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L4M2 Exam Dumps : Defining Business Needs

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L4M2 was my very first L4 procurement exam. I used the study material every evening in short simple sessions. Passed first time and procurement basics finally clicked for me.

Defining Business Needs Questions and Answers

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Question 1

A procurement manager has noticed that profitability within a market has increased steadily over the years. In addition, the market is relatively easy to enter, and demand within the market is predicted to remain high. Which of the following is likely to happen in this particular market as a direct consequence of these factors?

Options:

A.

Buyers will switch to a different market

B.

The market will attract new entrants

C.

Suppliers will invest more heavily in technology

D.

The regulator will intervene and establish pricing controls

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Question 2

Which of the following factors would mean a buyer had high bargaining power in a competitive market? Select TWO that apply.

Options:

A.

Many substitute products are available

B.

Buyers are procuring a low volume of products

C.

High switching costs for the buyer

D.

Buyers are demanding large volumes

E.

Products are highly differentiated

Question 3

Which of the following factors might prompt an organisation to procure an alternative product? Select THREE that apply:

Options:

A.

Brand loyalty

B.

Relative value to money between options

C.

Buying organisation's propensities to change

D.

Easy access to distribution channel

E.

Threat of retaliation

F.

Switching cost

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