L4M6 Practice Questions

In the 1990s, a manufacturer of portable music players partnered with a mini-disk producer. The aim of the partnership was to reduce the size and cost of the devices and enhance flexibility. Sales of the product after launch were low due to a competitive launch of small digital players, which offered better flexibility to customers at a comparable price. The partners suffered substantial loss and never recovered the investment. In order to mitigate the risk described, what should both partners have considered before investing in the product? Select the TWO that apply.

Rachel and Jacky work in the procurement department of Foddy Foods Ltd. They have been told by their CEO to build better relationships with strategic suppliers as this will create value for money for the company. In what ways can value for money be achieved by building strong relationships with suppliers? Select TWO.

Which of the following would be benefits of partnership sourcing? Select TWO that apply.

A company purchases products from a supplier that falls into the 'strategic' segment of the supply positioning grid. They are drawing up a formal partnership agreement with the supplier. The supplier views the company as core to their business. What would be an important clause to include in the agreement to help make sure the partnership worked in a fully collaborative way?

Which of the following is a stage in the relationship lifecycle?

A restricted market is a market where there are only a small number of capable and competent suppliers. Which of the following is not a reason for a marketplace to be restricted?

Which circumstances make a buyer more attractive to the supplier?

A law firm is ending an agreement with a client they have represented for many years. What is the most important legal consideration to be taken before terminating?

In Public Sector procurement a PIN is sent out to inform suppliers of an upcoming tender opportunity. What does PIN stand for?

Kinky Boots Ltd provides high heeled shoes in large sizes. Their target market are Drag Queens. There are a couple of rival shoe manufacturers in this market and Kinky Boots Ltd offer the cheapest high heels. What strategy is Kinky Boots Ltd employing in terms of competitive advantage?