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CIPS L4M2 certification exam consists of multiple choice questions that test the candidate's understanding of various aspects of business analysis. Successful candidates will demonstrate their ability to identify and analyze business problems, develop effective solutions, and communicate these solutions to stakeholders in a clear and concise manner. Defining Business Needs certification is highly valued by employers and can help professionals advance their careers in the field of business analysis. The CIPS L4M2 Certification is an excellent way for professionals to demonstrate their expertise and commitment to their profession.
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NEW QUESTION # 299
Facing fiercer competition at home and abroad, IKEA, the leading furniture retailer, needs to im-prove its competitiveness. In order to do this, IKEA must decrease operating costs and improve quality of current and new retail stores. The company establishes a project team. The job of the team is to collect data on performance from multiple stores in several countries, then select the best performing one. The team will work closely with best performing store and study its processes. After the research, the team will recommend best practices to other retail stores. IKEA management can also apply these practices to new stores in the future. Which of the following correctly describe the process undertaken by IKEA project team?
Answer: B
Explanation:
Basically, IKEA project team is undertaking the following process:
This is a typical benchmarking process. Benchmarking is defined as the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand how your organization compares with similar organizations, even if they are in a different business or have a different group of customers.
In the scenario, benchmarking process is undertaken within subsidiaries of IKEA, thus it is internal.
Reference:
- CIPS study guide page 49-51
- What is Benchmarking? Technical & Competitive Benchmarking Process | ASQ
- Internal Benchmarking at IKEA
LO 1, AC 1.3
NEW QUESTION # 300
Simon has received a requisition for a product identical to one already purchased, but this time the product requires specific customer-branded packaging. What type of purchase is this?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2: Specification and Buying Situations) CIPS identifies three main buying types:
* Straight re-buy - same product, same conditions.
* Modified re-buy - some aspects changed (e.g. packaging, quantity, or delivery).
* New buy - first-time purchase.
Since the product is the same but the packaging is changed, it fits modified re-buy.
Relevant CIPS L4M2 Sections:
* Buying situations and procurement complexity
* Modified re-buy examples
NEW QUESTION # 301
Synergy Ltd is a fast-growing tool and hardware retailer. The company's customer services team has been using Excel worksheets to manage customer relationships. When the company is expend-ing its market presence, this way of working leads to poorer customer services as the database is scattered around in spreadsheet, leading to patchy and inconsistent conversations with customers. The company decides to purchase a CRM system. What requirement should Synergy's procurement team take into account in the specification for CRM system?
Answer: C
Explanation:
The purpose of this Question:
to actionable requirements before communicating with the suppliers. The scenario suggests that Synergy Ltd's customer services team is using Excel spreadsheets, they lack a centralised customer database. This leads to problems in communications with customers.
A CRM system can solve the communication problem. But a Question: 100
will the previous data be imported? If the CRM system can support bulk import from Excel tables, it will save a lot of time.
Reference:
LO 1, AC 1.1
NEW QUESTION # 302
Which of the following factors are likely to be direct barriers to a new entrant in a supply market?
Answer: A,E
Explanation:
There are many types of barriers to entry into a market. Some of these include:
- Economies of Scale: When manufacturing or selling at a large scale, companies are able to avail cost advantages because per unit costs of the product fall. So the more the company produces in quantity the more the benefit. When existing companies have this advantage, it can act as a barrier to entry because a new entrant will have to try to match the scale to achieve the same cost ad-vantage as the existing company. This may not be possible at the initial stage.
- A Differentiated Product: If the product being sold by the existing company or companies is highly differentiated or enjoys strong brand loyalty, then this can act as a strong barrier to entry. The new entrant will have to invest in creating a product with newer and unique features and bene-fits that surpass those offered by the old company. In addition, there will need to be strong efforts to break existing brand loyalties and shift them to a new untested company.
- High Capital Costs: If an industry requires huge capital investments at the onset, then this will act as a barrier to entry for many of the potential entrants. Only those will attempt to enter the competitive fray who have the resources to make this high initial investment.
- Other Cost Advantages: Apart from those cost benefits that come from economies of scale, there are other advantages that an existing firm may enjoy. These include access to the best suppliers, an understanding of existing materials and knowledge of their quality, possession of any necessary and important patents, and proprietary information and technological knowledge. There are also learning advantages, achieved over years of business and experience.
- Cost of Switching: The cost associated with a consumer's move from one company or product or another is called the switching cost. If there are significant switching costs, then a new entrant may not be able to create means of removing these. Or, they may have to offer significant advantage to counter these switching costs at their own expense.
- Distribution Network: Often, distribution relationships are well established and may prove to be a strong barrier to entry for a new company. A new entrant will obviously need access to these dis-tribution channels but will need to invest extra in order to engage distributors who have established relations with existing competitors.
- Suppliers: As with distributors, suppliers may be vital to the operations of a new business. Exist-ing suppliers may have contracts or loyalties with existing companies and may prove to be difficult to form relationships with.
- Legal and Government Created Barriers: Government and regulatory requirements such as permits and licenses may be a strong barrier to entry. There may also be laws governing ways to conduct business that may conflict with a company's practices in other countries.
- Barriers to Exit: Interestingly, barriers to exit may act as a deterrent to entry by new companies. If a company is unable to easily leave a competitive environment in case business does not work out, then it will have to stay and compete even if that is a detrimental business practice. In this case, the company may choose to not enter the market in the first place.
NEW QUESTION # 303
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?
Answer: C
Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.
Diagram Description automatically generated
NEW QUESTION # 304
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