Exam L4M5 Lab Questions - Training L4M5 Kit

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CIPS L4M5: Commercial Negotiation exam covers a range of topics such as preparing for negotiations, identifying objectives, and developing negotiation strategies. Candidates will also learn how to apply different negotiation techniques, including distributive and integrative bargaining, to achieve their objectives. L4M5 Exam also covers the legal and ethical aspects of negotiation, such as contract law and bribery and corruption.

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CIPS L4M5 (Commercial Negotiation) Exam is an essential qualification for procurement professionals looking to improve their negotiation skills. L4M5 exam is designed to provide an in-depth understanding of the negotiating process and help professionals to develop effective techniques for achieving successful outcomes. The CIPS L4M5 Exam covers a wide range of topics, including the principles of negotiation, the psychology of negotiations, and the specific challenges faced during commercial negotiations.

CIPS L4M5 Certification Exam is designed for individuals who are involved in commercial negotiations, whether it be within their own organization or with external suppliers and partners. L4M5 exam covers a wide range of topics related to commercial negotiations, including negotiation strategies, tactics, and techniques, as well as legal and ethical considerations. It is a comprehensive exam that is designed to test the knowledge and skills of individuals in this field.

CIPS Commercial Negotiation Sample Questions (Q201-Q206):

NEW QUESTION # 201
If the price of a good is above the equilibrium price, which of the following will happen?

Answer: D

Explanation:
:
In microeconomics, equilibrium price is determined when the quantity demanded is equal to the quantity supplied at equilibrium price in a market, there will be no shortages and no surpluses. If we combine our supply and demand curves on one graph, the point at which they converge determines the equilibrium price. If the price is set above this price and you read across the graph you will see the supply excess demand and there will be a surplus. In order to reduce this surplus, the price will need to fall. The scenario is illustrated in the graph below:
Chart, line chart Description automatically generated


NEW QUESTION # 202
In general, which of the following is the consequence of a flatter demand curve?

Answer: B

Explanation:
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor.
In microeconomic graphs, elasticity and inelasticity can be shown by the slope of the demand curve. If a demand curve is almost horizontal, then the product pricing can be described as very elastic. If a demand curve is almost vertical, then the product pricing can be described as very inelastic.
The formulae of elasticity:
Text Description automatically generated with low confidence

Table Description automatically generated with medium confidence
LO 2, AC 2.2


NEW QUESTION # 203
Which of the following are types of questions that are useful in opening and testing phases of a negotiation?
Select the TWO that apply.

Answer: B,C

Explanation:
In the opening phase, parties should confirm understanding and get the issues on the table.
The testing phase is an information gathering stage where the hypothesis and assumption you have made in the planning stage can be tested or confirmed or disproved.
Opening questions (those that start with 'what', 'how', 'why') are used at the opening and testing stages to uncover needs and underlying motives, and to allow the buyer to get a feel of what is in store in the negotiation.
Probing questions are also useful to check that the supplier fully understand their offering, as well as your needs, and can also be used to communicate to the supplier that you know this category well. These questions are typically useful at the opening andtesting stages.


NEW QUESTION # 204
Active listening in negotiation includes which of the following activities?
1. Hearing
2. Interpreting
3. Rapport
4. Influence

Answer: A

Explanation:
Listening is a hugely important skill in the world of work. It's a key part of effective communication [...].
Regarding active listening, there is a model called 'The SIER Hierarchy of Active Listening'. It details four key stages required for effective listening. As with all models associated with active listening, its purpose is to help the listener be a better, more effective listener who really hears what is being said, connects with the individual with whom they are communicating and builds effective relationships.
The model is a hierarchical model meaning that each stage builds on the stage before it. While the model is sometimes used for training in the sales arena, it is helpful in all walks of life. The stages of the model are:
Sensing (including hearing and watching body language), Interpreting, Evaluating and Responding.
Reference:
- CIPS study guide page 171-173
- The SIER Hierarchy of Active Listening: Become a Better Listener
LO 3, AC 3.3


NEW QUESTION # 205
Which of the following are recognised techniques in contract negotiation? Select THREE that apply.

Answer: A,B,D

Explanation:
The question asks about negotiation techniques which are not present in the book. In this question, there are only 3 recognised techniques:
- Framing and reframing: A frame is an assumption, or set of assumptions, that guides our attention and behavior. Reframing is the ability to identify and significantly change assumptions or perspectives. Framing has a significant impact on the effectiveness of negotiation outcomes and negotiator working relationships.
You can read more on framing and reframing here.
- Anchoring: Anchoring bias is well-known cognitive bias in negotiation and in other contexts. The anchoring bias describes the common tendency to give too much weight to the first number put forth in a discussion and then inadequately adjust from that starting point, or the "anchor." We even fixate on anchors when we know they are irrelevant to the discussion at hand. You can read more on anchoring here.
- Pacing and leading: Pacing and leading is a two-step lever of persuasion. First - You "match your pace" to the person you want to influence in as many ways as possible. You can do this by mimicking the way the person talks, stands, their appearance, etc. You can also mimic less tangible aspects like the way they act, or their emotional state. Second - Once you've set your pace with someone, lead them to whatever decision or behavior you want them to take! You can read more on pacing and leading here.


NEW QUESTION # 206
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