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Question 33/38
Describe three ways in which a buyer could or test the market in other to assist with determining a need.
Correct Answer:
Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking at the following
1. STEEPLE analysis
2. SWOT analysis
3. Porter's five forces
4. Level of suppliers competition
5. Supply and demand
6. Push and pull
7. Supplier segmentation
8. Product life cycle
9. Ansoff matrix
10. Early supplier involvement
11. Make or buy
12. Offshoring
1. Porter's five forces: The use of porter's five forces helps the procurement professional to understand the level of competition within the marketplace. Whether it is a monopoly, oligopoly, imperfect or perfect market. Knowing these will equip the organization to better negotiate a favorable price.
2. Supply and Demand: the procurement professional must also think about supply and demand as part of their market analysis when they receive a requisition. This economic factor has a significant effect on the prices charged and on the cost incurred.
3. Supplier segmentation: in this the procurement professional start to form an opinion of potential suppliers.. They can segment current suppliers into four categories, depending on their level of integration into an organization. This can help to inform the procurement professional of which type of supplier relationship that would be most appropriate.
1. STEEPLE analysis
2. SWOT analysis
3. Porter's five forces
4. Level of suppliers competition
5. Supply and demand
6. Push and pull
7. Supplier segmentation
8. Product life cycle
9. Ansoff matrix
10. Early supplier involvement
11. Make or buy
12. Offshoring
1. Porter's five forces: The use of porter's five forces helps the procurement professional to understand the level of competition within the marketplace. Whether it is a monopoly, oligopoly, imperfect or perfect market. Knowing these will equip the organization to better negotiate a favorable price.
2. Supply and Demand: the procurement professional must also think about supply and demand as part of their market analysis when they receive a requisition. This economic factor has a significant effect on the prices charged and on the cost incurred.
3. Supplier segmentation: in this the procurement professional start to form an opinion of potential suppliers.. They can segment current suppliers into four categories, depending on their level of integration into an organization. This can help to inform the procurement professional of which type of supplier relationship that would be most appropriate.
- Question List (38q)
- Question 1: Describe five types of contract terms that a procurement pro...
- Question 2: What is PQQ and what does it include?...
- Question 3: Which sector most frequently uses invitation to tender?...
- Question 4: Explain how influencing, can relate to corruption within pro...
- Question 5: Which type of power is most likely to be used in corruption?...
- Question 6: Describe a situation where amendment or an addendum would ne...
- Question 7: What are five recognized types of modern slavery?...
- Question 8: When benchmarking what other factors, apart from price shoul...
- Question 9: Why is it important to have adequate procedures in place wit...
- Question 10: Which Incoterm applies here? The supplier is responsible for...
- Question 11: Which Incoterm applies here? The supplier is responsible for...
- Question 12: Research the values and ethical code of practice of an organ...
- Question 13: What Incoterm applies here? The supplier is responsible for ...
- Question 14: Looking at stage 8 of the procurement and supply cycle, what...
- Question 15: What are the ILO and ETI?
- Question 16: What Incoterm applies here? The supplier is responsible of p...
- Question 17: What Incoterm applies here? The goods are considered 'delive...
- Question 18: What is contract performance review and continuous improveme...
- Question 19: Create a list of tangible, intangible, direct and indirect n...
- Question 20: What is the method of monitoring suppliers?...
- Question 21: What matrix helps to define how to manage stakeholders?...
- Question 22: Explain why risk should be evaluated prior to the disposal o...
- Question 23: What are the four quadrants within the Kraljic portfolio mat...
- Question 24: What are the four stages of decommissioning?...
- Question 25: Write down a list of assets that belong to an organization w...
- Question 26: How can procurement professionals select suppliers?...
- Question 27: Explain how procurement should decide whether to make or buy...
- Question 28: Which Incoterm applies here? The supplier is responsible for...
- Question 29: Explain how a lack of understanding of a global supplier's c...
- Question 30: What are the 3Ps in the triple bottom line....
- Question 31: Explain the concept of the 3Ps/TBL and how it can be used by...
- Question 32: What two areas of an organization do the Kraljic Portfolio m...
- Question 33: Describe three ways in which a buyer could or test the marke...
- Question 34: Explain which company you would award the contract to base o...
- Question 35: What are Carter's 10Cs?
- Question 36: Explain which factors should be considered when deciding the...
- Question 37: Which Incoterm applies here? The supplier is responsible for...
- Question 38: What is Iso 14001?
