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L4M2 Study Material & L4M2 Valid Exam Blueprint

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It is a challenging exam and not a traditional exam. But complete CIPS L4M2 exam preparation can enable you to crack the CIPS L4M2 exam easily. For the quick and complete Defining Business Needs (L4M2) exam preparation you can trust L4M2 Exam Practice test questions. The CIPS L4M2 exam practice test questions have already helped many CIPS L4M2 exam candidates in their preparation and success.

CIPS L4M2 exam is highly valued by employers in the procurement and supply chain management sector, as it demonstrates a candidate's ability to effectively manage procurement processes and make informed decisions. Professionals who pass L4M2 exam are highly sought after in the industry, as they have demonstrated a deep understanding of the key concepts and strategies required to manage procurement processes effectively. L4M2 Exam is an excellent way for individuals to advance their careers in procurement and supply chain management, and to demonstrate their commitment to professional development and excellence.

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Opportunities are very important in this society. With the opportunity you can go further. However, it is difficult to seize the opportunity. Is your strength worthy of the opportunity before you? In any case, you really need to make yourself better by using our L4M2 training engine. With our L4M2 Exam Questions, you can equip yourself with the most specialized knowledage of the subject. What is more, our L4M2 study materials can help you get the certification. Imagine you're coming good future maybe you will make a better choice!

CIPS L4M2 Exam covers a broad range of topics related to defining business needs, including identifying stakeholders, conducting market research, analyzing data, and developing procurement strategies. L4M2 exam is designed to assess the candidate's ability to identify and prioritize business requirements, develop procurement strategies that align with business objectives, and evaluate the effectiveness of procurement solutions. Defining Business Needs certification provides candidates with the necessary skills and knowledge to work with stakeholders across the organization and deliver value in the procurement function.

CIPS Defining Business Needs Sample Questions (Q163-Q168):

NEW QUESTION # 163
Which of these are advantages of using a conformance specification? Select TWO that apply.

A. It enables supplier flexibility and product innovation
B. There is a smaller supplier base to select from
C. It enables value-for-money solutions
D. It forces consideration of actual product needs
E. It provides evidence of requirements if there is a dispute

Answer: D,E

NEW QUESTION # 164
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?

A. Site visit
B. Internal audit
C. Internal benchmarking
D. Competitive benchmarking

Answer: C

Explanation:
Basically, IKEA project team is undertaking the following process:
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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.

NEW QUESTION # 165
Warwickshire Ambulance Service (WAS) is an NHS Trust. It operates throughout Warwickshire and the neighbouring areas. It has three core areas of activity, namely the provision of Emergency Ambulance Services, routine Patient Transport Services, and Logistic Medical Services. The agency is working towards higher service level through benchmarking. Which of the following is the benefit of benchmarking to WAS?

A. Benchmarking is a panacea for all WAS's problems
B. It helps WAS identify better ways to deliver service through a cookbook process
C. It will help WAS analyse the competitors in the industry
D. It will help WAS create performance standards derived from an analysis of the best in business

Answer: D

Explanation:
Benchmarking is 'the pursuit by organisations of enhanced performance by learning from the suc-cessful practices of others. Benchmarking is a continuous activity; key internal processes are adjusted, performance is monitored, new comparisons are made with the current best performers and further changes are explored. Where information about these key processes is obtained through a co-operative partnership with specific organisations (rather than via a third party such as an independently-maintained database), there is an expectation of mutual benefit over a period of time.

Reference:
- The Department of Navy Benchmarking Handbook: A system view
- CIPS study guide page 49-51
LO 1, AC 1.3

NEW QUESTION # 166
Buyers in the same industry with the same understanding of relative value and price may still make different decisions about whether to switch. Which of the following factors may prompt a buying organization to incline toward substitute products?
1. There is potential for backward integration
2. Access to financial resources
3. The switching cost is high
4. The substitute fits organisation's strategy

A. 1 and 4 only
B. 2 and 4 only
C. 3 and 4 only
D. 1 and 2 only

Answer: B

Explanation:
The threat of substitution is a function of three factors:
* The relative value/ price of a substitute compared to an industry's product
* The cost of switching to the substitute
* The buyer's propensity to switch
Buyers with different circumstances and in different industries do not all have equal propensities to substitute when faced with a comparable economic motivation. Differences in their circumstances lead buyers to respond to a given relative value to price (RVP) and switching cost differently. While such differences might be treated as factors that modify RVP or switching costs, it is more helpful in practice to isolate them.
Resources. Substitution often involves up-front investments of capital and other resources. Access to such resources will differ from one buyer to another.
Risk Profile. Buyers often have very different risk profiles, the result of such things as their past history, age and income, ownership structure, background and orientation of management, and nature of competition in their industry. Buyers prone to risk taking are more likely to substitute than buyers that are risk-averse.
Technological Orientation. Buyers experienced with technological change may be less concerned with some kinds of substitution risks, while extremely aware of others that a less technologically sophisticated buyer would be oblivious to.
Previous Substitutions. The second substitution may be easier for a buyer than the first, unless the first substitution has been a failure. The buyer's uncertainties over undertaking a substitution may have diminished if a past substitution has been successful, or risen if a past substitution has led to difficulties. In the soft drink industry, this seems to have worked to the benefit of aspartame.
Intensity of Rivalry. Buyers under intense competitive pressure and searching for competitive ad-vantage will tend to substitute more quickly to gain a given advantage than those that are not.
Generic Strategy. The RVP of a substitute will have different significance depending on the com-petitive advantage that industrial, commercial, or institutional buyers are seeking or the value of time and particular performance needs of the household buyer. A substitute that offers a cost saving will tend to be of more interest to a cost leader than a differentiator, for example.
Many of these factors that shape the buyer's propensity to substitute will be a function of the particular decision maker who is involved in the purchase decision.
Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278-289). Free Press. Kindle Edition.

NEW QUESTION # 167
Which of these are variable costs?
* Staff overtime
* Premises costs
* Insurance costs
* Material costs

A. 1 and 4
B. 2 and 3
C. 1 and 2
D. 3 and 4

Answer: A

NEW QUESTION # 168
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