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Download Commercial Negotiation Exam Dumps
NEW QUESTION 52
During a negotiation, the supplier requests for payment term shortened to 45days 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. Yes, since procurement manager has his own cost savings target to achieve and he should make use of supplier's financial status
- C. Yes, the procurement manager should keep that 5% for himself because that amount is a fair compensation for his effort
- D. No, procurement should insist the payment term remains 60 days
Answer: B
Explanation:
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 53
The trust is built based on the other party's professional qualifications or proven or certified technical capability or experience is known as...?
- A. Competence trust
- B. Irrevocable Trust
- C. Contractual trust
- D. Goodwill trust
Answer: A
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, which is 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.
Goodwilltrust: 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.
NEW QUESTION 54
Which ofthe following is a true statement regarding macroeconomic factors and their potential impact on negotiations?
- A. Macroeconomic factors always directly influence the negotiations
- B. Changes in macroeconomic factors may affect businesses and individuals differently
- C. Macroeconomic factors cannot be influenced by anyone's expectation or sentiment
- D. Expectations on macroeconomic prospect are always correct
Answer: B
Explanation:
Explanation
'Macroeconomic factors always directly influence the negotiations': This statement is false. For any given negotiation it is not the macroeconomic factor itself that necessarily influences the negotiation but the change or rate of change that factor.
'Changes in macroeconomic factors may affect businesses and individualsdifferently': This statement is true.
Macroeconomic factors are factors that have general effects on the economy and many businesses may be completely unaffected or affected more or less than others in the same industry by a change in a factor.
'Macroeconomic factors cannot be influenced by anyone's expectation or sentiment': This statement is false.
When it comes to macroeconomic factors another key consideration is expectation regarding what might happen to these factors, or specifically the measures, metrics or percentage rates associated with these factors in the future.
'Expectations on macroeconomic prospect are always correct': This statement is false. Expectations are not always correct.
LO 2, AC 2.2
NEW QUESTION 55
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