L4M6 Exam Dumps : Supplier Relationships

Explanation

As the component is vital to their business, ABC should seek a collaborative relationship with the supplier. There are three types of collaborative relationship (co-destiny, partnership and strategic alliance). Of these only strategic-alliance is given as an option. Remember - strategic purchase = collaborative relationship with supplier. There are many questions on the Relationship Spectrum on the exam. See p.5 for more details

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.

Explanation

A product with an ‘inelastic price’ means that consumption doesn’t really depend on how much it costs. So you could increase the price of alcohol and cigarettes and people would tend to still buy them. A product with an elastic price means that a change in price would have a large affect on the number of people who bought the item. See p.95 for more details on price elasticity.