CIPS -Level 3 Module 1. Exam
Questions With 100% Verified Correct
Answers.
What is lean thinking?
A business methodology that aims to create more value with fewer resources.
What are economies of scale?
reductions in unit cost resulting from production being increased
What is a SWOT analysis?
a study undertaken by an organization to identify its internal strengths and weaknesses, as well as
its external opportunities and threats.
What are Porter's Five Forces? (Analyse supply market data)
1. Buyer Power
2. Supplier Power
3. Threat of substitute products or services
4. Threat of new entrants
5. Rivalry among existing competitors
What are the four stages of the product life cycle?
1. Introduction
2. Growth
3. Maturity
4. Decline
What is the macro economy?
A country's whole economy rather than any specific sector of it. Some factors include
interest rates, inflation, exchange rates, level of economic activity, supply and demand.
What is the micro economy?
, Factors that affect individual people and businesses and the economic decisions they make.
Factors include customers, employees, competitors, media, shareholders, and suppliers.
What are the five mains areas of legislation that procurement need to be aware of?
Corporate laws, business laws, finance laws, employment laws, environmental laws.
What is corporate governance?
The system by which companies are directed and controlled
What is price skimming?
A product pricing strategy that sets a high price in the introduction phase. Seller is likely to get
a quick return on investment.
What is price penetration?
A product pricing strategy that sets a low price during the introduction phase. Seller usually
gets a slow steady return on investment.
What is gross domestic product GDP)?
the total value of goods produced and services provided in a country during one year.
What is Gross National Product (GNP)?
The value of goods and services produced by residents of a country regardless of whether or
not the resident produces the goods or services domestically or abroad.
What is corporate social responsibility?
Corporate social responsibility is the concern businesses have for society.
What are the five groups that are impacted by organisations corporate social
responsibility?
Customers, suppliers, employees, the environment and local communities.
What are four benefits of having a corporate social responsibility policy?
Questions With 100% Verified Correct
Answers.
What is lean thinking?
A business methodology that aims to create more value with fewer resources.
What are economies of scale?
reductions in unit cost resulting from production being increased
What is a SWOT analysis?
a study undertaken by an organization to identify its internal strengths and weaknesses, as well as
its external opportunities and threats.
What are Porter's Five Forces? (Analyse supply market data)
1. Buyer Power
2. Supplier Power
3. Threat of substitute products or services
4. Threat of new entrants
5. Rivalry among existing competitors
What are the four stages of the product life cycle?
1. Introduction
2. Growth
3. Maturity
4. Decline
What is the macro economy?
A country's whole economy rather than any specific sector of it. Some factors include
interest rates, inflation, exchange rates, level of economic activity, supply and demand.
What is the micro economy?
, Factors that affect individual people and businesses and the economic decisions they make.
Factors include customers, employees, competitors, media, shareholders, and suppliers.
What are the five mains areas of legislation that procurement need to be aware of?
Corporate laws, business laws, finance laws, employment laws, environmental laws.
What is corporate governance?
The system by which companies are directed and controlled
What is price skimming?
A product pricing strategy that sets a high price in the introduction phase. Seller is likely to get
a quick return on investment.
What is price penetration?
A product pricing strategy that sets a low price during the introduction phase. Seller usually
gets a slow steady return on investment.
What is gross domestic product GDP)?
the total value of goods produced and services provided in a country during one year.
What is Gross National Product (GNP)?
The value of goods and services produced by residents of a country regardless of whether or
not the resident produces the goods or services domestically or abroad.
What is corporate social responsibility?
Corporate social responsibility is the concern businesses have for society.
What are the five groups that are impacted by organisations corporate social
responsibility?
Customers, suppliers, employees, the environment and local communities.
What are four benefits of having a corporate social responsibility policy?
