider producing the item themselves. The supplier is likely to be in which market structure.

a. Perfect Competition
b. Monopoly
c. Oligopoly
d. Monopolistic Competition

A

b. Monopoly

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30
Q
  1. Overhead costs are loaded onto direct costs using an estimated allocation basis. This is

a. Activity based costing
b. Variable costing
c. Marginal costing
d. Absorption costing

A

d. Absorption costing

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31
Q
  1. The amount added to the cost of an item expressed as a percentage of the selling price is

a. Margin
b. Breakeven
c. Profit
d. Mark Up

A

a. Margin

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32
Q
  1. Which type of costing is often used when launching a product in a supermarket?

a. Penetration
b. Market
c. Marginal
d. Cost-Plus

A

a. Penetration

33
Q
  1. Which of these pricing methods is directly related to costs?

a. Cost Plus Pricing
b. Market Pricing
c. Premium Pricing
d. Penetration Pricing

A

a. Cost Plus Pricing

34
Q
  1. Equilibrium price is the point when

a. supply is in reverse proportion to price
b. supply overlaps supply
c. demand equals supply
d. the point where the price will drop

A

c. demand equals supply

35
Q
  1. Which statements are correct?
  2. if demand is greater than supply, then the shortage of supply will lead to an increase in price
  3. if the price goes down then the level of demand will decrease
  4. if the price increases, the level of supply will increase
  5. if consumer income decreases then this can cause the demand to increase at every price
    Select one
    a. 1 and 2
    b. 1 and 3
    c. 2 and 4
    d. 3 and 4
A

b. 1 and 3
1. if demand is greater than supply, then the shortage of supply will lead to an increase in price
3. if the price increases, the level of supply will increase

36
Q
  1. You agree with a supplier that you will pay in euros. Payment will be 30 days after receipt of invoice. The exchange rate was 1GBP=0.90EUR at the point of order placement. After order placement your currency depreciates. What impact will this have on the buying organisation?

a. The buying organisation will pay more
b. The amount paid will remain unchanged because the order was placed before the change
c. The supplying organisation will increase their invoice
d. The buying organisation will pay less

A

a. The buying organisation will pay more

37
Q
  1. You are a medium sized company procuring a one off requirement for some new office furniture worth £1500.00. Suggest the correct strategy in preparing for telephone negotiation

a. Develop a target cost model
b. Obtain 3 quotations to ensure you are paying the market price
c. Develop a breakdown of costs using PPCA
d. Build a cost model

A

b. Obtain 3 quotations to ensure you are paying the market price

38
Q
  1. High Barriers to entry and High Switching Costs would lead to

a. A low threat of new entrants
b. High buying power
c. A high threat of substitute products
d. Low competitive rivalry

A

a. A low threat of new entrants

39
Q
  1. Demand in the market is impacted by (select 3)

a. the taste and trends of buyers
b. price of goods and services
c. the revenues available from making the product
d. whether it is a monopoly
e. buyers income
f. the time needed to make the product

A

a. the taste and trends of buyers
b. price of goods and services
e. buyers income

40
Q

In a principled negotiation it is important to

  1. find out why the other party holds a position
  2. hold the negotiation at your own site to give an advantage
  3. ensure the other party does not obtain information on your tactics
  4. remain focused on your interests but be open to different proposals

a. 1 & 2
b. 1 & 4
c. 2 & 3
d. 2 & 4

A

b. 1 & 4
1. find out why the other party holds a position
4. remain focused on your interests but be open to different proposals

41
Q
  1. Identify two ways to overcome communication problems in a negotiation
  2. Try to ensure that there are only two people in the negotiation at any one time
  3. Try to put yourself in the shoes of the other party to understand their position
  4. Make it clear that you listening to the other party by summarising or repeating key information
  5. Record the negotiation so you can replay parts of it back to them

a. 1 & 2
b. 1 & 3
c. 2 & 3
d. 2 & 4

A

c. 2 & 3
2. Try to put yourself in the shoes of the other party to understand their position
3. Make it clear that you listening to the other party by summarising or repeating key information

42
Q
  1. A principled approach suggests

a. you bargain to ensure you obtain the biggest share of the pie
b. focusing on the positions and not the interests
c. being warm with the person but tough on the issue
d. being tough on the person and warm on the position

A

c. being warm with the person but tough on the issue

43
Q
  1. In setting targets it will be important to
  2. consider the tactics you will employ
  3. be mindful to start low so you do not alienate the other party
  4. establish walkaway points for each variable
  5. aim high but be realistic

a. 1 & 2
b. 1 & 3
c. 2 & 3
d. 3 & 4

A

d. 3 & 4
3. establish walkaway points for each variable
4. aim high but be realistic

44
Q
  1. Which would be most likely to increase a buyers power in a negotiation?

a. offer to shorten the payment terms
b. give the other party an indication that you have a strong BATNA
c. a general increase in interest rates
d. a shortage of supply in the market

A

d. a shortage of supply in the market

45
Q
  1. Pradeep is a senior procurement manager and he is training a junior buyer in negotiation skills. Pradeep tells his trainee that you cannot enter a negotiation without being certain of the zone of potential agreement. Is this correct?

a. no, because you need to be flexible in a negotiation, so trying to identify factors in a zone of potential agreement would be a waste of time
b. no, because though it is important to set targets, walkway points and research the other party you may not be able to determine the all the factors in the ZOPA before a negotiation
c. yes, because all parties need to understand the zone of potential agreement otherwise the negotiation will fail
d. yes, because this will ensure that you can reach an agreement that will satisfy the buying organisation, at the expense of the supplying organisation

A

b. no, because though it is important to set targets, walkway points and research the other party you may not be able to determine the all the factors in the ZOPA before a negotiation

46
Q
  1. Identify three advantages of negotiating in teams

a. it ensures that you do not need to use tactics in a negotiation
b. it will reduce the risk of being intimidated
c. it increases the likelihood of Groupthink
d. it allows the assignment of roles which can help to focus on specific areas
e. it can support the training of junior member of staff
f. it can be particularly helpful in increasing buyer power in collaborative negotiation

A

b. it will reduce the risk of being intimidated
d. it allows the assignment of roles which can help to focus on specific areas
e. it can support the training of junior member of staff

47
Q
  1. ??? is most likely to be negotiated in the identifying needs stage of the CIPS procurement cycle

a. specification requirements
b. pricing
c. contract variations
d. terms and conditions

A

a. specification requirements

48
Q
  1. In a negotiation, divergence may take place over content/subject and

a. governance
b. policy
c. variables
d. process

A

d. process

49
Q
  1. An avoidant conflict management style may be appropriate when

a. The buyer decides they need to negotiate an important point in the future and decides to give a small concession now.
b. The buyer wants to develop a strong collaborative relationship with the supplier
c. A supplier wants to increase its price by 10% and you need time to gather information
d. The buyer is willing to compromise in order to maintain a long term relationship

A

c. A supplier wants to increase its price by 10% and you need time to gather information

50
Q
  1. Customers and suppliers are

a. Connected stakeholders
b. Primary stakeholders
c. Negotiating partners
d. External Stakeholders

A

a. Connected stakeholders

51
Q
  1. Hardeep is project managing the procurement of a new filling machine for a yogurt manufacturer. She is aware of the importance of involving stakeholders in the process. She has identified the stakeholders and decided to map them on a tool based on interest and power. Identify an appropriate category for the budget holder.

a. Engage-Keep Satisfied
b. Involve-Key Player
c. Inform-Keep Informed
d. Build Awareness-Minimal Effort

A

b. Involve-Key Player

52
Q
  1. Once Hardeep has mapped the stakeholders it will be important to

a. assign a relationship owner and develop a communication plan for each group
b. arrange to meet with each stakeholder group monthly to discuss their concerns
c. ask the build awareness/minimal effort group to support with specification development
d. identify one member from each group be part of the post negotiation review meeting

A

a. assign a relationship owner and develop a communication plan for each group

53
Q
  1. Distributive negotiations….
    a. focus on a lower number of variables and price is often the primary variable
    b. increase the likelihood of maintaining a long term relationship
    c. increase the potential for a number of different options be considered to achieve a satisfactory solution
    d. limit the number of negotiating tactics that can be used
A

a. focus on a lower number of variables and price is often the primary variable

54
Q
  1. “No contract will be awarded unless you agree to our terms and conditions” is an example of which power type

a. reward
b. organisational
c. coercive
d. information

A

c. coercive

55
Q
  1. David works in a centralised procurement department for an organisation that has 5 different sites. Each site currently has a contract for vending machines with a local provider. David has decided to go to the market to find one supplier to supply all 5 sites. This would be an example of

a. vendor base reduction
b. standardisation
c. volume consolidation
d. volume pooling

A

d. volume pooling

56
Q
  1. Select the arrangement which is likely to be most collaborative

a. spot buy
b. call off contract
c. strategic partnership
d. framework agreement

A

c. strategic partnership

57
Q
  1. Select two features of transactional relationships
  2. short-term
  3. low number of alternative suppliers
  4. automated purchasing
  5. senior management involvement in relationship

a. 1 and 2
b. 1 and 3
c. 2 and 3
d. 2 and 4

A

b. 1 and 3
1. short-term
3. automated purchasing

58
Q
  1. Select an example of an organisation buying reputation

a. RS Components sponsoring the annual CIPS awards
b. Marks and Spencer joining Sedex
c. Unilever consolidating it factories in Europe
d. Tescos increasing it home delivery slots

A

a. RS Components sponsoring the annual CIPS awards

59
Q
  1. Which would indicate the strongest form of trust

a. There is a contract and service level agreement in place
b. The other party is an expert in their field
c. The other party is a long term partner who has supplied your business for 20 years
d. The other party has ISO14001 and is a member of their professional federation

A

c. The other party is a long term partner who has supplied your business for 20 years

60
Q
  1. Select three trust-building activities

a. creating an agenda
b. arranging an open discussion on the reasons for failures
c. issues being escalated to senior management quickly
d. jointly celebrating successes
e. sharing information quickly
f. emotion-based assessments of performance

A

b. arranging an open discussion on the reasons for failures
d. jointly celebrating successes
e. sharing information quickly

61
Q
  1. Gas and electric costs are

a. indirect
b. direct
c. variable
d. semi-variable

A

d. semi-variable

62
Q
  1. The selling price of a hotel room is £75.00 per night. The variable cost is £35.00. The annual fixed cost is £500,000. How many hotel rooms does it need to sell to cover its costs?
    a. 10,000
    b. 12,500
    c. 1,250
    d. 8,500
A

b. 12,500

(b) , note if they put b or c do not mark them down as it originally said £500,00 which is confusing.

63
Q
  1. Which two factors would be most likely to determine the suppliers ability to offer a discount.
  2. an understanding of supplier capacity
  3. a knowledge of legislation impacting the supplier
  4. analysis of a suppliers fixed, variable costs and breakeven point
  5. a breakdown indicating the number of hourly paid v salaried staff

a. 1 & 2
b. 1 & 3
c. 2 & 3
d. 2 & 4

A

b. 1 & 3
1. an understanding of supplier capacity
3. analysis of a suppliers fixed, variable costs and breakeven point

64
Q
  1. Which two statements are incorrect about marginal pricing?

a. The price will be below the market price
b. The supplier recovers only the variable cost elements in its price
c. The supplier will make a profit
d. This pricing strategy is aligned with market rates

A

c. The supplier will make a profit

d. This pricing strategy is aligned with market rates

65
Q
  1. Select two specification improvements which could support the delivery of savings

a. value engineering
b. part standardization
c. low cost country sourcing
d. consortium buying

A

a. value engineering

b. part standardization

66
Q
  1. Purchase Price Cost analysis should be used on the procurement of

a. Strategic items
b. Routine items
c. Spot Purchases
d. Framework Agreements call offs

A

a. Strategic items

67
Q
  1. Identify two factors which could lead to a downturn in demand of a product

a. an increase in the price of a product
b. a decrease in the rate of inflation
c. an increase in the level of unemployment
d. an increase in the supply of a product

A

a. an increase in the price of a product

c. an increase in the level of unemployment

68
Q
  1. A procurement professional knows that there are many suppliers in the market but each with differentiators. This describes which market structure?

a. Monopoly
b. Monopolistic Competition
c. Oligopoly
d. Perfect Competition

A

b. Monopolistic Competition

69
Q
  1. Which would be the quickest and cheapest type of negotiation to arrange

a. telephone negotiations
b. face-to-face negotiations at the buyers site
c. tele-conference negotiations
d. web based negotiations

A

a. telephone negotiations

70
Q
  1. Jamie is planning to negotiate with a relatively new supplier. The focus is to agree to a price reduction and reduce the lead-time of the product. The outcome of the negotiation is important because it will support the launch a product into new markets. Jamie knows this supplier is well respected and considered as a leader within their industry. They are one of only two suppliers who can provide the quality needed. Jamie has limited knowledge of the suppliers production process. It will be important to develop a partnership relationship with this vendor. Suggest the best location for this negotiation.

a. This negotiation should take place over the internet as this will reduce costs, but allow Jamie to assess the suppliers body language
b. This negotiation should take place at the supplier site. This will allow Jamie to tour the factory and assess the production process and capacity, which will provide valuable information for the negotiation.
c. This negotiation should take place at the buyers site. This will give Jamie significant power advantage and allow him to stage distributive tactics.
d. This negotiation should take place in a neutral location. This will reduce conflict and increase the likelihood of a collaborative relationship. It is the least costly option for Jamie.

A

b. This negotiation should take place at the supplier site. This will allow Jamie to tour the factory and assess the production process and capacity, which will provide valuable information for the negotiation.

71
Q
  1. What does the term anchoring mean?

a. the point at which a party will walk away from the negotiation
b. a negotiation tactic in which a party tries to ask multiple complex questions which confuse the other party in the hope they will divulge more information
c. a phrase such as “as you will see we have been very reasonable” which annoys the other party
d. a bias in negotiation in which seller can create an expectation of a higher price through suggesting a very high price initially

A

d. a bias in negotiation in which seller can create an expectation of a higher price through suggesting a very high price initially

72
Q
  1. Essential items such as petrol and electricity are

a. Price takers
b. Variable Costs
c. Price Inelastic
d. Absorption Costs

A

c. Price Inelastic

73
Q
  1. In the opening phase of a negotiation is it important to

a. create an agenda
b. let the other party do most of the talking
c. ask probing questions
d. build rapport

A

d. build rapport

74
Q
  1. Raj has received a proposal from a supplier. The supplier has offered to reduce a proposed price increase from 5% to 3%. This is above Raj’s walkaway point but he is feeling pressured to reach an agreement, because the negotiation has been underway for a number of hours. What action would you suggest Raj takes ?

a. Raj should immediately reject the proposal and walk away from the negotiation
b. Raj should accept the proposal, knowing that he could renegotiate this again in a few months
c. Raj should request a break in the negotiation to allow both parties time to consider the problem
d. Raj should reject the offer and then immediately counter offer

A

c. Raj should request a break in the negotiation to allow both parties time to consider the problem

75
Q
  1. Encouraging someone to do something that you want them to do is

a. Influencing
b. Persuasion
c. Trust-building
d. Pulling

A

b. Persuasion

76
Q
  1. It is important at the end of a negotiation meeting to

a. arrange a follow up meeting
b. speak with the senior management team
c. confirm the details of the agreement in writing
d. try to add in another concession

A

c. confirm the details of the agreement in writing

77
Q
  1. What stage does the trading of concessions take place in a negotiation?

a. bargaining
b. proposing
c. testing
d. opening

A

a. bargaining

78
Q
  1. Select three options which indicate high buyer power in comparison to supplier power

a. the product is differentiated
b. the product is a commodity
c. there are a few large suppliers of the product
d. they buyer can produce the product themselves
e. there many small suppliers of the product

A

b. the product is a commodity
d. they buyer can produce the product themselves
e. there many small suppliers of the product

L4M5 CIPS Exam Questions (1 decks)

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