Trusted Worldwide Questions & Answers
Most Recent CIPS L3M3 Exam Questions & Answers
Prepare for the CIPS Contract Administration exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the CIPS L3M3 exam and achieve success.
The questions for L3M3 were last updated on Nov 15, 2024.
- Viewing page 1 out of 18 pages.
- Viewing questions 1-5 out of 90 questions
In legal circles, ownership of something is often called:
Title. In order to be sure you own something, you have to make sure you have acquired 'good title'.
What gets measured, gets ...'?
Managed.
This an old management adage, which is intended to encourage managers to measure helpful indica-tors (not everything!).
Johnson, Scholes and Whittington suggested three key criteria for options which can be used in the evaluation of a business case. Which word was not one of these three key criteria?
'Is it acceptable, feasible and suitable?' are the tests.
What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.
'Market skimming' is the correct answer.
An obvious example of this type of pricing behaviour is in the field of technology, where 'early adopters' will pay significantly more for a product, even although they know the price will drop subsequently. For commercially-used products, sometimes there is an urgent need for an organisa-tion to acquire - a topical example as I write (early 2022) is some new surveillance technology which is in the news and which some governments are desperate to have. In consumer markets, everyone's 'go-to' example is the next generation smartphone, especially Apple products.
Promotional pricing is a short-term price reduction (or 'two-4-one' type offer) to generate sales in the short-term, for example to clear stock, or because of a manufacturer financial support arrangement.
Price discrimination is where the seller sets different prices for different market segments. An ex-ample would be charging different rail fares in UK or mainland Europe based on customer age.
Contribution pricing is based on the notion that sales should cover costs, contributing to the busi-ness, without necessarily making a profit. For example, a large order may be accepted which will keep the workforce employed (retaining their skills as well as having a considerate / ethical outlook) to see the firm through a rough period.
Which of the following would not normally be part of data required by the buying organisation's contract manager?
Other customer data.
It would, I think, be very unusual for a contract manager to feel it appropriate to ask for information from a supplier representative about other customers. Business partners normally want their dealings to be private. However, in informal discussions, in the normal course of conversation, information is often transferred in a benign manner.
Unlock All Questions for CIPS L3M3 Exam
Full Exam Access, Actual Exam Questions, Validated Answers, Anytime Anywhere, No Download Limits, No Practice Limits
Get All 90 Questions & Answers