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CIPS Level 4 Defining Business Needs certification is essential for procurement and supply chain professionals who wish to enhance their skills and knowledge in identifying business needs and translating them into procurement requirements. Defining Business Needs certification exam is a challenging evaluation of the candidate's understanding of the module's concepts and practical application. Passing L4M2 Exam demonstrates the candidate's competence in defining business needs and contributes to their professional development.

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CIPS Defining Business Needs Sample Questions (Q150-Q155):

NEW QUESTION # 150
Dana is an automobile manufacturer. It has a new electrification strategy that aims at making eco-friendly electric pick-up trucks. To implement this strategy, the procurement department must source new categories of parts that make motors, sensors, solenoids and stators. He starts to analyse the market by identifying specific supply market segments for those parts and finding suppliers who have the best capabilities in those segment. He intends to segment the market based on specific features of the products. Which variable is used by Dana procurement manager to shape and manage supply market?

Answer: C

Explanation:
In sales and marketing, market segmentation is the process of trying to understand clusters of cus-tomers in terms of their buying behavior and their buying characteristics. There are some traditional segmentation approaches: geography, demography, types of industry and the benefits. Then there are newer segmentation approaches: behavioral, situational, and psychographic.
Procurement professionals can learn market segmentation from sales and marketing. Segmenting the market can help them to shape and manage the supply market effectively. According to Michael Porter, a market can be segment with array of products and buyers.
Text Description automatically generated

Source: Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 234).
Free Press. Kindle Edition.
In the scenario, the products that Dana needs to source is distinct in their features. The best way is to segment the market by product varieties.
Reference: CIPS study guide page 65
LO 2, AC 2.1


NEW QUESTION # 151
The position of a product in its life cycle can affect the price that suppliers set. Is this statement correct?

Answer: D

Explanation:
A firm also has to look at a myriad of other factors before setting its prices. Those factors include the offering' s costs, the demand, the customers whose needs it is designed to meet, the external environment-such as the competition, the economy, and government regulations-and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution. If a company plans to sell its products or services in international markets, research on the factors for each market must be analyzed before setting prices. Organizations must understand buyers, competitors, the economic conditions, and political regulations in other markets before they can compete successfully.
[...]
The costs of the product-its inputs-including the amount spent on product development, testing, and packaging required have to be taken into account when a pricing decision is made. So do the costs related to promotion and distribution. For example, when a new offering is launched, its promotion costs can be very high because people need to be made aware that it exists. Thus, the offering's stage in the product life cycle can affect its price.


NEW QUESTION # 152
Which of the following are typical benefits of through-life asset management to buying organisa-tion? Select the TWO that apply.

Answer: A,E

Explanation:
According to Andrew Graves, "Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer." Benefits of through-life asset management can be:
- Lower total life-cycle costs
- Better match between the asset and end-user's needs
- Better supplier capabilities over time because it gains experience of buying organisation's needs.


NEW QUESTION # 153
What is the purpose of sending value engineering analysis to external suppliers?

Answer: B

Explanation:
Value engineering is often applied to new products or services. Early supplier involvement (ESI) is the involvement of a supplier in the product development process from a very stage in order to use the supplier's experience and expertise. ESI can bring cost reduction opportunities, process improvements, supply chain improvements and reduce supply risk. Both processes focus on development of new product or service. They tend to work the best if they are used together.
LO 3, AC 3.1 & AC 3.4


NEW QUESTION # 154
Which of the following is the disadvantage of embedding standards in a specification?

Answer: B

Explanation:
"Standards are often produced by professional bodies (maybe national or international bodies). Standards tend to be stable for a period of time, therefore, they are likely to be static and discourage innovation." Reference: CIPS L4M3 study guide page 125 LO 3, AC 3.1


NEW QUESTION # 155
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