CIPS L4M2 Exam Dumps

Get All Defining Business Needs Exam Questions with Validated Answers

L4M2 Pack
Vendor: CIPS
Exam Code: L4M2
Exam Name: Defining Business Needs
Exam Questions: 304
Last Updated: January 7, 2026
Related Certifications: Level 4 Diploma in Procurement and Supply
Exam Tags: Foundational level Procurement and Supply Professionals
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Free CIPS L4M2 Exam Actual Questions

Question No. 1

SET Group are a start-up company trying to estimate the direct costs of materials for a project. The organisation has limited procurement records available. Would using general industry averages as a benchmark provide an accurate estimation of the project costs?

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Correct Answer: C

Question No. 2

Which of the following are recognised competitive strategies?

1. Winning new business at all cost

2. Getting more customers' attention

3. Creating stand-out products and brands

4. Focusing on niche market

5. Acquiring competitors

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Correct Answer: A

Explanation

'A firm's relative position within its industry determines whether a firm's profitability is above or below the industry average. The fundamental basis of above average profitability in the long run is sustainable competitive advantage. There are two basic types of competitive advantage a firm can possess: low cost or differentiation. The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus.' (Reference: Porter, Michael E., 'Competitive Advantage'. 1985, Ch. 1, pp 11-15. The Free Press. New York.)

Creating stand-out products and brands is considered as Differentiation. An organisation that is not clear about which of these three strategies to use is described as 'stuck in the middle'

LO 2, AC 2.1


Question No. 3

Which one of the following would allow an established company to develop a competitive advantage over new entrants to its market?

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Correct Answer: B

Question No. 4

Which competitive forces influence markets in our modern environment?

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Correct Answer: D

Detailed

The bargaining strength of suppliers and buyers is a key factor influencing market competitiveness, as outlined in frameworks like Porter's Five Forces. These forces dictate pricing, supply availability, and value delivery. Reference: CIPS Level 4, Market Analysis and Competitive Forces.


Question No. 5

Which of the following will help the bargaining strength of a buyer?

The buyer has the option to make the product in-house

There are a limited number of suppliers available to the buyer

The buyer's switching costs are high

The buyer's spend is a high proportion of the supplier's revenue

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Correct Answer: C

Comprehensive and Detailed Explanation (from CIPS L4M2: Market Management)

CIPS L4M2 draws heavily on Porter's Five Forces when explaining buyer and supplier power. A buyer's bargaining strength increases when:

The buyer has alternatives or can make the product in-house (reduces supplier dependence).

The buyer represents a large portion of the supplier's sales, giving the buyer leverage.

Therefore:

Statement 1 (make in-house) strengthens buyer's position.

Statement 4 (buyer's spend = high proportion of supplier's revenue) supplier cannot risk losing the buyer, so buyer gains power.

Statements 2 and 3 limited suppliers and high switching costs both reduce buyer power.

Hence, 1 and 4 only are correct.

Relevant CIPS L4M2 Sections:

Porter's Five Forces model

Factors affecting buyer power and supplier dependence


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