L4M6 Exam Dumps - Supplier Relationships

Comprehensive and Detailed Explanation:

A restricted market is characterized by high barriers to entry, often due to stringent government regulations and the need for substantial financial investment. These factors limit the number of new entrants, resulting in a market dominated by a few established suppliers. While existing suppliers may offer excellent services, the key defining features of a restricted market are the regulatory constraints and the significant capital required to compete.

Comprehensive and Detailed Explanation:

Bruce Tuckman's model of team development outlines five stages:

Forming– Team members get acquainted and establish ground rules.

Storming– Members begin to communicate their feelings but still view themselves as individuals rather than part of the team.

Norming– People feel part of the team and realize that they can achieve work if they accept other viewpoints.

Performing– The team works in an open and trusting atmosphere where flexibility is the key and hierarchy is of little importance.

Adjourning– The team conducts an assessment of the year and implements a plan for transitioning roles and recognizing members' contributions.

Across-organisational teambrings together specialists from various departments—such as R&D, marketing, finance, and production—to collaborate on complex projects. This team structure enables diverse perspectives, innovative solutions, and efficient decision-making, which are crucial when developing and launching new products. The CIPS L4M6 guide emphasizes the importance of integrated teamwork in achieving strategic outcomes in procurement and supply chain projects.

Explanation

This question is very, very similar to a real exam QUESTION NO: and is a really mean one. The CIPS study guide describes stages of team development as forming, storming, norming and performing. Of those listed in the book only forming is listed above. What the textbook fails to tell you is that some people add on two additional stages to this model which are mourning and adjourning. I strongly recommend doing some further reading on this (it’s called the Tuckman Group Development Model) as it comes up a lot in the exam and the study guide doesn’t really go into enough detail.

Competitive dialogue is the most appropriate method for complex, high-value procurements where requirements cannot be fully defined at the outset. This process allows dialogue with shortlisted bidders to refine specifications and negotiate solutions before awarding. CIPS states that this procedure is particularly suited for projects requiring flexibility, multiple negotiation phases, and innovative input from suppliers.

Explanation

This is one of those questions you have to read carefully- it asks for 'elements of a business'. Cost focus and cost leadership are ways a company can improve their competitive advantage, but they're not elements of a business. The other three options are. Porter created a list of elements of a business that can help a company's competitive advantage- these can be found on p.33-34

Comprehensive and Detailed Explanation:

Effective conflict resolution involves:

Individual Meetings:Understanding the root cause of the conflict by discussing with each individual separately to determine if issues are personal or work-related.

Joint Meetings with Mutual Targets:Bringing the individuals together to set mutual goals can foster collaboration and reduce friction.

Avoiding the issue (Option D) or moving a team member (Option C) are not proactive solutions and may not address the underlying problem.

Comprehensive and Detailed Explanation:

In the Kraljic Matrix, products are categorized based on supply risk and profit impact:

Leverage items:These have a high profit impact but low supply risk. They are often high-expenditure items available from multiple suppliers, allowing the buyer to leverage purchasing power to negotiate better terms.

Given the product has high expenditure and is available from many suppliers, it fits into the 'Leverage' category.